Yes, in fact we can usually say the following about a BSOD:
It usually has something to do with hardware.
It may be a driver that is incorrect (so thats technically software) but it means that windows is not using the hardware in the correct way.
If you can boot into safe mode, then we can almost say its the driver... but don't get your hopes up.
It is unusual to see the dreaded BSOD with no white writing on it. I have seen it with writing curved around on the left hand side, as if the monitor was being used incorrectly... and guess what - the graphics card was to blame.