Crypto Mining Giant Hive Drops ‘Blockchain’ from Name in Pivot to AI

Popular crypto mining firm Hive Blockchain Technologies has recently decided to make a shift into the world of Web3 and AI. As a result, the company decided to drop ‘Blockchain’ from its name thereby becoming Hive Digital Technologies.

The Vancouver-based crypto miner said that this transition seeks to reflect “its mission to drive advancements” in AI applications like ChatGPT, and to “support the new web3 ecosystem”. Besides, the company also intends to use its Nvidia GPU fleet to power cloud technology underpinning AI tools.

Hive has been a strong player operating in the crypto-mining sector since 2017. The adoption of the new name hints at a strategic shift in harnessing the potential of GPU Cloud computing technology. HIVE, a company involved in Bitcoin mining, also wants to use its large fleet of 38,000 Nvidia GPUs for various computing tasks. They plan to rent out their GPU server clusters through marketplaces and offer a new service called HIVE Cloud.

With HIVE Cloud, users can access virtual instances of a single GPU, bare-metal servers with up to 10 GPUs, or clusters of multiple servers for powerful computing. The goal of HIVE Cloud is to provide small and medium-sized businesses with a cost-effective alternative to major cloud service providers, saving them money. In a statement on Wednesday, July 12, Hive president and CEO Aydin Kilic said:

“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, 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.”

The Rise in AI Tech Developments

Developments in the AI space have been happening very fast with several new tools hitting the market on an everyday basis. Hive recognizes the increasing significance of GPUs in advancing AI technology. GPUs play a vital role in the progress of AI by enabling mixed-precision computing, which enhances speed while maintaining accuracy.

Their ability to perform multiple calculations simultaneously makes them crucial in developing more sophisticated AI systems. Nvidia’s Tensor Cores, in particular, have earned recognition in the industry for their performance in inference tasks. As the AI sector continues to expand, Hive expects the demand for efficient and powerful GPUs to grow accordingly.

The cryptocurrency industry has eagerly embraced artificial intelligence (AI) as it has gained significant attention this year, with tools like ChatGPT becoming increasingly popular. Solana, for example, is using an AI tool to assist non-experts in selecting NFTs, and venture capital firms focused on crypto have recently invested $2.8 million in the AI startup AwesomeQA. Hive’s Executive Chairman Frank Holmes stated:

“ChatGPT is among the fastest-growing tech products of all time, and we think the underlying technology, large language models (LLMs), is proving to be highly disruptive having attracted 100 million users in only 2 months. The training and fine-tuning of these LLMs are powered by GPUs. We believe the demand from GPU computing with our Nvidia GPU cards has a potential for a high-margin business with annual revenues in the range over $100,000,000.”

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.