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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.
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.
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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.
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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
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
Что нужно знать:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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