HIVE’s $45M AI Dream Has a Long Way From the Bitcoin Dust

Bitcoin miner HIVE Digital Technologies is targeting $45 million in annual revenue from a proposed AI data center at its 32-megawatt Big Boden facility in Sweden, although the company has not secured a final lease. HIVE disclosed the proposal in June and reiterated the revenue potential in its latest earnings update, saying the arrangement could involve a lease lasting up to 10 years with an unnamed, investment-grade Swedish technology company.

The project remains contingent on a definitive agreement, financing, facility upgrades and entry into service. During Tuesday’s earnings call, CEO Aydin Kilic said the parties were negotiating deposits, termination rights and other terms that could affect financing costs. He also said a lender’s consultant had visited the site the previous week. “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 pursue financing for the Boden project after securing a signed lease, potentially through corporate bonds, but has not announced a completion date for negotiations. The existing data center also requires substantial upgrades, including liquid-cooling infrastructure for up to 10,000 Nvidia GB300 GPUs. Its 32-megawatt utility connection would provide the proposed customer with approximately 25 megawatts of usable computing capacity, while the remaining power would support data center operations.

“This site has evolved from a GPU compute facility supporting Ethereum,” Kilic said when announcing the letter of intent, describing the planned conversion into a more powerful AI installation. The proposal comes as HIVE expands beyond Bitcoin mining and develops its GPU-cloud business, including a three-year AI computing agreement with Bell Canada and Cohere signed in June covering 2,304 Nvidia GPUs.

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 entered service. The company is targeting approximately $700 million in total high-performance computing annualized revenue by the end of 2028, a figure that includes projects still requiring additional financing, construction and customer commitments. For Boden, HIVE’s next milestone is securing a definitive lease before proceeding with project financing.