Hive Blockchain Shifts Focus to AI, Rebrands as Hive Digital Technologies
Prominent crypto mining firm Hive Blockchain has rebranded itself to Hive Digital Technologies as the company shifts focuse toward artificial intelligence.
In a Wednesday statement, the Vancouver, Canada-based mining company said that the removal of "blockchain" from its name was a deliberate choice to better reflect its evolving focus on revenue opportunities in graphics processing units (GPUs) and cloud computing.
The company intends to leverage its large fleet of GPUs and its mission to drive advancements in AI to support the growth of the new Web3 ecosystem.
“As we expand our GPU Cloud business, we require a strategy that better reflects both sides of our business. We build infrastructure for emerging digital tech, not just blockchain, and we intend to utilize our large fleet of GPUs to grow a cloud hosting business,” Hive CEO Aydin Kilic said in a statement.
"We believe AI and machine learning are going to drive significant demand for GPU compute going forward."
As part of this new direction, Hive plans to utilize its 38,000-strong fleet of Nvidia GPUs to provide small and medium-sized businesses with an efficient alternative to major cloud service providers.
Hive's decision to shift its focus to AI is based on the increasing demand for high-performance computing power.
The rise of AI models like ChatGPT has led to a surge in demand for high-end GPUs and related cloud services.
As a result, the company sees an opportunity to repurpose a portion of its existing crypto-oriented GPUs for AI and adjacent applications such as computer vision and generative graphic design.
However, the transition from crypto mining to providing computing power for AI comes with its challenges. Data centers are typically set up differently
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