Hive Digital Technologies purchased a data center and a piece of land in Sweden to expand its operations in the region while increasing its Bitcoin production. The company said this move is also part of its plan of bolstering its global presence.

Hive Digital Technologies acquired the properties located in the city of Broden. As per CoinTelegraph, the crypto mining firm announced the acquisitions on Monday, Nov. 27. It revealed its property transfer agreement with Turis AB and it will now take over the data center that was said to have been built as part of the EU Horizon 2020 project.

Payment and Plans for the Property

Seeking Alpha reported that under the Pursuant to the Property Transfer Agreement, the company will acquire the Property including certain assets that are on the site. It was agreed that the purchase price is payable in the form of both cash and common shares of Hive.

The payable cash amount is up to $750,000 while the common shares are up to $1,500,000 in the capital of the company. The latter mode of payment is allowed to be settled in two installments. Hive will use its newly acquired property in Sweden to house its ASIC servers. It also expects to boost its BTC production in the facility.

Strategic Investment for Growth

Hive Technologies said that the acquisition is a strategic move on its part and is in line with its commitment to build long-term value for its investors. The company also believes the deal will help with the development of its assets, which can later be added to its balance sheet.

“We are pleased about this acquisition and our continued expansion in Boden. The Property is strategically located and provides HIVE with the opportunity to expand its operation, contributing to the company’s overall growth strategy,” Johanna Thornblad, HIVE Sweden’s country president, said in a press release. “The new data center will enable HIVE to grow its regional footprint while further demonstrating its commitment to its ESG focus, sustainable practices, environmental responsibility, and energy efficiency with its newest “green” energy powered data center.”

Finally, Thornblad added that they are excited about the new opportunities that the acquisition deal will bring. She said that HIVE is also looking forward to contributing further to the economic development and success of the Boden community.

Photo: Hive Website