Bitcoin miner HIVE Digital strengthens shift from crypto to HPC with new deployment and partnership announcements.
HIVE Digital Technologies (TSX/NASDAQ:HIVE) signed a letter of intent to lease its 32-MW data center in Boden, Sweden, to an investment-grade Swedish technology company for up to 10 years and up to 25 MW of high-performance computing (HPC) capacity. The deal is subject to a definitive agreement and follows the Boden Municipal Council's approval of the acquisition earlier this month.
The facility has been operated by HIVE since 2018 and encompasses more than 130,000 GPUs, along with consistent investments, partnerships and support for community initiatives across the region.
HIVE's shift away from Bitcoin mining—its original focus—into HPC has accelerated in recent months. The company recently secured a US$220 million deal with Bell to build one of Canada's largest AI gigafactories, and now operates compute power across multiple regions including Paraguay. This diversification aligns HIVE with global demand for AI infrastructure.
Despite the pivot away from cryptocurrency, HIVE retains meaningful exposure to the space, mining 2,885 Bitcoins in fiscal 2026—up 104 percent year-over-year. The shift has improved gross operating margins by 14 percent year-over-year and adjusted EBITDA by 29 percent year-over-year.
"The nations that control the compute will shape the next century," said Frank Holmes, Executive Chairman of HIVE Digital Technologies. "This LOI is a reflection of what patient, long-term infrastructure thinking produces. We built in Sweden when others were not looking at the Nordics, and an investment-grade, sovereign Swedish technology client committing to up to 10 years at this facility is the proof of what that patience delivers. The power is clean, the infrastructure is proven and the trust has been earned. At HIVE, we turn clean electrons into compute. That is the business. As we expand our global footprint from Canada to Paraguay to Sweden, each milestone reflects the same conviction: Sovereign AI infrastructure is one of the most important buildouts of our generation, and HIVE is building it."
Aydin Kilic, President and Chief Executive Officer, added: "We see this legacy site in Boden as a strategic long-term asset for the company. This site has evolved from a GPU compute facility supporting Ethereum and now comes full circle as a high-power-density, liquid-cooled GPU facility based on GB300 NVL72 architecture. We anticipate this to contribute significant annual recurring revenue and we look forward to securing a long-term colocation offtake lease with the client for this facility, which we believe could create long-term stable cash flows for HIVE as we make significant investments to upgrade it."
Founded in 2017, HIVE Digital Technologies was among the first publicly listed companies to focus on mining digital assets using clean energy. The company has since expanded into building and operating Tier-I and Tier-III data centers across Canada, Sweden and Paraguay.