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Crypto miner Hive Digital is dropping “blockchain” from its name and turning to AI instead

Published on

July 13, 2023
Read Time:2 Minute, 0 Second

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 so in a July 12 assertion opinion It dropped "blockchain" from its identify to mirror the corporate's "evolving focus" on income alternatives in graphics processing items (GPUs) and cloud computing, in addition to "its mission to drive developments in AI" and help for the "new Web3 ecosystem." to symbolize higher.”

“As we develop our GPU cloud enterprise, we'd like a method that higher displays each side of our enterprise. We're constructing infrastructure for brand 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, on March 12. July submission to the US Securities and Alternate Fee.

We're happy to announce that as we speak now we have formally modified our identify to.

The identify higher displays our evolving give attention to cloud computing know-how, 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 is going to use its 38,000-strong fleet of Nvidia GPUs to supply small and medium-sized companies a extra environment friendly various to giant cloud service suppliers.

"We imagine that AI and machine studying will considerably enhance demand for GPU computing sooner or later," Kilic added.

Associated: Elon Musk launches new AI firm to 'perceive the universe'

Whereas nearly all of crypto mining firms as we speak are centered on mining proof-of-work cryptocurrencies like Bitocin (BTC), Hive was amongst a handful of firms 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 grew to become drastically much less worthwhile.

Hive is not the primary mining firm to desert its namesake's "blockchain." On Jan. 3, Bitcoin mining firm Riot Blockchain was launched renamed to Riot Platforms to mirror its "more and more diversified enterprise operations."

Journal: Twister Money 2.0 - The race to construct secure and authorized coin mixers



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : July 13, 2023
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