Cryptocurrency mining firm Hive Blockchain is now calling itself Hive Digital Technologies after it developed a branding strategy aimed at highlighting its foray into artificial intelligence.
The Vancouver-based mining company said in a statement on July 12 that statement It dropped “blockchain” from the name 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 advances in artificial intelligence and support” The New Web3 Ecosystem” “.
“As we expand our GPU cloud business, we need a strategy that better reflects both sides of our business. We build infrastructure for emerging digital technologies, not just blockchain, and we intend to leverage our large GPU fleet to grow cloud hosting business,” Hive CEO Aydin Kilic said in a July 12 note archive Filed with the SEC.
We are happy to announce that today we officially changed our name to .
This name better reflects our growing focus on cloud computing technologies, artificial intelligence and the Web3 ecosystem.
Read the press release: pic.twitter.com/5jijZFqdeI
— HIVE Digital Technology (@HIVEDigitalTech) July 12, 2023
Additionally, Hive says it will leverage its cluster of 38,000 powerful Nvidia GPUs to offer SMBs a more efficient alternative to major cloud service providers.
Kilic added: “We believe artificial intelligence and machine learning will drive huge demand for GPU computing in the future.”
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While most cryptocurrency mining companies today focus on mining proof-of-work cryptocurrencies like Bitocin (BTC), Hive is one of the few that utilizes GPUs to mine Ethereum (ETH), the network’s native cryptocurrency Ethereum (ETH). scale.
After the Ethereum merger was completed last September — the blockchain transitioned to a miner-less proof-of-stake consensus mechanism — profits on the GPUs once used to mine ETH plummeted.
Hive is not the first mining company to drop the term “blockchain.” January 3 Bitcoin mining company Riot Blockchain Rename to the Riot platform to reflect its “increasingly diverse business operations.”
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