{"id":12637,"date":"2023-07-13T05:36:49","date_gmt":"2023-07-13T05:36:49","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=12637"},"modified":"2023-07-13T05:36:49","modified_gmt":"2023-07-13T05:36:49","slug":"crypto-miner-hive-digital-drops-blockchain-from-name-amid-pivot-to-ai","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12637","title":{"rendered":"Crypto miner Hive Digital drops &#8216;blockchain&#8217; from name amid pivot to AI"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Crypto mining firm Hive Blockchain is now calling itself Hive Digital Technologies \u2014 after enacting a branding pivot that seeks to highlight its foray into artificial intelligence.<\/p>\n<p>The Vancour-based mining company said in a July 12 statement it has dropped \u201cblockchain\u201d from its name to better represent the company\u2019s \u201cevolving focus\u201d on revenue opportunities in graphics processing units (GPUs) and cloud computing as well as \u201cits mission to drive advancements in AI\u201d and support the \u201cnew Web3 ecosystem.\u201d<\/p>\n<p>&#8220;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,\u201d said Hive\u2019s CEO Aydin Kilic in a July 12 filing to the U.S. Securities and Exchange Commission.<\/p>\n<p lang=\"en\" dir=\"ltr\">We&#8217;re excited to announce that today we officially changed our name to   . <\/p>\n<p>The name better reflects our evolving focus on cloud compute technology, AI and the Web3 ecosystem.<\/p>\n<p>Read the press release: https:\/\/t.co\/yczuLivGq6 pic.twitter.com\/5jijZFqdeI<\/p>\n<p>\u2014 HIVE Digital Technologies (@HIVEDigitalTech) July 12, 2023<\/p>\n<p>Additionally, Hive said that it will use its 38,000-strong fleet of Nvidia GPUs to provide small and medium-sized businesses with a more efficient alternative to major cloud service providers. <\/p>\n<p>\u201cWe believe AI and machine learning are going to drive significant demand for GPU compute going forward,&#8221; Kilic added. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Elon Musk kickstarts new AI company to \u2018understand the universe\u2019<\/em><\/strong><\/p>\n<p>While the bulk of the crypto mining companies today focus on mining Proof-of-Work cryptocurrencies such as Bitocin (BTC), Hive was among a handful of firms that leveraged GPUs to mine Ether (ETH), the native cryptocurrency of the Ethereum network at scale. <\/p>\n<p>Following the completion of the Ethereum Merge in September last year \u2014 which saw the blockchain transition to a miner-less Proof-of-Stake consensus mechanism \u2014 the GPUs once used to mine ETH were rendered drastically less profitable.<\/p>\n<p>Hive isn\u2019t the first mining company to drop \u201cblockchain\u201d from its namesake. On Jan. 3 Bitcoin mining firm Riot Blockchain rebranded to Riot Platforms in a bid to reflect its \u201cincreasingly diversified business operations.\u201d<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Tornado Cash 2.0 \u2014 The race to build safe and legal coin mixers<\/em><\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/crypto-miner-hive-digital-drops-blockchain-ai-pivot\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto mining firm Hive Blockchain is now calling itself Hive Digital Technologies \u2014 after enacting a branding pivot that seeks to highlight its foray into artificial intelligence. The Vancour-based mining company said in a July 12 statement it has dropped \u201cblockchain\u201d from its name to better represent the company\u2019s \u201cevolving focus\u201d on revenue opportunities in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12637"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12637\/revisions"}],"predecessor-version":[{"id":12639,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12637\/revisions\/12639"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12638"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}