HIVE plans to build an AI data center in Sweden, expecting an annual revenue of 45 million USD

HIVE Digital Technologies, a Bitcoin mining company, is seeking to generate $45 million in annual revenue through a Swedish AI data center, but has not finalized the lease agreement. In its latest financial report update, HIVE reiterated that its 32-megawatt Big Boden facility in Sweden could generate the aforementioned revenue through a long-term hosting arrangement, which depends on the final agreement, financing, facility upgrades, and project commissioning. The company first disclosed the proposal in June, involving an unnamed Swedish investment-grade technology company, with a lease term of up to 10 years. CEO Aydin Kilic stated during the earnings call that both parties are negotiating terms regarding deposits, termination rights, and other factors that may affect financing costs, and an advisor from a lender visited the site last week. HIVE expects to seek financing for the Boden project after signing the lease, possibly through corporate bonds.

The data center also requires extensive renovations. HIVE plans to transform it into a facility capable of accommodating up to 10,000 Nvidia GB300 GPUs, utilizing liquid cooling to handle high-density computer racks. Although the facility has 32 megawatts of power access, the proposed client will receive about 25 megawatts of usable computing power, with the remaining power used for data center operations. Kilic noted that the site has evolved from supporting Ethereum GPU computing facilities.

This expansion is part of HIVE's broader effort to move away from Bitcoin mining. In June, HIVE signed a three-year large-scale AI computing agreement with Bell Canada and Cohere, covering 2,304 Nvidia GPUs. HIVE currently reports $185 million in contracted GPU cloud annual recurring revenue, of which only $40 million is operational. The company's goal is to achieve approximately $700 million in annualized high-performance computing revenue by the end of 2028.