{"id":42204,"date":"2021-05-10T17:19:26","date_gmt":"2021-05-10T14:19:26","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=42204"},"modified":"2025-08-30T22:10:32","modified_gmt":"2025-08-30T19:10:32","slug":"hive-sells-norwegian-subsidiary-after-electricity-subsidies-are-cancelled","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hive-sells-norwegian-subsidiary-after-electricity-subsidies-are-cancelled\/","title":{"rendered":"HIVE sells Norwegian subsidiary after electricity subsidies are cancelled"},"content":{"rendered":"<p>The Toronto-listed mining company HIVE Blockchain Technologies <a href=\\\"https:\/\/hiveblockchain.com\/news\/hive-announces-sale-of-norwegian-subsidiary-with-associated-debt-and-hodl-update\/\\\" target=\\\"_blank\\\" rel=\\\"noreferrer noopener nofollow\\\">sold<\/a> the Norwegian subsidiary Kolos Norway AS to the local municipality of Narvik.<\/p>\n<p><!--more--><\/p>\n<p>According to the press release, in November 2018 the government of Norway cancelled electricity subsidies provided to mining centres. Due to the legislative changes, the company deemed the project unprofitable.<\/p>\n<p>Under the terms of the agreement, HIVE Blockchain Technologies transferred all shares of Kolos to the municipality and paid $200,000. This will allow it to focus on data centres located in Iceland and Sweden.<\/p>\n<p>The firm settled all obligations undertaken under the <a href=\\\"https:\/\/www.prnewswire.com\/news-releases\/hive-blockchain-to-acquire-kolos-norway-as-build-major-data-centre-677918503.html\\\" target=\\\"_blank\\\" rel=\\\"noreferrer noopener\\\">initial deal<\/a>. The rights relating to development of the Kolos Norway AS land parcel have been cancelled.<\/p>\n<p>HIVE Blockchain has focused primarily on Ethereum mining. In December 2020, it <a href=\"https:\/\/forklog.com\/en\/news\/mining-company-hive-posts-profit-as-ethereum-price-climbs\">turned a profit<\/a> thanks to the rise in the price of the second-largest cryptocurrency by market capitalization.<\/p>\n<p>In January, the company acquired <a href=\"https:\/\/forklog.com\/en\/news\/hive-acquires-6400-asic-miners-from-canaan\">6400 Avalonminer 1246 ASIC miners<\/a> from the Chinese manufacturer Canaan, with delivery expected by the end of 2021.<\/p>\n<p>Follow ForkLog News on <a href=\\\"https:\/\/vk.com\/forklogcom\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Toronto-listed mining company HIVE Blockchain Technologies sold the Norwegian subsidiary Kolos Norway AS to the local municipality of Narvik.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1106,1498],"class_list":["post-42204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-hive","tag-norway"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/42204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=42204"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/42204\/revisions"}],"predecessor-version":[{"id":42205,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/42204\/revisions\/42205"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=42204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=42204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=42204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}