Altcoins Guides


What is Audius?

What is Internet Computer?

What is Elrond?

What is VeChain?

What is Ethereum Classic?

What is Avalanche?

What is Brave’s Basic Attention Token?

What is Flow – the developer-friendly blockchain?

What is Chainlink and why does it matter in the crypto world?

What is the DAI stablecoin?

What is THORChain?

What is Tron?

What is Axie Infinity?

What is the FTX Token?

What is Klaytn and how does it work?

What is NEAR Protocol?

What is Polygon?

What is a non-fungible token (NFT)?

 What is Kusama – a canary network for Polkadot experiments? 

What is Zilliqa?

What is OMG network?

What is Terra?

What is Algorand?

What is Graph Protocol?

What is HIVE blockchain?

An introduction to the IOTA protocol

Five XRP wallets you should consider using

What is NEO cryptocurrency?

Three reasons why blockchain games are on the rise

What is the USD coin?

TrueUSD: Can it be trusted?

What is Skycoin?

Tezos for beginners

Bitcoin vs. Altcoins: The differences you should know

An introduction to Tether

The beginner’s guide to stablecoins

What is Dash cryptocurrency?

What is Cardano?

A beginner’s guide to blockchain

What is Litecoin?

What is Stellar cryptocurrency?

A beginner’s guide on how to mine Ethereum

A beginner’s guide to mining new altcoins

What is EOS?

What is Ripple?

Bitcoin Cash (BCH) for beginners

Ethereum (ETH) for beginners

Cryptocurrency terms for beginners

What is cryptocurrency?

A brief history of Ethereum

What is cryptocurrency mining?

The use of blockchain technology in digital advertising

A guide to the Ripple product suite

The top five privacy cryptocurrencies

Stablecoins: what are the risks and benefits?

The best GPUs for cryptocurrency mining

What are the best strategies for mining cryptocurrency?

A beginner’s guide to data mining and cryptographic hash functions

Understanding tokenomics

How to mine for cryptocurrencies

Why does decentralisation of cryptocurrencies matter?

What is a Mining Pool?

What is Hash Rate?

What is a smart contract?

What is Proof of Work?

How network nodes are used in cryptocurrency

Four projects leading the way in database sharding

Explore other guides


What is HIVE blockchain?

Discover what HIVE blockchain is, the alternatives it offers, and how it stands apart from traditional blockchain technology.

Blockchain technology is disrupting industries across the world – but with so many companies utilising the technology it can be difficult to understand them all. HIVE blockchain was previously  known as Leeta Gold Corp back when it was incorporated in 1987. At that time, Leeta Gold Corp focused on mining gold. However as times have changed so has HIVE blockchain. Instead of mining for gold, the company now focuses on mining cryptocurrency.

HIVE blockchain and Genesis Mining

HIVE blockchain is the product of a partnership between Genesis Mining and Foire Group. Genesis Mining is one of the world’s leading cloud mining providers. Cloud mining is the process of soliciting crypto mining on somebody else’s hardware. This works through a company renting ‘hashing power’.

Hashing power is an essential element to the crypto mining process. It refers to the power that a device uses to run and solve different hashing algorithms. The same algorithms are the ones utilised to generate new cryptocurrencies as well as facilitate transactions. For example, Bitcoin is encoded with the SHA-256 algorithm.

This means data miners will need a device with enough hashing power to crack the 256-bit string that’s used to secure a Bitcoin transaction.

The process of mining can be very intensive on devices, often requiring high electricity costs. This is where cloud mining can be a useful option for people who wish to mine but cannot afford to pay energy charges. If they have the mining device, they can rent hashing power from a provider such as Genesis Mining. The contract will specify a fixed amount of hash power. The contract will vary dependent on the crypto being mined, the type of contract and the company selling the contract.

HIVE blockchain have purchased equipment and facilities from Genesis Mining through several agreements. The agreements led to Genesis Mining holding 30% ownership. It provides hosting and software solutions which were originally created by Genesis Mining. It now provides these as a service to Genesis.

Iceland, Sweden and Norway

The facilities purchased from Genesis Mining are located in Iceland, Sweden and Norway.

HIVE’s graphics processing unit (GPU) facilities were completed back in April 2018. They are equipped with custom Genesis A2 mining rigs – which are dubbed as the most efficient rigs for mining ETHash.

The facilities are powered entirely by hydro electricity and consume a total energy of 20.4 MW (megawatts). The Iceland facility produces mined cryptocurrency around the clock. It was chosen by HIVE because of the year-round mild temperatures which results in less energy needed to cool the facility. The electricity is provided by either geothermal or hydro resources to mitigate HIVE’s environmental footprint.

Sweden was chosen because of its political stability and the fact it’s actively exploring blockchain opportunities beyond crypto. It utilises excess green/renewable energy that allows HIVE to mitigate its environmental footprint in Sweden as well.

Finally, Norway was selected because the Norwegian government is actively looking for alternative areas to diversify country risk from fossil fuels. The Norway facility also has a cool jurisdiction with excess green/renewable energy.

What else does HIVE blockchain do?

Other than running multiple mining farms, HIVE blockchain also validates transactions on blockchain networks. Validation is an essential aspect of blockchain technology. This is because the technology is designed to be both transparent and immutable. Often, it is the data miner’s role to validate a transaction. In doing so, the miner is rewarded with the mining fee associated with a given transaction.

Validation helps ensure that the information being registered on the blockchain is legitimate and not falsified. Paired with the immutable nature of blockchain, this helps ensure the integrity of data stored on it.

HIVE validates transactions for blockchain networks and, in doing so, earns new crypto which can be used for revenue and cash flow. The HIVE website highlights how it offers shareholders exposure to the operating margins from cryptocurrency mining, plus a growing portfolio of crypto.

HIVE is listed on Toronto Stock Exchange 

HIVE blockchain is also listed on the Toronto Stock Exchange. This is particularly note worthy since it is among one of the few blockchain startups to be listed on a traditional stock exchange.

Interestingly, HIVE’s all-time high on the stock exchange coincided with the 2017 bull run which saw Bitcoin reach it’s own all-time high.


We do not recommend any cryptocurrency, projects or companies in particular and as such it would wise to conduct your own research.

Interested in reading more blockchain-related guides? Discover more about the IOTA protocol with our introduction to the project.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.