Bitcoin miner HIVE Digital Technologies is targeting $45 million in annual revenue from an AI data center deal in Sweden, though the company has yet to sign a final lease. The proposed 10-year arrangement remains nonbinding, with financing and final lease terms still under negotiation.

In its latest earnings update, HIVE reiterated that its 32-megawatt Big Boden facility could generate the $45 million through a long-term colocation arrangement. That revenue remains contingent on a definitive agreement, financing, facility upgrades, and the project entering service.

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 are negotiating deposits, termination rights, and other terms that could affect financing costs. He also noted that 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 seek financing for the Boden project only after securing a signed lease, potentially through corporate bonds. The company has not announced a timeline for completing negotiations.

From crypto mining to AI infrastructure

The Boden proposal illustrates how HIVE is converting infrastructure from its crypto-mining era into capacity for AI workloads, a repositioning the company now frames as central to its growth. The existing data center would also require a substantial makeover. HIVE plans to retrofit the facility to accommodate up to 10,000 Nvidia GB300 GPUs, relying on liquid cooling to handle high-density computing racks. While the site 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 push to move beyond Bitcoin mining, a shift that has already produced several large GPU-cloud contracts. In June, HIVE signed a major three-year AI computing agreement with Bell Canada and Cohere, covering 2,304 Nvidia GPUs as it broadened its business beyond crypto mining.

HIVE now reports $185 million in contracted GPU-cloud annualized run-rate revenue, although only $40 million of that figure is live. The remainder represents contracted capacity that has not yet entered service. That gap explains why agreements like Boden carry weight in HIVE's outlook: contracted revenue only becomes live revenue once a facility is financed, upgraded, and in 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 that still require additional financing, construction, and customer commitments.

For Boden, HIVE's next milestone is securing a definitive lease before proceeding with project financing. After that, progress would be measured by the terms under negotiation, the financing package, and the pace of the retrofit toward GPUs entering service.