Hive Blockchain

Harry Pochgranti got his first exposure to blockchain and cryptocurrency back in 2013, positioning himself early in what would become a transformative technology. Unlike many entrepreneurs who build products for external users, Harry identified an opportunity in the infrastructure layer—becoming a digital currency miner. The business model was straightforward: validate transactions on blockchain networks, secure them, and compete for newly issued cryptocurrency coins as rewards. With four facilities across Iceland and Sweden, Hive would become one of the players in the global mining ecosystem.

Hive's path to scale was paved with aggressive capital raises. The company went public on the TSX Venture Exchange in September 2017, raising "$17 million Canadian" on day one. Within days, underwriters presented a bought deal—where underwriters take on the risk of purchasing the entire issue themselves—bringing in "$30 million" in October. The momentum continued into December when "we raised another hundred and fifteen million Canadian." By year-end, the company had raised roughly $200 million Canadian across multiple equity financings, fueling rapid expansion of mining infrastructure.

By Q1 2018, Hive had transformed from a company with minimal revenue into a significant operation. In Q4 2017, they generated "a couple million bucks in revenue" as they turned on monetization. Just months later, "in Q1 here of 2018, they're on a 30 million dollar run rate." The company mines primarily on the Ethereum blockchain through GPU-based facilities, competing for the roughly 20,000 Ethereum coins issued daily (worth approximately $10 million per day at Q1 2018 prices). They were planning to complete ASIC facilities by September 2018 to mine Bitcoin as well. Harry's efficiency-focused approach—locating facilities in geothermal and hydroelectric regions of Iceland and Sweden—positioned Hive as an environmentally conscious alternative to China-based thermal coal-powered mining operations that were facing regulatory pressure.