Crypto mining firm Hive Blockchain is now calling itself Hive Digital Applied sciences – after introducing a branding pivot designed to focus on its foray into synthetic intelligence.
The Vancour-based mining firm stated in a July 12 assertion that it dropped “blockchain” from its title to replicate the corporate’s “evolving focus” on income alternatives in graphics processing items (GPUs) and cloud computing, in addition to “its mission to… “ higher signify driving advances in AI” and assist the “new Web3 ecosystem”.
“As we develop our GPU cloud enterprise, we want a technique that higher displays each side of our enterprise. We’re constructing infrastructure for brand spanking new digital applied sciences, not simply blockchain, and we intend to make use of our giant fleet of GPUs to construct a cloud internet hosting enterprise,” stated Aydin Kilic, CEO of Hive, in a submitting on July 12 with the US Securities and Trade Commission.
We’re happy to announce that immediately we’ve formally modified our title to.
The title higher displays our evolving concentrate on cloud computing expertise, AI and the Web3 ecosystem.
Learn the press launch: https://t.co/yczuLivGq6 pic.twitter.com/5jijZFqdeI
— HIVE Digital Applied sciences (@HIVEDigitalTech) July 12, 2023
Moreover, Hive stated it can use its 38,000-strong fleet of Nvidia GPUs to supply small and medium-sized companies a extra environment friendly different to giant cloud service suppliers.
“We consider that AI and machine studying will considerably enhance demand for GPU computing sooner or later,” Kilic added.
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Whereas the vast majority of crypto mining corporations immediately are centered on mining proof-of-work cryptocurrencies like Bitocin (BTC), Hive was amongst a handful of corporations that used GPUs to mine Ether (ETH), the native cryptocurrency of the Ethereum community, mining scale.
Following the completion of the Ethereum merger final September, which switched the blockchain to a proof-of-stake consensus mechanism with out miners, the GPUs as soon as used to mine ETH turned drastically much less worthwhile.
Hive is not the primary mining firm to desert its namesake’s “blockchain.” On January 3, bitcoin mining firm Riot Blockchain was renamed Riot Platforms to replicate its “more and more diversified enterprise actions.”
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