Share this article
Crypto Miner Hive Blockchain Sells Norwegian Unit After Country Removes Power Subsidy
Hive said it would likely not be able to meet the development conditions for the project without tax relief on electricity.
Updated Sep 14, 2021, 12:52 p.m. Published May 10, 2021, 12:48 p.m.
Hive Blockchain Technologies (HVBTF), a publicly traded Canadian-based crypto mining company, has sold its Norwegian subsidiary, Kolos Norway AS, to the local municipality of Narvik.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Under the deal, Hive transferred all shares of the unit to the Narvik municipality along with a $200,000 payment.
The company cites the Norwegian government's scrapping of a tax subsidy on electricity that was granted to crypto miners as a reason for the move.
This meant that it was improbable that Hive would be able to meet the development conditions of “this greenfield project,” according to an announcement by the company Monday. The land development rights were therefore impaired and written down to a zero valuation from $15 million in March 2019.
Hive Executive Chairman Frank Holmes described the situation as “unfortunate,” adding that the deal was made before he and Darcy Daubaras, the company’s chief financial officer, assumed their roles.
The company now plans to focus its mining operations on data centers in Sweden and Iceland, which mine ethereum continuously on the cloud, according to the announcement. Hive has also been ramping up its bitcoin mining operations with the purchase of more mining machines.
Also read: Gaming Company The9 to Buy 2,000 Bitcoin Mining Machines for About $6.72M in Stock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
GameStop Posted $9.4M Loss on Bitcoin Holdings in Q3
The firm has not announced any new bitcoin purchases since May, when it bought 4,710 BTC.
What to know:
- GameStop's (GME) bitcoin stash was worth $519.4 million at the end of its third quarter (Nov. 1).
- The company booked a $9.2 million loss thanks to bitcoin's price decline over the three month period.
- GameStop’s stock is down 5.8% on Wednesday.
Top Stories
