Crypto miner Hive Digital drops ‘blockchain’ from name amid AI pivot

Crypto mining firm Hive Blockchain is now calling itself Hive Digital Technologies – after making a branding pivot that seeks to highlight its foray into artificial intelligence.

The Vancouver-based mining company said on July 12 statement to better represent the company’s “evolving focus” on revenue opportunities in graphics processing units (GPUs) and cloud computing, as well as “its mission to drive advancements in AI” and “support the new Web 3 ecosystem”. For it has dropped “blockchain” from its name. ,

“As we expand our GPU Cloud business, we need a strategy that better reflects both sides of our business. We are building the infrastructure for not only blockchain, but also the emerging digital technology. and we intend to use our large fleet of GPUs to grow the cloud hosting business,” Aydin Kilic, CEO of Hive, said on July 12. Admission to the US Securities and Exchange Commission.

We are pleased to announce that today we have officially changed our name.

The name better reflects our growing focus on cloud compute technology, AI and the Web3 ecosystem.

Read the press release: pic.twitter.com/5jijZFqdeI

HIVE Digital Technologies (@HIVEDigitalTech) 12 July 2023

Additionally, Hive said it will use its 38,000-strong fleet of Nvidia GPUs to provide small and medium-sized businesses with a more efficient alternative to major cloud service providers.

“We believe AI and machine learning will drive significant demand for GPU compute going forward,” Kilik said.

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While most crypto mining companies today focus on mining proof-of-work cryptocurrencies such as bitcoin (BTC), Hive was one of a handful of companies to mine Ether (ETH), the native cryptocurrency of the Ethereum network. Took advantage of the GPU. scale.

The completion of the Ethereum merge last September – in which the blockchain was converted to a miner-less proof-of-stake consensus mechanism – made the GPUs once used to mine ETH significantly less profitable. I went.

Hive isn’t the first mining company to drop “blockchain” from its name. Bitcoin mining firm Riot Blockchain on January 3rd rebrand Switch to the Riot Platform to reflect your “increasingly diverse business operations”.

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