Hive Blockchain Renamed as Hive Digital to Signify AI Transition

The leading blockchain mining company, or former mining company, Hive Blockchain renamed it to Hive Digital Technologies. The official announcement from the company cited the reason for the company’s shifting focus towards emerging technologies like artificial intelligence (AI).

In an official press release, the company announced that it was now “become Hive Digital Technologies Ltd”. The company is excited to explore more evolving revenue streams using their existing resources such as Nvidia GPUs for Cloud computing.

Emerging AI applications like ChatGPT and others are likely to become the company’s choice to provide support. With this move, the company is seeking ways to support the Web3 landscape.

Hive Digital, however, is not shifting away from its core operations of Bitcoin mining. The company had been in the mining space since 2017 and was the first publicly trading company of its kind.

The company has a fleet of 38,000 Nvidia GPUs which it intends to utilize for crucial operations under its “strategic shift.” It is looking towards venturing into AI, machine learning, advanced data analysis, etc. These are the ways for Hive to bring more monetary opportunities while continuing its presence in the Bitcoin mining space.

In addition, the company also plans to use its resources for ‘rental of GPU clusters.’ It aims to facilitate its computational capabilities through marketplaces and HIVE Cloud, the new service in the making. The services would provide ‘efficient and cost-effective alternate’ cloud services to small and mid-cap businesses.

CEO and President of Hive Digital, Aydin Kilic remarked: “Our name change and strategic pivot indicates our progressive trajectory as a company. High-performance computing, driven in large part by GPU processing power, is growing incredibly fast today thanks to this impressive new generation of consumer and enterprise AI tools. Training these tools, from ChatGPT to Midjourney, require high-end GPU compute. As businesses adapt to the new AI world, we believe they will seek companies like HIVE to develop their own AI tools, to give them a competitive edge in this new era of digital information.”

Winds Towards AI Pushed Nvidia in the Space

The chip-making giant Nvidia earlier reported changing its course from cryptocurrency mining operations to AI. Crypto miners were using graphical processing units (GPUs) of Nvidia, a demand that the company also catered for. However, recently, the company decided to move towards emerging technologies like artificial intelligence. Changing the course was seen as the chipmaker’s lack of faith in the burgeoning asset class.

Chief Technology Officer of Nvidia, Michale Kagan, in an interview, said that cryptocurrencies are not useful for society. He said that if it’s about the usage of processing power, AI chatbots like ChatGPT are worth more than cryptocurrency mining.

Referring to cryptocurrencies, Kagan said he would never believe they will do “something good for humanity.”