Cryptocurrency mining company Hive Blockchain Technologies has launched a new brand identity, Hive Digital Technologies, representing a strategic shift towards artificial intelligence (AI).
The Canadian company aims to tap into emerging markets with its massive lineup of Nvidia graphics processing units (GPUs) and .
In a statement released on July 12, Hive Digital revealed that the updated branding better represents the company’s current focus.In an era of booming GPU cloud technology, Hive is ready to go GPU-driven revenue stream, while also helping drive new AI advancements .
We are happy to announce that today we officially changed our name to 𝗛𝗜𝗩𝗘 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝗶𝗲𝘀.
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
Hive CEO Aydin Kilic said the company plans to leverage its extensive GPU fleet to grow its cloud hosting business, recognizing the growing demand driven by artificial intelligence and machine learning applications.also , Hive will provide GPU server cluster rental services and launch a new service HIVE Cloud. The service targets small and medium-sized businesses, offering them an efficient and cost-effective alternative to the major cloud service providers.
From encryption mining to artificial intelligence cloud services
Founded in 2017, Hive has been a pioneer in the cryptocurrency mining space. While maintaining a strong presence in the bitcoin mining space, the company sees great potential in utilizing its cluster of 38,000 Nvidia GPUs to perform large-scale computing tasks.
Hive has been using these high-performance GPUs to mine Ethereum (ETH), Ethereum’s native cryptocurrency . However, since ethereum transitioned to a proof-of-stake consensus mechanism in September 2022, reducing the profitability of mining, the company has been exploring other revenue streams for its GPUs.
Hive’s rebranding comes as several mining companies are moving away from their original blockchain-centric model. Earlier this year, A The company changed its name to Riot Platforms to reflect its diverse business operations.
Estimated market impact
In an official press release, Hive executive chairman Frank Holmes expressed optimism about the potential of the field of artificial intelligence, emphasizing large language models (LLMs) such as as a driving factor. The high-margin business opportunity presented by Nvidia GPU cards could bring in more than $100 million in annual revenue, Holmes said.
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