HIVE Blockchain undergoes rebranding to showcase its focus on AI and web3 technologies

HIVE Blockchain, a publicly traded Bitcoin mining company, has shifted its focus towards AI and cloud computing. In an effort to capitalize on the fast-growing technology landscape, HIVE Blockchain has rebranded as HIVE Digital Technologies Ltd., as announced in a blog post on July 12.

HIVE Blockchain Undergoes Rebranding to Showcase Its Focus On AI and Web3 Technologies

The company aims to harness its extensive fleet of 38,000 Nvidia Graphics Processing Units (GPUs) to explore revenue streams in cloud computing and artificial intelligence solutions, including ChatGPT. Experts predict that the global AI market will exceed $2,025.12 billion by 2030, experiencing a compound annual growth rate (CAGR) of 21.6%.

HIVE anticipates a substantial surge in demand for powerful GPUs, potentially transforming their Nvidia GPU cards into a lucrative business with annual revenues surpassing $100 million.

As of now, the leading AI coins have a combined market capitalization of $2.56 billion, with a 24-hour trading volume of $234,022,498, based on data available on CoinMarketCap. The momentum of the AI boom continues to gain traction across various sectors of the global economy and even within governments, as they integrate AI into their processes.

In a recent development, renowned tech magnate Elon Musk, a prominent supporter of dogecoin (DOGE), unveiled the launch of his AI venture called X.AI Corp. While speculation surrounds Musk’s new AI project, with suggestions that it may disrupt established players like OpenAI, official details regarding its operational approach are yet to emerge.

In a previous report by crypto.news, it was revealed that a Singaporean cybersecurity firm had discovered a disturbing revelation last month. Over 100,000 compromised credentials of OpenAI‘s ChatGPT were found available for sale on the dark web. These ChatGPT accounts had been unlawfully obtained through the use of stealer malware, which was specifically designed to gather sensitive information from victims’ devices.

About Hive Blockchain

Hive Coin, launched in 2020, is a web3-based blockchain project that enables decentralized information sharing. The project encompasses various applications for information sharing, allowing users to directly access data, transactions, records, APIs, and other services. These web3 applications cater to diverse sectors such as content creators, investors, and consumers. The native cryptocurrency of the project is called HIVE.