Bitcoin Miner HIVE Set to Acquire Another Site in Sweden

Canada-headquartered bitcoin mining HIVE Digital (NASDAQ: HIVE) is acquiring an additional data center site in Sweden with cash and equity.

The firm said in an announcement on Monday that it has entered into a purchase agreement with Turis AB to acquire a data center and the associated real estate property in Boden, Sweden.

According to the purchase agreement, HIVE will acquire the site with up to $750,000 in cash and up to $1.5 million worth of common stocks, the latter of which will come in two installments.

HIVE said the site was previously constructed as part of the EU Horizon 2020 project and is close to its existing mining facilities in the country. HIVE also operates miners in Iceland and Canada.

The firm did not disclose the expected power or hashrate capacity for the site but said it will be supporting its incoming new generation bitcoin ASIC miners to increase its bitcoin production.

The infrastructure acquisition follows HIVE’s recent purchase of 4,800 units of Bitmain’s S19k Pros in a bid to improve its total hashrate capacity as well as fleet efficiency.

HIVE had one of the highest costs of bitcoin production among its public mining peers in Q3 with around $22,000 per bitcoin mined.