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Hive Blockchain's Evolution into Hive Digital Technologies
Hive Blockchain, a distinguished player in the cryptocurrency mining field, has adopted a new identity — Hive Digital Technologies. The Canada-based corporation revamped its brand on July 12, reflecting its venture into the world of artificial intelligence (AI).
Revamped Brand Name Signifies a Shift in Focus
The brand name change denotes the company's shift in concentration away from blockchain technology alone towards a broad spectrum of possibilities within the sphere of advanced GPU and cloud computing. The company's new brand identity also encompasses its goal of championing developments in AI and contributing to the burgeoning Web3 ecosystem.
Hive's Strategy Going Forward
"In accordance with our GPU Cloud expansion, our strategy should fully encapsulate all aspects of our trade. We lay the groundwork for upcoming digital technology, not restricted to blockchain, and plan to exploit our considerable GPU fleet to spur the growth of a cloud hosting enterprise," announced Hive's CEO, Aydin Kilic in a statement to the US Securities and Exchange Commission on July 12.
Providing Efficient Cloud Services
Armed with its formidable force of 38,000 Nvidia GPUs, Hive Digital Technologies has ambitions of offering small to medium-sized businesses a resource-efficient alternative to mainstream cloud service providers.
"We envision that AI and machine learning will significantly propel the demand for GPU computing in the future," Kilic added.
Hive's Pioneering Venture into Ether Mining
In the crypto mining firmament commonly obsessed with mining proof-of-work digital currencies like Bitcoin, Hive has made a unique mark by being one of the few companies that utilized GPUs for scalable Ether (ETH) mining, Ethereum network's native cryptocurrency. However, with Ethereum's transition to a proof-of-stake consensus mechanism in September 2022 and the subsequent redundancy of miners, the GPUs which were once employed for ETH mining turned less profitable.
Rebranding Trend in the Crypto Mining Sector
Hive isn't the only mining corporation to eliminate "blockchain" from its name. To better reflect its expanding set of diverse operations, Riot Blockchain, a Bitcoin mining company, changed its name to Riot Platforms on January 3.
