There are a lot of bees buzzing around the beehive.
ハチ is a bee. Buzz buzz. Just imagine "eight bees" combining into one bee, making it a "hachi." Then, there's a nest. What is a nest for bees? A beehive.
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.