Crypto miner HIVE Blockchain has announced a pivot to artificial intelligence and web3.
The Canadian crypto mining firm dumped blockchain from its name and rebranded itself as HIVE Digital Technologies.
The former crypto miner plans to use its Nvidia graphic cards for cloud computing.
The company’s stock closed 4.6% in the red with trading halted in light of its pivot.
Canadian crypto mining firm HIVE Blockchain has rebranded as HIVE Digital Technologies in a major pivot to artificial intelligence and web3. The Vancouver-based firm dumped blockchain from its name in a bid to reflect it’s evolving focus on its mission to drive advancements in artificial intelligence applications such as ChatGPT in order to support the new web3 ecosystem.
HIVE To Use Its Nvidia Graphics Cards For Cloud Computing
According to a press release from HIVE Digital Technologies, the pivot represented the former crypto miner’s evolving focus on revenue opportunities with its Nvidia graphics processing unit (GPU) cards in the field of cloud computing. The firm plans to employ its fleet of 38,000 graphics cards for computational tasks on a large scale. The strategic shift in priorities will also include a focus on machine learning, and advanced data analysis in order to increase revenue.
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. We believe AI and machine learning are going to drive significant demand for GPU compute going forward.”
Aydin Kilic, President, and Chief Executive Officer
HIVE Digital Technologies also plans to launch a new service called HIVE Cloud, which will be used to rent out the company’s GPU server clusters. This business model aims to compete with major cloud service providers that cater to small and medium business owners. The company’s stock lost more than 4% throughout the day and closed at $5.66. Trading was halted in light of the latest development.