Crypto mining firm Hive Blockchain has undergone a rebranding and is now known as Hive Digital Technologies to emphasize its expansion into artificial intelligence (AI). The Vancouver-based company made this announcement on July 12, stating that it has removed “blockchain” from its name to better represent its focus on revenue opportunities in graphics processing units (GPUs) and cloud computing, as well as its dedication to driving advancements in AI and supporting the new Web3 ecosystem.
Hive CEO Aydin Kilic explained the reasoning behind the rebranding, stating, “As we expand our GPU Cloud business, we require a strategy that better reflects both sides of our business. We build infrastructure for emerging digital tech, not just blockchain, and we intend to utilize our large fleet of GPUs to grow a cloud hosting business.” In a filing to the U.S. Securities and Exchange Commission, Kilic further emphasized the company’s intention to use its 38,000-strong fleet of Nvidia GPUs to provide small and medium-sized businesses with a more efficient alternative to major cloud service providers.
Kilic expressed his belief that AI and machine learning will drive significant demand for GPU compute in the future. By leveraging its GPUs, Hive aims to position itself as a prominent player in the AI industry and meet the growing need for computational power. This strategic move aligns with the company’s goal of capitalizing on emerging technologies and diversifying its business operations.
Notably, while most crypto mining companies primarily focus on mining Proof-of-Work cryptocurrencies like Bitcoin (BTC), Hive distinguished itself by utilizing GPUs to mine Ether (ETH), the native cryptocurrency of the Ethereum network, on a large scale. However, the completion of the Ethereum Merge in September of the previous year rendered the GPUs that were previously used for ETH mining significantly less profitable. This shift in the Ethereum network’s consensus mechanism from mining to a miner-less Proof-of-Stake approach prompted Hive to explore alternative revenue opportunities and expand into AI and cloud computing.
Hive is not the only mining company to make changes to its name and branding. Riot Blockchain, a Bitcoin mining firm, underwent a similar rebranding in January, becoming Riot Platforms, to reflect its increasingly diverse business operations.
The rebranding of Hive Digital Technologies signifies the company’s commitment to innovation in AI and cloud computing. By capitalizing on its expertise in GPUs and its existing infrastructure, Hive aims to provide reliable and efficient solutions to businesses seeking computational power and cloud hosting services. As the demand for AI and machine learning continues to grow, Hive seeks to position itself as a leading provider in this evolving industry.
This rebranding marks a pivotal moment in Hive’s journey as it ventures into new frontiers and expands its horizons beyond blockchain mining. By embracing the potential of AI and cloud computing, Hive Digital Technologies is poised to shape the future of technology and contribute to the advancement of the Web3 ecosystem.