December 2, 2023

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) Opportunities in Artificial Intelligence and cloud computing.

Evolving focus

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 Nvidia GPU-driven revenue stream, while also helping drive new AI advancements Web3 Ecosystem.

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 cryptocurrency mining, 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 ethereum network. 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, Riot BlockchainA bitcoin mining 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 Chat GPT 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.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.