Hive receives $7 million equity investment from Genesis Mining

hive blockchain

Vancouver-based Hive, which is building a platform to power blockchain computing, has raised $7 million in financing from Genesis Mining.

In late September, the TSX-listed company announced that it would raise $30 million by private placement to accredited investors. Cryptocurrency mining hashpower provider Genesis Mining, which owns 30 percent of Hive, agreed to purchase a cryptocurrency mining centre in Reykjanes, Iceland with Hive. 

Hive CEO Harry Pokrandt said at the time that Iceland is a leading cryptocurrency mining centre due to its low energy costs, cool climate, and reliable internet.

“We welcome the financial support of Genesis Mining, the leading cryptocurrency mining hashpower provider with over a million customers, in addition to the invaluable expertise they are already providing,” said Pokrandt. “Genesis shares our vision to rapidly develop HIVE into a major player in the cryptocurrency mining space, leveraging traditional capital markets.”

Hive is working to build a bridge between blockchain and capital markets by building blockchain infrastructure. Its first data centre in Iceland, completed in May 2017, produces mined cryptocurrency like Ethereum.

Photo via Small Cap Power

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor.