At POST, does it just hang at a black screen, or does it hang on the first attempt to load Windows? If it's the former, yeah, it's most likely hardware; either from an internal device, or it's hanging on enumerating externally connected USB devices (say, while on a docking station or port replicator, or stand alone).
In most cases, intermittently hanging at POST usually means the internal HDD or SSD is failing.