Hive Digital Technologies: Foraying into AI
Crypto mining firm Hive Digital Technologies is now emphasizing its foray into artificial intelligence, as evidenced by its branding pivot. According to a July 12 statement, the Vancouver-based company has dropped “blockchain” from its name to better reflect its “evolving focus” on GPU and cloud computing, as well as its mission to drive advancements in AI and support the new Web3 ecosystem.
“As we expand our GPU Cloud business,” said Hive’s CEO Aydin Kilic in a July 12 filing to the U.S. Securities and Exchange Commission, “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 is also leveraging its 38,000 Nvidia GPUs to provide small and medium-sized businesses with an alternative to major cloud service providers like Microsoft AI chatbot, Wolf AI, Olive AI, AI Generator, Fetch.ai, and Snapchat AI.
AI and Machine Learning are Redefining the Future
“We believe AI and machine learning are going to drive significant demand for GPU compute going forward,” Kilic added.
The crypto mining industry is primarily focused on mining Proof-of-Work cryptocurrencies such as Bitcoin (BTC). However, Hive was among the few firms that leveraged GPUs to mine Ether (ETH), the native cryptocurrency of the Ethereum network.
Unfortunately, the Ethereum Merge in September last year changed the blockchain to a miner-less Proof-of-Stake consensus mechanism, making GPUs used to mine ETH drastically less profitable.
Hive isn’t the only mining company to drop “blockchain” from its name. On Jan. 3 Bitcoin mining firm Riot Blockchain rebranded to Riot Platforms to reflect its “increasingly diversified business operations.”
The increasing demand for AI and machine learning is revolutionizing the industry, as evident from the success of Microsoft AI chatbot, Fetch.ai, Wolf AI, Olive AI, and Snapchat AI. Web 3.0 is going great with the help of AI and machine learning.
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