Hive

Bitcoin

Bold

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 <a href="https://ultramining.com/news/en/hive-blockchain-rides-the-bitcoin-wave-june-production-peaks-at-259-btc/" rel="noopener noreferrer nofollow">Hive Blockchain</a> Technologies is evolving. The crypto-mining company has dropped "blockchain" from its name. Now, it's known as Hive Digital Technologies. This shift marks a strategic pivot to artificial intelligence (AI) and web3, according to <a href="https://www.bnnbloomberg.ca/crypto-miner-hive-drops-blockchain-from-name-in-pivot-to-ai-1.1944825" rel="noopener noreferrer nofollow">bnnbloomberg</a>.&nbsp; 
 Hive, a Vancouver-based miner, aims to drive advancements in AI applications. Notably, it plans to support the growing web3 ecosystem. The rebranding reflects these intentions. 
 The company possesses a large fleet of Nvidia graphics processing units (GPUs). Most crypto-mining firms concentrate on Bitcoin, relying on specialized chips. Hive, however, uses GPUs to mine Ether, the second-largest cryptocurrency. 
 Ethereum's recent changes have made GPUs redundant for mining. This poses a problem for Ether miners holding vast GPU stocks. Hive plans to address this by leveraging their GPU fleet for AI tasks. 
 This shift comes as demand for high-end GPUs surges. This demand largely comes from AI applications like ChatGPT and related cloud services. However, shifting from crypto-mining to providing computational power for AI isn't easy. Differences in data center setups can be a significant obstacle. 
 Industry experts estimate that 5% to 15% of existing GPUs could be repurposed for AI. Applications like computer vision and generative graphic design could benefit from this. Hive's pivot could be the start of a larger trend within the crypto-mining industry. 
 Many Bitcoin miners face increasing challenges. Rising power costs, intense competition, and tougher regulations are some. Diversification is becoming a key strategy for survival. Hive's shift is a prime example of this. 
 Hive's stock closed at $5.66 on Tuesday. This marked a 4.6% decline on the day. The stock was halted in New York as the market awaited news. Hive's strategic pivot will undoubtedly be watched closely by investors and industry players alike. 
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From Crypto to AI: Hive’s Bold Pivot Reflects Shifting Industry Dynamics

Ultramining_Eng

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