V3V, America – Cryptocurrency miner Hive Digital is dropping “blockchain” from the title mid-axis to AI
The Crypto Hive Blockchain miner now calls itself Hive Digital Applied sciences — after an activation of a branding hub that seeks to spotlight its foray into synthetic intelligence.
The Vancouver-based miner mentioned in an announcement on July 12 that it had dropped “blockchain” from its title to raised characterize the corporate’s “evolving focus” on income alternatives in graphics processing items (GPUs) and cloud computing in addition to its “mission to drive developments.” within the subject of synthetic intelligence” and supporting the “new Web3 ecosystem.”
“As we develop our GPU Cloud enterprise, we’d like a method that higher displays either side of our enterprise. We’re constructing the infrastructure for rising digital expertise, not simply blockchain, and we intend to make use of our giant fleet of GPUs to develop our cloud internet hosting enterprise,” Hive CEO mentioned, Aydin Kilic, in a July 12 software to the US Securities and Alternate Fee.
We’re excited to announce at the moment that now we have formally modified our title to…
The title higher displays our evolving give attention to cloud computing expertise, synthetic intelligence, and the Web3 ecosystem.
Learn the press launch: https://t.co/yczuLivGq6 pic.twitter.com/5jijZFqdeI
– HIVE Digital Applied sciences (HIVEDigitalTech) July 12, 2023
As well as, Hive mentioned it would use its fleet of 38,000 Nvidia GPUs to offer small and medium-sized companies with a extra environment friendly various to main cloud service suppliers.
“We consider that synthetic intelligence and machine studying will drive an enormous demand for GPU computing sooner or later,” Kilik added.
Associated: Elon Musk launches a brand new AI firm to grasp the universe
Whereas most crypto mining firms at the moment give attention to mining proof-of-work cryptocurrencies like Bitocin (BTC), Hive has been among the many few firms which have taken benefit of GPUs to mine Ether (ETH), the native cryptocurrency of the Ethereum community in quantity.
After the completion of the Ethereum merger in September final 12 months — which noticed the blockchain transition to a proof-of-stake consensus mechanism — the GPUs beforehand used to mine ETH have change into considerably much less worthwhile.
Hive is not the primary mining firm to drop the “blockchain” from its namesake. On January 3, Bitcoin mining firm Riot Blockchain renamed it Riot Platforms in an effort to replicate its “more and more diversified enterprise operations.”
journal: Twister Money 2.0 – The race to construct secure and authorized cryptocurrency mixers