Crypto Miner Hive Drops 'Blockchain' From Name in Pivot To AI

The crypto-mining company formerly known as Hive Blockchain Technologies is pivoting to artificial intelligence and web3, and has changed its name accordingly. From a report: The Vancouver-based miner has dropped the "blockchain" marker and said that its new branding as Hive Digital Technologies is intended to reflect "its mission to drive advancements" in AI applications like ChatGPT, and to "support the new web3 ecosystem." Hive intends to use its existing fleet of Nvidia graphics processing units "for computational tasks on a massive scale," according to a July 12 filing with the US Securities and Exchange Commission. The vast majority of crypto-mining companies are focused on Bitcoin and use specialized chips that are different from so-called GPUs. Hive is among a handful of companies that deploy GPUs at scale to mine Ether, the second largest cryptocurrency by market value. A recent set of changes on the Ethereum blockchain has meant that these GPUs are no longer necessary, which is a problem for the Ether miners who hold large stocks of them.

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