Hive Digital debuts new name and strategic pivot

Hive Digital Technologies, formerly Hive Blockchain, announced a name change “to better represent the company’s evolving focus on the revenue opportunities with our Nvidia Graphics Processing Unit cards in Cloud compute technology, and its mission to drive advancements in Artificial Intelligence applications such as ChatGPT, to support the new Web3 ecosystem.” The company stated: “HIVE has been a pioneering force in the cryptocurrency mining sector since 2017. The adoption of a new name signals a significant strategic shift to harness the potential of GPU Cloud compute technology, a vital tool in the world of AI, machine learning, and advanced data analysis, allowing us to expand our revenue channels with our Nvidia GPU fleet. HIVE, while maintaining a strong presence in Bitcoin mining, intends to utilize its robust 38,000 Nvidia GPU fleet for computational tasks on a massive scale. In addition, the Company plans to branch out into the rental of GPU server clusters via marketplaces and the development of its new service, HIVE Cloud. This cloud service will empower users with access to a virtual instance of a single GPU, a bare-metal server equipped with up to 10 GPUs, or even clusters of multiple servers to provide an array of computing power. HIVE Cloud aims to provide small and medium-sized businesses with an efficient and cost-effective alternative with substantial savings from the major cloud service providers. Aydin Kilic, Hive President and CEO, added: “Our name change and strategic pivot indicates our progressive trajectory as a company. High performance computing, driven in large part by GPU processing power, is growing incredibly fast today thanks to this impressive new generation of consumer and enterprise AI tools. Training these tools, from ChatGPT to Midjourney, require high-end GPU compute. 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. HIVE Cloud will aim to provide AI compute for enterprises where privacy and ownership of data are key considerations. We are seeing the world’s GPU computing demands being best served by Nvidia data-centre grade GPUs, as they feature the unique Tensor Core and Ray Tracing (RT) Core architecture, which are included in our fleet. HIVE purchased Nvidia GPUs with these features that go above and beyond the computing requirements for mining Ethereum. Additionally, we have partnered with SuperMicro, to provide the CPU computing power and storage, to complement our Nvidia GPUs. Our initial order of SuperMicro servers are expected to arrive in the next month, and the Company expects to have additional deliveries announced throughout the year. As we expand our GPU Cloud business, we require a strategy that better reflects both sides of our business. We build infrastructure for emerging digital tech, not just blockchain, and we intend to utilize our large fleet of GPUs to grow a cloud hosting business. We believe AI and machine learning are going to drive significant demand for GPU compute going forward.”