Hive Blockchain Sells Enterprise In Norway Due To Cancellation Of Miner Subsidy – Bits Media

Due to the end of miner subsidies in Norway, Hive Blockchain Technologies sold its local mining facility to the municipality of Narvik.

The Canadian Mining Company Hive Blockchain Technologies sold its Norwegian subsidiary Kolos Norway AS. By The terms of the transaction HIVE transferred all the shares of the enterprise to the municipality of Narvik along with the payment in the amount $200 000.

This step was taken two years after, As the Norwegian government decided to cancel the tax subsidy for electricity, which miners used to use the energy -intensive enterprises. According to the Hive statement, The decision of the government led to that, that the company could not support the creation and work of a new project.

In this way, development rights were depreciated and written off to zero assessment from $15 Milln in March 2019 of the year. Chairman of the board of Hive Frank Holmes (Frank Holmes) called the situation "unsuccessful", adding, that the transaction was concluded before, how he is the financial director of the company Darcy adds (Darcy Daubar) We took office.

Now the company plans to focus its operations for cryptocurrency mining in data processing centers in Sweden and Iceland, who are engaged in cloud mining ETH. Hive also increases the volume of BTC extraction operations. At the beginning of the year, the mining company bought 6 400 ASIC Mainers Canaan, to increase the total capacity of the company before 1.22 Eh/s to an end 2021 of the year.