Sweden Built a Green Bitcoin Hub on Cheap Hydropower. Now It’s Auditing Its Way Through It.

BitcoinWorld Sweden Built a Green Bitcoin Hub on Cheap Hydropower. Now It’s Auditing Its Way Through It. Boden isn’t a place most people outside the crypto industry could locate on a map, but for the better part of a decade it’s been quietly important to it.

A small city in Sweden’s far north, sitting close to some of the cheapest, cleanest hydroelectric power in Europe, Boden became a magnet for industrial-scale Bitcoin mining precisely because of what it offered: abundant renewable electricity, a cold climate that cuts cooling costs, and – until recently – a tax regime that treated data centers generously.

That last ingredient is now the thing unraveling around several of the companies that built their business there.

Sweden’s tax agency, Skatteverket, has hit six Boden-based crypto mining companies with roughly 540 million kronor – about $56.5 million – in back taxes and penalties, the latest and largest chapter in a crackdown that’s been building for years and shows no sign of slowing down.