Crypto Miner Hive Drops ‘Blockchain’ From Name in Pivot To AI

The crypto-mining firm previously generally known as Hive Blockchain Applied sciences is pivoting to artificial intelligence and web3, and has modified its identify accordingly. From a report: The Vancouver-based miner has dropped the “blockchain” marker and stated that its new branding as Hive Digital Applied sciences is meant to replicate “its mission to drive developments” in AI functions like ChatGPT, and to “help the brand new web3 ecosystem.”

Hive intends to make use of its present fleet of Nvidia graphics processing items “for computational duties on a large scale,” in response to a July 12 submitting with the US Securities and Change Fee. The overwhelming majority of crypto-mining firms are targeted on Bitcoin and use specialised chips which can be completely different from so-called GPUs. Hive is amongst a handful of firms that deploy GPUs at scale to mine Ether, the second largest cryptocurrency by market worth. A current set of adjustments on the Ethereum blockchain has meant that these GPUs are now not essential, which is an issue for the Ether miners who maintain giant shares of them.