HIVE Blockchain Technologies Cast Blame On Government After Selling Its Norwegian Data Mining Center

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HIVE Blockchain Technologies will focus better on upgrading its current facilities after selling one of its data centers. The Crypto mining firm admits that it felt great pressure having to put up with new legislation that made it almost impossible to meet most of its developmental conditions.

Crypto segment’s challenges

In 2018, the Norwegian Parliament approved a bill that most crypto miners seemed quite opposed to, and that is considering the government’s resolution to distance itself from catering for crypto miners’ power consumption needs. Most of them expected that the government would be more reasonable to offer them relief on power consumption. 

Hive moved Kolos Norway’s shares to Narvik and paid an extra $200,000 on top of this subsidiary’s shares. 

The “oppressive” legislation swung into effect back in 2018 and has since impacted a great section of the crypto miners. HIVE discloses more details about the bill’s impact, focusing specifically on the move to lower the land development rights valuation from $15 million to zero.

Holmes expresses his reservations

HIVE executive chair Frank Holmes doesn’t seem happy with most recent developments, terming the sale to be a rather “unfortunate” undertaking for the firm. However, Holmes applauded the move by the community to continue looking out for ways to utilize the property.

Holmes disclosed that the firm’s CFO was around at the time they were closing the recent deal. The official said that it was good that the deal was struck when the CFO had already taken up his executive duties. 

The leader says that the deal says that the deal’s close is a good thing because it lessens the burden on the firm’s management team’s shoulders. The team will have an easier time dealing with the more immediate needs that must be addressed promptly. For instance, the team will focus on the upgrading of the firm’s facilities. The other thing will be to expand the firm’s existing operations in Canada, Iceland, and Sweden.

HIVE has achieved a lot so far, part of that being acquiring a new facility in Quebec that costs it $2.8 million. 

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