Crypto Miner Hive Drops 'Blockchain' From Name in Pivot To AI (bloomberg.com) 19
The crypto-mining company formerly known as Hive Blockchain Technologies is pivoting to artificial intelligence and web3, and has changed its name accordingly. From a report: The Vancouver-based miner has dropped the "blockchain" marker and said that its new branding as Hive Digital Technologies is intended to reflect "its mission to drive advancements" in AI applications like ChatGPT, and to "support the new web3 ecosystem."
Hive intends to use its existing fleet of Nvidia graphics processing units "for computational tasks on a massive scale," according to a July 12 filing with the US Securities and Exchange Commission. The vast majority of crypto-mining companies are focused on Bitcoin and use specialized chips that are different from so-called GPUs. Hive is among a handful of companies that deploy GPUs at scale to mine Ether, the second largest cryptocurrency by market value. A recent set of changes on the Ethereum blockchain has meant that these GPUs are no longer necessary, which is a problem for the Ether miners who hold large stocks of them.
Hive intends to use its existing fleet of Nvidia graphics processing units "for computational tasks on a massive scale," according to a July 12 filing with the US Securities and Exchange Commission. The vast majority of crypto-mining companies are focused on Bitcoin and use specialized chips that are different from so-called GPUs. Hive is among a handful of companies that deploy GPUs at scale to mine Ether, the second largest cryptocurrency by market value. A recent set of changes on the Ethereum blockchain has meant that these GPUs are no longer necessary, which is a problem for the Ether miners who hold large stocks of them.
Meet the new scam (Score:5, Insightful)
same as the old scam. Now with 50% more buzzwords.
Re: (Score:3)
Well, by the look of it, they regard Artificial Intelligence almost as highly as Natural Stupidity
Opposites Attract (Score:2)
Another pivoted to vacation membership (Score:2)
Time for a new scam (Score:2)
Grifts change, grifters remain the same.
Re: (Score:2)
I guess it's more profitable that way, but you'd think with a few college kids to get it running for you, you could turn that GPU farm into a supercomputing cluster and rent out cycles on it to universities or something.
There's a sucker born every minute. (Score:2)
The hype is dead, long live the hype (Score:2)
Let's see how we can turn this into a scam now.
Web3 is still blockchain (Score:2)
Different terminology, same business.
Fad of the month company (Score:2)
Re: (Score:1)
"We have the best [insert fad here] ever, believe me! It'll be Yuuuge!"
Apply now for the chance to be in at the start... (Score:2)
You read it here first.
Just need someone to combine the two now (Score:3)
Re: (Score:2)
Quick, trademark that fast then sell it to them!
Web3? (Score:2)
pivoting to artificial intelligence and web3,
Surely they mean Web4? Web3 is a decentralized Web powered by the blockchain and is such an old news these days. Web4 is a decentralized Web powered by the ChatGPT and AI and is the future, no?
Maybe in an year and so they will be pivoting to Web5, which is a decentralized Web powered by the new giga-qubit quantum supremacy? The brave new world awaits.
The grift is dead (Score:2)