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1. A revenue estimate that depends on an unsigned lease
In Bitcoin mining news on November 10, 2026, HIVE Digital Technologies said its 32-megawatt Big Boden facility in Sweden could generate $45 million a year in artificial intelligence colocation revenue. The proposed lease of up to 10 years behind that figure remains a nonbinding letter of intent, with financing and final terms still under negotiation.
The company, which built its business on mining Bitcoin (BTC), repeated the estimate in its latest quarterly earnings update. It did not announce a signed contract. Instead, the $45 million figure describes what the Swedish site could produce if several things happen in sequence: the two sides reach a definitive agreement, HIVE secures the money to pay for the work, the building is upgraded, and the project actually enters service.
That distinction matters for anyone reading the number. A letter of intent records that two parties want to do a deal and sketches its outline, but it does not oblige either of them to complete it. Until a binding lease replaces it, the $45 million is a projection of what the site might earn, and it sits outside the revenue HIVE already has under contract.
2. What is the Big Boden deal?
The Big Boden deal is a proposed long-term colocation arrangement under which a single customer would lease HIVE's data center in Boden, Sweden, to run AI hardware. HIVE first disclosed the proposal in June, and it has not named the other party, describing it only as an investment-grade Swedish technology company.
Under the outline disclosed so far, the lease could run for as long as 10 years. In a colocation arrangement, the data center operator supplies the building, the power connection, the cooling and the day-to-day running of the site, while the customer's computing equipment occupies the space. The operator is paid for providing that capacity over the life of the lease, which is why such contracts are valued for their predictability compared with the swings of mining income.
The reference to the counterparty's investment-grade standing is relevant to the economics. A tenant with a strong credit rating is generally seen as more likely to keep paying over a decade-long term, and that in turn tends to influence how lenders view a project built around the tenant's payments. HIVE has not disclosed further details about the company's identity or its plans for the capacity.
3. Deposits and exit rights are still on the table
Several commercial points remain unresolved between the two sides. Speaking on the company's earnings call on Tuesday, HIVE Chief Executive Officer Aydin Kilic said the parties were negotiating deposits, termination rights and other terms that could affect what it costs to finance the project.
Those items go to the heart of how much protection each side has. A deposit determines how much money the customer commits up front. Termination rights determine the circumstances in which either party can walk away from the lease before its term ends. For a project that has to be paid for before it earns anything, the answers shape how much risk a lender sees, and therefore the price of borrowing.
Kilic indicated that the company is not prepared to trade those protections for speed. "We do not want to rush into a deal just for the sake of reporting new top-line revenue," he said on the call. He also noted that a consultant working for a lender had visited the site during the previous week, a sign that the financing side of the project is being examined while the lease talks continue.
HIVE has not announced a date by which it expects the negotiations to conclude.
4. How would HIVE pay for the conversion?
HIVE expects to raise the money for Boden only after a lease is signed, and it has said the financing could potentially come from corporate bonds. The order is deliberate: the company intends to have a binding customer commitment in hand before it goes to the debt market.
That sequencing reflects how projects of this type are commonly funded. A signed, long-dated lease with a creditworthy tenant gives prospective lenders a defined stream of payments to assess. Without it, a borrower is asking investors to fund a building on the expectation that a customer will materialise. By tying the financing to a definitive agreement, HIVE is also tying the timing of the whole project to the outcome of the talks Kilic described.
It also explains why the terms under discussion carry so much weight. Deposits and termination clauses are not side issues to be tidied up after the headline rent is agreed. They feed directly into the cost of the capital that the conversion requires, and so into how much of the projected $45 million a year would be left after servicing the debt. The company has not disclosed an expected cost for the retrofit or the size of any planned borrowing.
5. From Ethereum-era GPUs to liquid-cooled AI racks
The Boden building cannot host the planned equipment in its present form. HIVE says the existing data center needs a major overhaul, and it plans to retrofit the site to hold up to 10,000 Nvidia GB300 graphics processing units, using liquid cooling to handle high-density racks.
Liquid cooling is used where processors are packed so tightly, and draw so much power, that moving air across them can no longer carry the heat away efficiently. Modern AI systems fall into that category, which is why a facility designed for an earlier generation of hardware typically needs new cooling and power distribution before it can accept them.
The site's power figures show how the capacity would be divided. Big Boden has a 32-megawatt connection to the utility, but the customer would receive about 25 megawatts of usable compute. The remainder supports the operation of the data center itself, covering the systems that keep the computing equipment running.
The facility has already been through one change of purpose. When the letter of intent was announced, Kilic said, "This site has evolved from a GPU compute facility supporting Ethereum," and described its planned conversion into a more powerful AI installation. Ethereum (ETH) no longer relies on that kind of computing power to secure its network, which left operators of GPU sites looking for other uses for their buildings and power connections.
6. Bitcoin mining news increasingly means AI contracts
Boden is one piece of a wider change in what HIVE does for a living. The planned expansion forms part of the company's broader move beyond Bitcoin mining, a strategy that has already produced several large GPU-cloud contracts.
The most prominent of those came in June, when HIVE signed a three-year AI computing agreement with Bell Canada and Cohere covering 2,304 Nvidia GPUs. No contract value for that agreement was given.
GPU-cloud business differs from the colocation model proposed for Sweden. In a GPU-cloud contract, the provider owns and operates the processors and sells access to the computing power they produce. In colocation, the provider supplies the powered, cooled space and the customer's hardware does the computing. The two carry different capital requirements and different risks, and HIVE is pursuing both.
The appeal for a mining company is straightforward. Miners already control the two things AI operators find hardest to obtain quickly: large power connections and buildings designed to house dense computing equipment. Mining revenue rises and falls with the price of Bitcoin and with the difficulty of earning new coins, while a multi-year computing contract pays an agreed amount regardless of the crypto market.
7. Contracted revenue versus revenue that is live
HIVE's own figures show a wide gap between what has been signed and what is currently earning money. The company reports $185 million in contracted GPU-cloud annualized run-rate revenue, but only $40 million of that is live. The rest represents contracted capacity that has not yet entered service.
The $45 million projected for Boden is separate from that $185 million. It is not included in the contracted total, because there is no contract yet. Adding the two together would therefore combine signed business with business that is still being negotiated.
Beyond those numbers, HIVE is targeting about $700 million in total high-performance computing annualized revenue by the end of 2028. That target takes in projects that still need financing, construction and customer commitments, so it describes an ambition for the business rather than work already secured.
Taken together, the figures form a ladder with very different levels of certainty on each rung: $40 million that is live today, $185 million that is under contract, a $45 million Swedish project that awaits a binding lease, and a $700 million goal that depends on several steps the company has yet to complete. An annualized run-rate figure also has a specific meaning. It expresses what a contract would yield over a full year once it is running, not what has been collected so far.
8. What comes next for Boden
The next milestone is a definitive lease. HIVE must secure a binding agreement with the Swedish customer before it proceeds with project financing, and the financing must be in place before the retrofit can deliver capacity that earns revenue.
The points to watch are the ones Kilic identified on the earnings call: the size of the deposits, the termination rights each side holds and the other terms that bear on borrowing costs. Whether a lender moves forward after the consultant's site visit, and whether HIVE turns to the corporate bond market as it has suggested it might, will show how the project is being received by those who would fund it.
No completion date has been announced for the negotiations, and the company has made clear it will not accelerate them simply to add a new revenue line to its reports. Until a signed lease is disclosed, the $45 million a year attached to Big Boden remains an estimate of what the site could earn, not income the company has locked in.