Will the Bounce Continue? HIVE Blockchain Technologies Ltd (OTCMKTS:HVBTF)

HIVE Blockchain Technologies Ltd (OTCMKTS: HVBTF) closed higher on Friday. Will the rally continue?

Market Action

On Friday, HVBTF stock closed higher by 12.11% at $2.87. More than 1.89 million shares exchanged hands for the day. The stock opened at $2.76 and moved within a range of $2.70-$2.99.

HVBTF Announces News

Earlier this week, HIVE Blockchain released a press release. Here are the key highlights:

Hive Announces Sale Of Norwegian Subsidiary With Associated Debt And Hodl Update

• HVBTF sold its Norwegian subsidiary Kolos Norway AS (“Kolos”) to the local municipality Narvik under a share purchase agreement.
• Under the agreement the Company transferred all of the shares of Kolos to the municipality of Narvik, along with a US $200,000 payment. This allows the Company to focus on its datacentres located in Sweden and Iceland which mine Ethereum continuously on the cloud.
• As previously announced, in early December 2018 the Norwegian Parliament approved a legislative bill that cryptocurrency miners will no longer be subject to the relief on power consumption at the same rate as other power-intensive industries, this change was included in the state budget for 2019. 
• As a result of this legislative change and the uncertainty around the development of this greenfield project management concluded that it was no longer probable that the Company will be able to meet the development conditions. As a result, the land development rights were impaired and were written down to $nil from $15 million as at March 31, 2019.

“HIVE would like to express our appreciation to the local community of Narvik, who has been supportive of the challenging position that the Company was facing” said Executive Chairman, Frank Holmes.

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