HIVE Digital exits Swedish mining, pivots to AI expansion

HIVE Digital is closing Swedish Bitcoin mining due to tax issues, shifting to AI and high-performance computing. The company is expanding in Canada and targets $200M annual revenue by 2027.

HIVE Digital Technologies is winding down its Bitcoin mining operations at the Boden facility in Sweden, citing regulatory and tax pressures, including enforcement actions and disputed VAT assessments by Swedish authorities. In response, the company is repurposing the 7 MW site into a Tier-III AI data center supporting NVIDIA GB300 architecture. This move reflects a broader industry trend of shifting from crypto mining to high-performance computing. Additionally, HIVE is expanding its AI data center capacity in Canada, increasing from 4 MW to 16.6 MW, and plans to deploy over 6,000 GPUs across multiple sites. The company aims to achieve $200 million in annual contracted revenue from its high-performance computing business by March 2027. HIVE emphasizes a dual-engine model, balancing Bitcoin mining with recurring revenue from AI and digital infrastructure services, positioning itself for long-term growth in the evolving digital economy.