HIVE Mining Expansion: Acquiring Data Center in Sweden
Date: 2023-11-28 Author: Dima Zakharov Categories: IN WORLD
Expansion Plans in Sweden
HIVE Digital, known for its Bitcoin mining operations headquartered in Canada, is set to acquire an additional data processing center in Sweden using both cash and its own capital. The company's move comes following its recent purchase of Bitmain S19k Pros from Bitmain Technologies.
The Acquisition Deal
Announced on Monday, the company disclosed its agreement with Turis AB to acquire a data processing center along with its associated real estate in Boden, Sweden. The acquisition involves a cash payment of up to $750,000 and ordinary shares worth up to $1.5 million, to be transferred in two installments as per the purchase agreement.
Strategic Location and Future Plans
The newly acquired site was previously developed under the EU Horizon 2020 project and is situated in close proximity to existing mining facilities in the country. Apart from Sweden, HIVE also manages miners in Iceland and Canada.
While specific details about the expected capacity or hash rate of the site were not disclosed, HIVE confirmed its commitment to supporting new next-generation ASIC miners to enhance Bitcoin production.
Expanding Infrastructure and Recent Acquisitions
This infrastructure acquisition follows HIVE's recent purchase of 4,800 units of Bitmain S19k Pros, aimed at boosting the overall hash rate capacity and efficiency of its mining operations.
Financial Performance and Expenditure
In the third quarter, HIVE recorded one of the highest Bitcoin mining costs among its publicly traded counterparts, approximately $22,000 per mined Bitcoin. This strategic expansion and acquisition reflect the company's commitment to scaling its operations and improving efficiency within the competitive mining landscape.
