Bitcoin miner HIVE Digital Technologies is eyeing $45 million in annual revenue from an AI data center in Sweden, but the company has not yet secured a final lease, according to its latest earnings update.
HIVE reiterated that its 32-megawatt Big Boden facility could generate that sum through a long-term colocation arrangement. The revenue depends on a definitive agreement, financing, facility upgrades, and the project entering service.
Proposal Details
The company first disclosed the proposal in June. It involves an unnamed, investment-grade Swedish technology company and contemplates a lease lasting up to 10 years.
During Tuesday's earnings call, CEO Aydin Kilic said the parties were negotiating deposits, termination rights, and other terms that could affect financing costs. A lender's consultant had visited the site the previous week, he said.
"We do not want to rush into a deal just for the sake of reporting new top-line revenue," Kilic said, according to the earnings call transcript.
HIVE expects to seek financing for the Boden project after securing a signed lease, potentially through corporate bonds. The company has not announced a completion date for negotiations.
From Crypto Mining to AI Infrastructure
The existing data center would also need a substantial makeover. HIVE plans to retrofit it for up to 10,000 Nvidia GB300 GPUs, using liquid cooling to handle high-density computing racks.
Although the facility has a 32-megawatt utility connection, the proposed customer would receive approximately 25 megawatts of usable computing capacity, with the remaining power supporting data center operations.
"This site has evolved from a GPU compute facility supporting Ethereum," Kilic said when announcing the letter of intent, describing its planned conversion into a more powerful AI installation.
The expansion follows HIVE's broader effort to move beyond Bitcoin mining, a shift that has already produced several large GPU-cloud contracts.
HIVE signed a major three-year AI computing agreement with Bell Canada and Cohere in June, covering 2,304 Nvidia GPUs as it expanded beyond crypto mining.
HIVE now reports $185 million in contracted GPU-cloud annualized run-rate revenue, although only $40 million is live. The remainder represents contracted capacity that has not yet entered service.
The company is targeting approximately $700 million in total high-performance computing annualized revenue by the end of 2028, though that figure includes projects requiring additional financing, construction, and customer commitments.
For Boden, HIVE's next milestone is securing a definitive lease before proceeding with project financing.
