Crypto miner Hive joins AI bandwagon, dumps blockchain from name
Quick Take
- Hive Digital, which formerly focused on crypto mining, is pivoting to artificial intelligence.
- Not only has the firm taken “blockchain” out of its name, it will throw its computing might into powering AI tools like ChatGPT.
Hive Digital, a company known for its crypto mining prowess, is shifting its focus to artificial intelligence — and dropping blockchain from its name.
The firm intends to use its Nvidia GPU fleet to power cloud technology undergirding ChatGPT and other AI tools.
"Our name change and strategic pivot indicates our progressive trajectory as a company," Hive president and CEO Aydin Kilic said in a statement. "High performance computing, driven in large part by GPU processing power, is growing incredibly fast today"
"Training these tools, from ChatGPT to Midjourney, require high-end GPU compute," Kilic continued. "As businesses adapt to the new AI world, we believe they will seek companies like Hive to develop their own AI tools, to give them a competitive edge in this new era of digital information."
The company's shares rose 2.8% in Toronto trading, according to TradingView.
Crypto's AI rush
The company said late last year that revenues from GPU mining were “dramatically reduced” after The Merge. It said today that it would maintain a "strong presence" in Bitcoin mining.
The crypto industry has rushed to embrace AI as tools such as ChatGPT have come to dominate the zeitgeist this year. Solana, for instance, is implementing an AI tool to help "normies" choose NFTs, while crypto-focused venture firms recently funded a $2.8 million seed round for the AI startup AwesomeQA.
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