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

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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 stated in a July 12 statement it has dropped “blockchain” from its title to higher symbolize 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 increase our GPU Cloud enterprise, we require a technique that higher displays each 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,” stated Hive’s CEO Aydin Kilic in a July 12 filing to the U.S. Securities and Alternate Fee.

Moreover, Hive stated that it’s going to use its 38,000-strong fleet of Nvidia GPUs to offer small and medium-sized companies with a extra environment friendly various to main cloud service suppliers.

“We imagine AI and machine studying are going to drive vital demand for GPU compute going ahead,” Kilic added.

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Whereas the majority of the crypto mining firms in the present day give attention to mining Proof-of-Work cryptocurrencies equivalent to Bitocin (BTC), Hive was amongst a handful of corporations 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 mirror its “more and more diversified enterprise operations.”

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