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The Canada-based cryptocurrency miner previously known as Hive Blockchain has undergone a rebranding, adopting a new identity as Hive Digital Technologies. This renaming reflects the company's shift in focus towards graphics processing units (GPUs) and cloud computing, while also highlighting its commitment to driving AI advancements and supporting the emerging Web3 ecosystem.
Announced on July 12, Hive's CEO Aydin Kilic expressed the company's intention to expand its scope beyond blockchain, aiming to solidify its role as a facilitator of emerging digital technologies. Hive plans to utilize its significant GPU capacity to enhance its cloud hosting venture.
Kilic emphasized the company's desire to expand the horizons of its GPU Cloud enterprise, which necessitated a strategy that encompasses the dual nature of its business. Furthermore, he underscored the company's dedication to providing its 38,000 Nvidia GPUs to small and medium enterprises as an efficient alternative to dominant cloud service providers.
While most crypto miners primarily focus on mining Bitcoin and similar proof-of-work cryptocurrencies, Hive stood out by leveraging GPUs to mine Ether at scale, the native cryptocurrency of the Ethereum network.
However, following the Ethereum Merge in September 2022, which marked Ethereum's transition to a proof-of-stake consensus mechanism, Hive found that the GPUs previously used for mining ETH were no longer as lucrative. This development prompted Hive to venture into AI and cloud computing, as the company believes these areas hold significant potential for GPU compute demand in the future.
Hive is not the first to remove "blockchain" from its brand. In a similar move, Bitcoin mining firm Riot Blockchain transformed its identity into Riot Platforms on January 3, reflecting the expansion of its business operations.
