HIVE Blockchain Expands Clean Energy Footprint With Purchase of Norway-Based Kolos

  • 20 June 2018
  • Sam Mire

HIVE Blockchain’s (TSX.V: HIVE) acquisition of Kolos Norway AS further establishes the company as one of the most formidable players in the crypto mining infrastructure space. The sale of the 64-hectare property located in Bellangen, Norway dates to late March, when HIVE management let it be known that they were in the process of acquiring the sizeable lot.

The planned acquisition was first announced in late March, and it is a logical move for a company that operates its network of crypto mining farms exclusively using green energy. With their Icelandic outpost utilizing geothermal energy and their farm in northern Sweden relying upon hydroelectric energy to power its computers, the Norwegian Kolos site will take advantage of nearby hydroelectric resources in the Swedish mold.

The Kolos site was once planned to be the largest data center in the world, as its location in a naturally formed corridor provides substantial benefits for computing power. Abutting the water and nestled in between shade-casting hills, HIVE’s data stores will be located so as to be protected from inclement weather and will be naturally cooled by the region’s topography.

Harry Pokrandt, CEO and Director of HIVE Blockchain, voiced his excitement about the company’s further expansion in the region, saying, “I am extremely pleased by the completion of the acquisition of Kolos, which provides HIVE the capability to rapidly expand our footprint in the Nordic region and maintains HIVE’s position as a leading blockchain and cryptocurrency infrastructure company.”

The purchase also reflects HIVE’s dedication to providing massive computing power using sustainable energy sources. Pokrandt and his team believe that, while the site will produce relatively modest amounts of power in the near term, the long-term potential of the site as an immense production house of crypto mining capacity is very real.

“The property supplies near-term access to an additional 30 MW of capacity and provides HIVE a deep pipeline of opportunities for many years to come. I would like to commend the team at HIVE for their tireless work to complete the Norway Acquisition,” Pokrandt added.

Eventually, it’s believed that the site could add 1,000 MW of green hydroelectric power in addition to their stores in Iceland and Sweden. The sale includes a complete purchase of all Kolos shares for a total of $9.9 million in cash considerations. Additionally, HIVE will receive shares that will help facilitate construction of the data center.

Bellangen is located approximately 225 kilometers north of the Arctic Circle, and HIVE’s leadership group is confident that the town is an ideal location for the further expansion of the blockchain and crypto-based infrastructure.

About Sam Mire

Sam is a Market Research Analyst at Disruptor Daily. He's a trained journalist with experience in the field of disruptive technology. He’s versed in the impact that blockchain technology is having on industries of today, from healthcare to cannabis. He’s written extensively on the individuals and companies shaping the future of tech, working directly with many of them to advance their vision. Sam is known for writing work that brings value to industry professionals and the generally curious – as well as an occasional smile to the face.