Crypto mining company Hive Blockchain has been renamed Hive Digital Technologies to highlight its foray into artificial intelligence (AI).
In a July 12 statement, the Vancouver, Canada-based mining company said it had dropped “blockchain” from its name to better represent the company’s “evolving focus” on revenue opportunities in mining units graphics processing (GPU) and cloud computing, as well as “its mission to advance AI” and support the “new Web3 ecosystem”.
“As we grow our Cloud GPU business, we need a strategy that better reflects both sides of our business. We are building infrastructure for emerging digital technology, not just blockchain, and we intend to use our large fleet of GPUs to grow a cloud hosting business,” said Hive CEO Aydin Kilic , in a July 12 filing with the U.S. Securities and Exchange Commission.
Hive said it will use its fleet of 38,000 Nvidia GPUs to provide small and medium businesses with a more efficient alternative to major cloud service providers. “We believe that AI and machine learning will drive significant demand for GPU computing in the future,” Kilic added. While most crypto mining companies today are focused on mining proof-of-work cryptocurrencies such as Bitcoin BTC ($30,587), Hive was one of a handful of companies that leveraged GPUs to mine Ether
ETH ($1,884), the native cryptocurrency of the Ethereum network, at scale.
After the completion of the Ethereum merger in September 2022 – which saw the blockchain transition to a proof-of-stake consensus mechanism, removing the need for miners – the GPUs once used to mine ETH were considerably less profitable. Hive isn’t the first mining company to drop “blockchain” from its name. In Jan. 3, Bitcoin mining company Riot Blockchain has been renamed Riot Platforms to reflect the “increasingly diverse business operations.”
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