Hive to Place Its $100Mn USD Bitcoin Mining Operations in Northern Sweden

This week the Canadian firm, Hive Blockchain, announced it would be starting a $100Mn USD mining operation in Sweden. Hive’s CEO says the mining center will “ten times bigger” than the company’s Iceland mining centers.

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Hive Blockchain Is Starting a Mining Operation in Sweden

Hive BlockchainHive to Place Its $100Mn USD Bitcoin Mining Operations in Northern Sweden is a company that was created by Harry Pokrandt and Olivier Roussy Newton in 2013. The firm is dedicated to mining operations and developing the blockchain industry in a partnership between Genesis Mining and Fiore Group. According to regional publications in Sweden, Pokrandt explains the company raised approximately $115Mn for mining operations in Boden this past May. During that time Hive was also listed on the Toronto Stock Exchange, and interest in the company grew exponentially. Genesis mining will also be involved with Hive’s Boden mine and help get the operations started.

“One can say that we are providing Genesis with the capital and, in return, they build up the infrastructure and run the operations at the site,” says Hive’s Pokrandt.

Cheap Swedish Electricity, Cold Weather, and a Favorable Political Climate

Hive Blockchain Raises $100Mn USD for Swedish Mining Facility
Harry Pokrandt CEO of Hive Blockchain.

Pokrandt details the reason Hive chose Boden is because of cheap Swedish electricity, and the cold is also a plus. Additionally, Pokrandt says the “political climate” in Sweden is also favorable to operate a bitcoin mine.

“Our investors would not Read More Here