Crypto Miner Hive Digital rebranding of name amid pivot to AI

• Crypto mining companies showing their expansion through varied methods
• Hive blockchain technologies are one of the few to take this initiative of name change

On July 6, 2023, Hive blockchain technologies, considered a pioneer in blockchain technology, came up with a big announcement. In that announcement, Hive blockchain technology intended to rebrand itself by dropping the blockchain from the name. It doesn’t come up as a surprise because the company wants to showcase its expansion into fast-track HPC data centers. This would be possible using Nvidia high-performance graphics processing unit chips for adopting Artificial intelligence. Moreover, it would start getting engaged with establishing a new Web3 ecosystem for people to enjoy. To learn more about this landmark decision’s reasoning, keep reading this article until the end. 

Understanding the Hive blockchain technologies

Since 2017, Hive has continued to dominate the cryptocurrency mining sector. However, multiple reasons could be cited for Hive’s changing name. Most importantly, it wants to signal the intention behind harnessing the potential of green energy data centers. 

Alongside this, GPU cloud computing technology has gained traction since the introduction of ChatGPT. In the world of AI, machine learning and advanced data analysis, this technology of GPU plays a significant role. Hive is one of the first cryptocurrency mining companies on the TSX venture exchange. Its sole focus is establishing a sustainable green energy mechanism that helps steady environmental growth. 

It is known for owning state-of-the-art facilities in several countries like Canada, Sweden, Iceland and many more. In these countries, the focus is on utilising green energy to mine digital assets like Bitcoin. For a long time, Hive has stored ETH and BTC in its treasury, taken as a mining reward. 

Future of Hive Digital Technologies

The rebranding of Hive took place on July 12, as released through a statement by company officials. The CEO of Hive, Aydin Kilic, during the filing of name change in front of the United States Securities and Exchange Commission. It wanted to inform people about the company’s intention to integrate almost 38,000 Nvidia GPUs. This was quite beneficial for those middle to small-size businesses for conducting their operations instead of relying on bigger cloud service providers. 

Even though crypto mining companies are still known for using a proof of work consensus algorithm, they can mine Bitcoin and Ethereum, whereas the recent innovations are more helpful. 

Using the technology behind GPU, the mining of ETH could become way easier. However, things started to turn for the worse when Ethereum’s The Merge was finally completed. 

This resulted in the blockchain moving from the previous POW to the POS consensus algorithm. Therefore, the need to use GPUs isn’t required after The Merge because most problems have already been sorted out. 

Conclusion

Although people might think Hive is the first company which hastaken this route of dropping blockchain from their name. It is not yet another blockchain-based mining company that rebranded its name Riot Blockchain, into the Riot platform. This showed the company’s change of direction in operations.