HIVE Digital's Strategic Shift: Scaling Down Bitcoin Mining in Sweden, Doubling Down on Canadian AI Data Centers

BlockBeats News, March 16th, according to The Block, publicly traded Bitcoin mining company HIVE Digital Technologies is undergoing a major strategic realignment. Due to tax disputes and operational uncertainties, the company plans to gradually reduce its Bitcoin mining operations in Sweden while significantly expanding its artificial intelligence (AI) data center capacity in Canada.

HIVE has stated that its ASIC Bitcoin mining operation in Boden, Sweden, is facing challenges from local authorities, including "misuse of existing tax rules," such as mandatory collateral requirements, leading to operational uncertainties. Therefore, the company is gradually downsizing this operation and reallocating resources to its AI and high-performance computing strategy in Europe, potentially exiting Bitcoin production in Sweden entirely in the future.

Meanwhile, HIVE, through its subsidiary BUZZ High Performance Computing, plans to quadruple its liquid-cooled AI data center capacity in Canada, increasing from 4 megawatts (MW) in the province of Manitoba to 16.6 MW across two provinces. The new capacity includes a 5 MW colocation facility in BC province, with the ability to expand to 12.6 MW.