Bitcoin miner Hive Blockchain is going through an AI-inspired rebrand

The company said in February it expects 10x growth in its high-performance computing business over the next year

article-image

thinkhubstudio/Shutterstock modified by Blockworks

share

Bitcoin miner Hive Blockchain Technologies is set to undergo a name change to reflect its focus on supporting the growth of artificial intelligence, or AI.

The company is set to become Hive Digital Technologies as soon as July 12 as part of “a significant strategic expansion,” the company said in a Thursday news release. 

The upcoming rebrand reflects Hive’s use of Nvidia graphics processing unit (GPU) chips, which the company says is “a vital tool” in the world of AI, machine learning and advanced data analysis.

“We feel now is the best time to change its name because the word ‘digital’ means we are riding a bigger wave,” Hive Executive Chair Frank Holmes told Blockworks in an email. “Hive Digital Technologies encompasses a broader scope of our company’s mission, which ranges from not just blockchain technology, but also Web3 investments and AI.”

Holmes added the “enormous adoption of AI across every industry,” citing ChatGPT — a natural language processing tool introduced by OpenAI in November that reached an estimated 100 million users just months after its launch.

“To run efficiently, these metaverse apps will need advanced graphics and AI processors, increasing investments in high-performance AI chips from companies such as Nvidia and in data center operators — and that is where Hive comes in,” Holmes said. “We are rapidly scaling, with new chips coming in every month and moving to servers.”

Hive notched $106 million of revenue during its latest fiscal year, which ended on March 31, the company reported last week.

The Vancouver-based miner grew its bitcoin mining ASIC hashrate by 50% during those 12 months. It held 2,332 bitcoins — worth about $66 million — on its balance sheet at that time.

Holmes said in a statement last week the company has taken “significant steps forward in pivoting into the [high performance computing] business marketplace, with our 38,000 Nvidia GPUs, which have the capability to do AI workload.”

The company said in February it anticipates 10x growth in Hive’s high-performance computing (HPC) segment over the next year, citing demand for ChatGPT, medical research, machine learning and rendering.

Hive is not the only mining company looking to boost its high performance computing business.

Read more: Bitcoin miners are pivoting to new markets and making bank

Toronto-based Hut 8 said while its revenue from bitcoin mining fell 70% in the first quarter of 2023 to $14.5 million, revenue from HPC operations rose 36% to $4.5 million.

Iris Energy, based in Australia, said last month its “previous HPC data center strategy is now a parallel focus” to its mining operations.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

Swiss regulator Gespa is assessing whether FIFA’s tokenized ticket sales for the 2026 World Cup violate gambling laws

by Blockworks /
article-image

The deal gives Ondo Finance SEC-registered broker-dealer, ATS, and transfer agent licenses to operate regulated tokenized securities markets

by Blockworks /
article-image

Ethereum and Solana funds mark industry first as Grayscale adds staking to spot crypto products

by Blockworks /
article-image

US bitcoin ETFs that seen more than $2.2 billion of net inflows over the last four trading days

by Blockworks /
article-image

More than 75 million U.S. Galaxy owners gain integrated Coinbase One access through Samsung Wallet, with global rollout planned

by Blockworks /
article-image

The central bank signed agreements with firms for fraud, payments, and app services ahead of a potential launch

by Blockworks /