Crypto miner Hive Digital drops 'blockchain' from its name amid pivot to AI

Hive has rebranded to reflect its "evolving focus" on revenue opportunities in AI, cloud commuting, and software. GPU.

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Crypto-mining company Hive Blockchain is now called Hive Digital Technologies, having established a brand pivot that seeks to highlight its foray into artificial intelligence.

The Vancour-based mining company said in a July 12 statement that it had dropped "blockchain" from its name to better represent the company's "evolving focus" on revenue opportunities in mining. graphics processing units (GPUs) and cloud computing as well as "its mission to advance AI" and support the "new Web3 ecosystem".

"As we grow our Cloud GPU business, we need a strategy that better reflects both sides of our business. We are building infrastructure for emerging digital technology, not just blockchain, and we have the intention to use our large fleet of GPUs to grow a cloud hosting business,” said Aydin Kilic, CEO of Hive, in a July 12 filing with the U.S. Securities and Exchange Commission.

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We are delighted to announce that today we have officially changed our name to .

The name better reflects our evolving focus on cloud computing technology, AI and the Web3 ecosystem.

Read the press release: https://t.co/yczuLivGq6 pic.twitter.com/5jijZFqdeI

— HIVE Digital Technologies (@HIVEDigitalTech) July 12, 2023

In addition, Hive said it will use its fleet of 38,000 Nvidia GPUs to provide small and medium businesses with a more efficient alternative to major cloud service providers.

“We believe that AI and machine learning will generate significant demand for GPU computing for...