Crypto mining agency Hive Blockchain is now calling itself Hive Digital Applied sciences — after enacting a branding pivot that seeks to spotlight its foray into synthetic intelligence.
The Vancour-based mining firm mentioned in a July 12 assertion it has dropped “blockchain” from its identify to higher signify the corporate’s “evolving focus” on income alternatives in graphics processing models (GPUs) and cloud computing in addition to “its mission to drive developments in AI” and help the “new Web3 ecosystem.”
“As we develop our GPU Cloud enterprise, we require a method that higher displays either side of our enterprise. We construct infrastructure for rising digital tech, not simply blockchain, and we intend to make the most of our giant fleet of GPUs to develop a cloud internet hosting enterprise,” mentioned Hive’s CEO Aydin Kilic in a July 12 submitting to the U.S. Securities and Trade Fee.
We’re excited to announce that at the moment we formally modified our identify to .
The identify higher displays our evolving deal with cloud compute know-how, AI and the Web3 ecosystem.
— HIVE Digital Applied sciences (@HIVEDigitalTech) July 12, 2023
Moreover, Hive mentioned that it’ll use its 38,000-strong fleet of Nvidia GPUs to supply small and medium-sized companies with a extra environment friendly various to main cloud service suppliers.
“We consider AI and machine studying are going to drive important demand for GPU compute going ahead,” Kilic added.
Whereas the majority of the crypto mining firms at the moment deal with mining Proof-of-Work cryptocurrencies corresponding to Bitocin (BTC), Hive was amongst a handful of companies that leveraged GPUs to mine Ether (ETH), the native cryptocurrency of the Ethereum community at scale.
Following the completion of the Ethereum Merge in September final yr — which noticed the blockchain transition to a miner-less Proof-of-Stake consensus mechanism — the GPUs as soon as used to mine ETH have been rendered drastically much less worthwhile.
Hive isn’t the primary mining firm to drop “blockchain” from its namesake. On Jan. 3 Bitcoin mining agency Riot Blockchain rebranded to Riot Platforms in a bid to replicate its “more and more diversified enterprise operations.”