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Is the trend for mining companies to transform? Hive rebrands to remove "blockchain" and will focus on providing AI computing power services in the future

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Is the trend for mining companies to transform? Hive rebrands to remove "blockchain" and will focus on providing AI computing power services in the future

Following Riot Blockchain's announcement to rebrand as Riot Platforms earlier this year, mining company Hive Blockchain has also announced a rebranding. At the same time, they will be launching a cloud mining platform called HIVE Cloud to offer leasing services for large-scale computing power.

Hive Blockchain Rebrands, Removes Blockchain

The blockchain mining company Hive Blockchain announced in a press release on July 12 that it has officially rebranded as Hive Digital Technologies.

This change is to better reflect that Hive's GPU computing power is no longer solely focused on mining but will also be used for projects that drive the development of AI applications, such as ChatGPT, cloud computing services, to support the development of the Web3 ecosystem.

Launching Cloud Computing Service HIVE Cloud

Hive also plans to provide large-scale computing services through 38,000 GPU cards. They announced the launch of HIVE Cloud, where users can access and rent GPU computing power of various scales, even renting just one GPU is possible, but primarily targeting small to medium-sized enterprises or other cloud service providers.

CEO Aydin Kilic stated:

The rapidly growing demand for GPU-driven computing power, including for tasks such as ChatGPT and Midjourney training and usage, is significant. As enterprises increasingly adopt AI, I believe they will turn to companies like HIVE to leverage computing power for developing their AI tools and gain a competitive edge in the AI era.

Transition Trend of Mining Companies Emerges?

With Ethereum's official transition to the Proof of Stake (PoS) mechanism, this seems to also impact blockchain mining companies that control a significant amount of GPU computing power. Hive is the second mining company to rebrand and publicly announce the development of other computing power businesses.

In January 3 of this year, Riot Blockchain announced its rebranding to Riot Platforms to reflect a future shift towards diversified business operations.