The Swedish Tax Agency (STA) has imposed approximately $56.5 million in back taxes and penalties on six cryptocurrency mining companies operating in Boden following an investigation into tax avoidance schemes.
Tax authority officials determined that the companies established misleading operational structures to disguise active cryptocurrency mining activities, allowing them to unlawfully claim state tax benefits designed for standard data processing centers.
According to tax officials, the firms used complex corporate arrangements to obscure their participation in crypto mining. Patrik Lillqvist, head of intelligence at the Swedish Tax Agency, stated: "The companies we have checked often have a special arrangement to hide the fact that they are engaged in mining. The purpose is to obtain tax benefits that the companies are not entitled to."
Broader Enforcement Action
The enforcement action stems from a 2024–2026 industry audit that targeted nine cryptocurrency firms nationwide, with more than $50 million in unpaid taxes and penalties assessed across the sector. The six Boden-based operations accounted for the vast majority of the total.
A 2024 investigation by public broadcaster SVT Norrbotten revealed that cryptocurrency operations had defrauded the Swedish government of an estimated $100 million, with much of the activity concentrated in Boden. Of the 18 crypto mining companies targeted in the four-year STA investigation, 13 had established operations in Boden.
Legal Challenges and Appeals
Several targeted firms have appealed the tax assessments. Lower courts, including the Administrative Court and the Court of Appeal, have consistently upheld the tax authority's findings.
Bikupan Datacenter, which operates facilities in Boden and Robertsfors, has entered financial restructuring after failing to meet its tax liabilities and has appealed its case to the Supreme Administrative Court, where the review remains pending. Johanna Törnblad, chief executive of Bikupan Datacenter, disputed the agency's findings, stating that the Hive companies sell computing capacity rather than conducting mining operations directly.
