BlockBeats news, on March 16, according to The Block, publicly listed Bitcoin mining company HIVE Digital Technologies is undergoing a major strategic shift: due to tax disputes and operational uncertainties, the company plans to gradually scale down its Bitcoin mining operations in Sweden while significantly expanding its artificial intelligence (AI) data center capabilities in Canada.
HIVE stated that its ASIC Bitcoin mining operations in Boden, Sweden, are facing challenges such as the misuse of existing tax regulations by local authorities, including mandatory margin requirements, which have created operational uncertainty. As a result, the company is gradually scaling down this business and reallocating resources toward its AI and high-performance computing initiatives in Europe, with the potential for a full exit from Bitcoin production in Sweden.
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 Manitoba to 16.6 MW across two provinces. The new capacity includes a 5 MW hosted facility in British Columbia, with potential to scale up to 12.6 MW.