Crypto Miner Hive Blockchain Sells Norwegian Unit After Country Removes Power Subsidy

Hive Blockchain Technologies (HVBTF), a publicly traded Canadian-based crypto mining firm, has bought its Norwegian subsidiary, Kolos Norway AS, to the native municipality of Narvik.

Under the deal, Hive transferred all shares of the unit to the Narvik municipality together with a $200,000 fee.

The transfer comes after the Norwegian authorities scrapped a tax subsidy on electrical energy that was granted to crypto miners in November 2018.

This meant that it was unbelievable that Hive would be capable of meet the event situations of “this greenfield mission,” in line with an announcement by the corporate Monday. The land improvement rights had been subsequently impaired and written right down to a zero valuation from $15 million in March 2019.

Hive Executive Chairman Frank Holmes described the scenario as “unlucky,” including that the deal was made earlier than he and Darcy Daubaras, the corporate’s chief monetary officer, assumed their roles. 

The firm now plans to focus its mining operations on knowledge facilities in Sweden and Iceland, which mine ethereum constantly on the cloud, in line with the announcement. Hive has additionally been ramping up its bitcoin mining operations with the acquisition of extra mining machines.

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