HIVE Blockchain, a publicly traded bitcoin mining firm, switched to AI and cloud computing. HIVE is also launching its GPU rental and cloud computing service.
HIVE Blockchain, a Canada-based publicly listed bitcoin (BTC) mining firm, is repositioning itself to take advantage of the rapidly evolving technology.
According to a July 12 blog post, HIVE Blockchain has changed its name to HIVE Digital Technologies Ltd. to reflect its expansion push into the AI sector.
The team plans to leverage its array of sophisticated 38,000 Nvidia Graphics Processing Unit (GPU) fleet. It will explore revenue opportunities in cloud computing and artificial intelligence solutions like ChatGPT.
“The adoption of a new name signals a significant strategic shift to harness the potential of GPU Cloud computing 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 Digital Technologies
The new HIVE Cloud branch will offer small and medium-sized enterprises cloud solutions as part of its expansion push.
Experts forecast the global AI market size to surpass $2,025.12 billion by 2030 at a compound annual growth rate (CAGR) of 21.6%.
HIVE believes that the demand for powerful GPUs will increase significantly, with its Nvidia GPU cards potentially becoming a high-margin business with annual revenues exceeding $100 million.
At the time of writing, the top AI coins have a combined market capitalization of $2.56 billion, with a 24-hour trading volume of $234,022,498, according to data available on CoinMarketCap.
SinglarityNET (AGIX) has been the top-performing AI token in the last 24 hours, with a 9.5% increase.
In related news, dogecoin (DOGE) supporter and tech mogul Elon Musk announced the incorporation of his AI company called X.AI Corp. While speculation is rife that the SpaceX and Tesla owner’s new AI project may aim to disrupt established players like OpenAI, details of its mode of operation are yet emerging officially.
As reported by crypto.news last month, a Singaporean cybersecurity firm discovered over 100k compromised OpenAI’s ChatGPT credentials on sale on the dark web. The ChatGPT accounts were hijacked through stealer malware designed to collect sensitive information from victims’ devices.