Crypto miner Hive changes name and focuses on AI

Hive Blockchain has adopted the name Hive Digital to further reflect its new activities. The cryptocurrency miner listed company wants to use its Nvidia GPUs to “advance” the AI applications.

On Wednesday, the Canadian company previously known as Hive Blockchain Technologies became Hive Digital Technologies.

In a press release, Hive indicated that the name change was intended to better reflect the company’s ambitions in the cloud computing.

The miner quoted on the Nasdaq wishes to “advance artificial intelligence applications “, citing in particular the popular ChatGPT assistant, with the aim of supporting “the new Web3 ecosystem”.

Hive to provide 38,000 GPUS Nvidia for “large-scale computing tasks”. These were used to mine ethers before the transition fromEthereum towards proof-of-stake. Following The Merge, many ETH miners pivoted to AI.

High-performance computing, fueled in large part by GPU processing power, is growing incredibly fast thanks to this impressive new generation of AI tools […] Training these tools, from ChatGPT to Midjourney, requires high-end GPU computing. As companies adapt to the new world of AI, we think they’ll be looking for services like ours,” commented Aydin Kilic, president of Hive Digital.

The Toronto-based firm will thus use its fleet of Nvidia GPUs to develop an cloud hosting business. At the same time, it will continue its bitcoin mining activities.

HIVE stock is up nearly 300% this year at $5.66. Its price peaked at over $26 in 2021 before falling below $2 at the end of 2022.

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