Iceland Cryptocurrency Mining Project

HIVE’s launch transaction involves the acquisition of an initial state-of-the-art blockchain infrastructure facility in Iceland from Genesis Mining Ltd., the world’s largest cloud bitcoin mining company. The facility produces mined cryptocurrency around the clock. Assembly of the facility, which utilizes cutting edge computing components and infrastructure design, was just completed in May 2017.

HIVE also has an option to acquire at least four additional data centres from Genesis in Iceland and/or Sweden.

HIVE has an exclusive arrangement with Genesis to operate its data centres under a Master Service Agreement. The data centres will be monitored with Genesis Hive, Genesis' proprietary software tool for large-scale mining, to automatically optimize chip temperatures and power consumption for maximal coin production.

The Genesis transaction equips HIVE with the three key elements needed to power the future of blockchain computing.

Green Energy

Responsive Mining

Genesis’ forward-thinking and expertise enabled them to become the leading miners and owners of Ether, the crypto-fuel for the distributed application platform Ethereum, now the world’s second largest cryptocurrency market after Bitcoin.

HIVE will leverage this expertise, and the flexibility afforded by Genesis’ infrastructure design and software, to identify and focus computing resources on existing and new cryptocurrencies as they become more profitable to mine.


Why Iceland?

Profitability = f(
Facility Hash Rate,
Power Consumption,
Coin Price,
Network Hash Rate,
Cost per kWh

Mining cryptocurrencies profitably relies heavily on efficient energy infrastructure. Iceland is ideally suited to crypto mining due to having a naturally occurring cold climate and abundant, cheap electricity from renewable sources like geothermal and hydro. Iceland also has fast and reliable internet connectivity and is a gateway between Europe and North America.

Iceland Data Centres Low-cost green power
Cold climate
Fast internet connection

About Genesis Mining

Founded in Hong Kong by early Bitcoin investors and mining pioneers, Genesis Mining Ltd. is the largest cryptocurrency miner and the largest cloud miner with over a million customers.

Their first large-scale Bitcoin mining facility was built in 2014 using custom hardware. This was followed up in 2016 with the construction of the world’s largest Ether mining facility — specifically built to support the Ethereum Project at an early stage of its development.

HIVE is a partnership between Genesis Mining and Fiore Group to accelerate the development of the blockchain sector through traditional capital markets and develop the leading listed blockchain infrastructure company.


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Corporate Presentation

Download a PDF copy of our corporate presentation.