HIVE Digital Eyes $45 Million in Annual Revenue From Sweden AI Center

HIVE Digital Technologies is targeting $45 million in yearly revenue from an artificial intelligence data center located in Sweden, though a final lease agreement remains unsigned. During a recent earnings update, company executives explained that the 32-megawatt Big Boden facility could achieve this financial milestone via a long-term colocation agreement, provided that definitive contracts, project financing, and necessary upgrades are successfully completed.

Originally disclosed in June, the proposal involves a potential lease lasting up to 10 years with an undisclosed, investment-grade Swedish technology company. Chief Executive Officer Aydin Kilic stated during an earnings call that both parties are currently negotiating essential terms such as deposits and termination rights, which could influence overall financing costs. A lender's consultant recently inspected the site, and the company indicated it intends to pursue project financing, potentially through corporate bonds, only after finalizing the lease.

HIVE could secure $45 million annually from its proposed Swedish AI data center.

Upgrades and Expansion

The existing infrastructure requires substantial modification before it can serve high-density computing needs. Plans involve retrofitting the data center to house up to 10,000 Nvidia GB300 graphics processing units, utilizing liquid cooling systems. While the utility connection provides 32 megawatts, the prospective customer would utilize approximately 25 megawatts of usable computing capacity, with the remainder reserved for facility operations.

This initiative aligns with HIVE's broader strategy to expand beyond traditional operations as a bitcoin miner. The firm previously signed a three-year AI computing agreement with Bell Canada and Cohere involving 2,304 Nvidia GPUs. HIVE currently reports $185 million in contracted annualized run-rate revenue for its GPU cloud services, although only a portion of that capacity is currently live.

Why it matters

The ongoing negotiations highlight the strategic shift undertaken by digital currency miners to diversify into artificial intelligence infrastructure. For stakeholders, securing a definitive lease and subsequent financing will determine whether the Swedish facility transitions into a functioning revenue-generating asset.

This transition reflects a broader industry trend where cryptocurrency infrastructure is repurposed for high-performance computing, expanding operational capabilities into the growing artificial intelligence sector.