Bitcoin miner HIVE has finalized an agreement to acquire a data center facility in Boden, Sweden. This acquisition, part of a property transfer agreement with Turis AB, signals a notable expansion of HIVE’s infrastructure in Europe.

The Boden facility, previously integrated into the EU Horizon 2020 project, is expected to enhance HIVE’s bitcoin production capabilities, particularly with the planned introduction of new generation ASIC servers. The proximity of this new data center to HIVE’s existing operations in the region suggests a strategic effort to consolidate and expand the company’s presence in the area.

Johanna Thornblad, HIVE Sweden’s Country President, commented on the acquisition, noting the strategic benefits of the new facility’s location. Thornblad stated:

“We are pleased about this acquisition and our continued expansion in Boden. The Property is strategically located and provides HIVE with the opportunity to expand its operation, contributing to the company’s overall growth strategy.”

Thornblad further pointed out the potential operational enhancements and energy efficiency prospects in line with the company’s focus on sustainable practices. However, how this acquisition will impact the local economy and HIVE’s broader ESG goals remains to be seen.

Financially, the deal involves both cash and HIVE common shares, amounting to a total value of approximately $2.25 million. Regulatory approvals, including from the TSX Venture Exchange, are required to complete this transaction and adhere to statutory hold periods for any securities issued.

HIVE, which retains a focus on green energy-powered data center operations, has been a visible entity in the cryptocurrency mining space since its public listing in 2017 and a member of the Bitcoin Mining Council.