Crypto mining agency HIVE Blockchain Applied sciences has offered one among its knowledge facilities within the Norwegian municipality of Narvik he
Crypto mining agency HIVE Blockchain Applied sciences has offered one among its knowledge facilities within the Norwegian municipality of Narvik held since 2018.
In an announcement at this time, HIVE mentioned it had transferred all shares of the agency’s native subsidiary Kolos Norway AS to Narvik along with a $200,000 cost. The transfer got here after the Norwegian Parliament accredited a invoice in November 2018 that might not present reduction to crypto miners on energy consumption.
The mining agency mentioned it was “not possible that [HIVE] will have the ability to meet the event circumstances” given the laws in impact since 2019. In keeping with HIVE, the invoice successfully diminished the valuation of land improvement rights from $15 million to zero.
HIVE govt chair Frank Holmes described the sale as “unlucky” however accredited of the neighborhood persevering with to seek out makes use of for the property.
“This deal was made earlier than myself or our CFO had assumed govt duties,” mentioned Holmes. “We’re happy that our administration crew can now proceed to deal with extra fast wants like upgrading our present amenities whereas increasing current operations in Sweden, Iceland and Canada.”
A serious Ether (ETH) miner, HIVE introduced a two-phase growth for its mining operations in Sweden by greater than 20% within the first quarter of 2020. Final March, the agency acquired a brand new facility in Quebec for $2.eight million, reportedly doubling its international mining capability on the time.