Tuesday, February 27, 2024

Crypto miner Hive Digital drops ‘blockchain’ from name amid pivot to AI

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Crypto mining agency Hive Blockchain has rebranded to Hive Digital Applied sciences to spotlight its foray into synthetic intelligence (AI).

In a July 12 statement, the Vancouver, Canada-based mining firm stated it has dropped “blockchain” from its identify to raised signify the corporate’s “evolving focus” on income alternatives in graphics processing models (GPUs) and cloud computing, in addition to “its mission to drive developments in AI” and help the “new Web3 ecosystem.”

“As we broaden our GPU Cloud enterprise, we require a technique that higher displays each side of our enterprise. We construct infrastructure for rising digital tech, not simply blockchain, and we intend to make the most of our massive fleet of GPUs to develop a cloud internet hosting enterprise,” stated Hive’s CEO Aydin Kilic in a July 12 filing to the USA Securities and Alternate Fee.

Moreover, Hive stated that it’s going to use its 38,000-strong fleet of Nvidia GPUs to offer small and medium-sized companies with a extra environment friendly different to main cloud service suppliers.

“We imagine AI and machine studying are going to drive important demand for GPU compute going ahead,“ Kilic added.

Associated: Elon Musk kickstarts new AI company to ‘understand the universe’

Whereas most crypto mining corporations at present concentrate on mining proof-of-work cryptocurrencies reminiscent of Bitcoin (BTC), Hive was amongst a handful of corporations that leveraged GPUs to mine Ether (ETH), the native cryptocurrency of the Ethereum community, at scale.

Following the completion of the Ethereum Merge in September 2022 — which saw the blockchain transition to a proof-of-stake consensus mechanism, removing the need for miners — the GPUs once used to mine ETH were drastically less profitable.

Hive isn’t the primary mining firm to drop “blockchain” from its namesake. On Jan. 3, Bitcoin mining agency Riot Blockchain rebranded to Riot Platforms in a bid to mirror its “more and more diversified enterprise operations.”

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