HIVE Digital Applied sciences mentioned it’s lowering Bitcoin hashrate manufacturing at its Boden facility in Sweden because it shifts sources towards synthetic intelligence and high-performance computing.
Sweden mining phase-down
The corporate mentioned its Swedish subsidiaries have confronted enforcement actions and what it referred to as “misapplications of present tax guidelines” by Swedish authorities.
HIVE mentioned authorities imposed a safety deposit requirement tied to disputed tax assessments, regardless of the corporate receiving supportive opinions from a number of regulation corporations, a tier-1 accounting agency, and native teachers targeted on Swedish value-added-tax issues.
HIVE mentioned these developments created operational uncertainty and made it tough to function its ASIC-based mannequin on a constant financial foundation.
In its assertion, the corporate mentioned:
“Because of this, the corporate is redeploying sources towards its increasing AI and high-performance computing technique in Europe and mentioned it’ll additionally discover a broader phase-out of its bitcoin hashrate manufacturing mannequin in Sweden.”
Boden facility improve
HIVE mentioned the transition is underway at its 7-megawatt knowledge heart in Boden.
The positioning is being upgraded to Tier-III high-performance computing requirements to assist enterprise-grade GPU clusters.
Development is in progress, and HIVE mentioned the power is predicted to assist clusters based mostly on NVIDIA’s GB300 GPU structure for AI coaching and inference.
Canada AI growth
HIVE mentioned its BUZZ Excessive Efficiency Computing subsidiary plans to increase liquid-cooled AI knowledge heart capability from 4 MW in Manitoba to 16.6 MW throughout two provinces via a partnership with Bell Canada AI Material.
The growth features a new colocation facility in British Columbia offering a direct 5 MW, with an choice to scale by one other 7.6 MW.
HIVE mentioned the brand new web site might assist about 2,000 next-generation AI-optimized GPUs, alongside capability for roughly 2,000 GPUs at its present Manitoba web site.
The corporate mentioned it’s concentrating on about $200 million in contracted annualized run-rate income from its high-performance computing enterprise by the top of its fiscal yr ending March 31, 2027.
Shares in HIVE traded up round 5.6% early Monday, although the inventory remained down round 16.7% year-to-date.