Crypto Miner HIVE Blockchain Rebrands to Drive AI Expansion

HIVE Blockchain Technologies Ltd. has declared its plan to strategically rebrand, including a transition to the new name “HIVE Digital Technologies Ltd.” This rebranding initiative is designed to mirror the company’s progression into the realm of high-performance computing (HPC) data centres, utilizing Nvidia’s superior Graphics Processing Unit (GPU) chips to tap into the burgeoning trend of widespread adoption in the field of Artificial Intelligence (AI).

Established in 2017, HIVE has been an innovative leader in the domain of cryptocurrency mining. The upcoming name change signifies a major strategic shift to exploit the capabilities of green energy data centres and GPU Cloud computing technology, an indispensable resource in the sphere of AI, machine learning, and sophisticated data analysis.

At present, the company’s common shares are traded on the TSX Venture Exchange (TSXV) and the Nasdaq Capital Market under the ticker “HIVE”. The company has confirmed that there will be no changes to its trading symbols nor will there be any consolidation of share capital associated with the name change. The implementation of the name change is anticipated around July 12, 2023, pending receipt of all necessary regulatory approvals.

The rebranding will not impact the company’s share or warrant structure or the rights of its security holders. Existing security holders are not required to take any further action. All current share certificates or warrant certificates will continue to represent the shares or warrants of HIVE Digital Technologies Ltd. without the need for any additional action by holders post the name change.

In a separate announcement, the company has rectified an earlier understatement of the number of Bitcoin equivalent mined during the year by 792. The accurate figures for Bitcoin equivalent should have been 4,295, not the previously reported 3,503.

Furthermore, the company disclosed that its Board of Directors has sanctioned the grant of 620,000 incentive stock options, which can be exercised into an equivalent number of the company’s common shares at a price of C$6.86 per share for a duration of five years. These grants, made to the company’s employees, officers, and consultants, are subject to specific vesting requirements.

HIVE Blockchain Technologies Ltd. made its public debut in 2017 as the inaugural cryptocurrency mining company to be listed for trading on the TSX Venture Exchange, with a strong emphasis on sustainable green energy. The company operates advanced, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where it harnesses green energy to mine digital assets like Bitcoin on the cloud.


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HIVE Blockchain Exploring GPU Mineable Coins Ahead of Ethereum Merge

Crypto mining firm HIVE Blockchain acknowledged the potential Ethereum “Merge” to the Proof of Stake mechanism on Tuesday in an update on its mining production for the month of August.

According to the current projections from the Ethereum Foundation (a non-profit organization dedicated to supporting Ethereum and related technologies), Ethereum’s new consensus layer will upgrade to Bellatrix on September 6, 2022, with estimates that the merge to Proof of Stake system will happen between September 10 and September 20, 2022.

Speaking about the upcoming Ethereum merge, Vancouver-based HIVE said it has already started exploring mining other GPU mineable coins with its fleet of GPUs. The miner said it is implementing beta-testing this week, before the merge.

Hive said its technical team is implementing a strategy to optimize the hashrate economics of the 6.5 Terahash of Ethereum mining capacity (that the firm reached at end of August) in the event of Ethereum’s transition to the Proof of Stake mechanism, across various other GPU mineable coins.

HIVE sees a competitive landscape where the GPU miners with the most efficient equipment and lowest cost of electricity will prevail.

The firm said its Boden mining facility is one of the largest single-site Ethereum mines in the world. With power fixed at approximately $0.03 USD per KWHR within the facility, HIVE said it is well positioned to navigate the market ahead.

HIVE’s fleet of GPU’s comprises approximately 21.5 MW or 16% of the company’s global portfolio of 130 MW of green energy (hydro and geothermal) data centre capacity.

Of these 21.5 MW, approximately14.8 MW are comprised of legacy GPU cards, which have paid for themselves many times over since their installation, thus marking a successful venture in Ethereum mining.

HIVE said these legacy GPU cards comprise approximately 3.7 Terahash of the company’s Ethereum hashrate. According to the firm, these cards can be used for cloud computing and AI applications, as well as for engineering applications, including scientific modelling of fluid dynamics.

HIVE said it has a test pilot project for cloud computing at a Tier 3 data centre, where some of the A40 GPU cards are being applied to cloud computing.

The Ethereum ‘merge’ is coming and is about to cause crucial impacts on the crypto landscape, with miners considered to be one of the most affected groups.  

The merge will shift from Ethereum’s “proof of work” to a verification mechanism known as “proof of stake.”

With the change to PoS (the “proof of stake”), crypto miners who have sunk billions of dollars into computing equipment dedicated to the “proof of work” mechanism, will soon either be out of work or need to shift to other blockchains in order to make money through mining.  

Image source: Shutterstock


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Intel to reveal new energy-efficient Bitcoin mining ASIC at next ISSCC

Reports indicate that Intel, one of the largest computer processor manufacturers, intends to reveal a new “Ultra-Low-Voltage Energy-Efficient Bitcoin Mining ASIC” known as Bonanza Mine at the upcoming IEEE International Solid-State Circuits Conference in February 2022. 

Intel submitted a patent in November 2018 outlining similar ideas for “high-performance Bitcoin Mining.” It is suspected that the processes described in the patent could make their way into the product being shown off at the ISSCC.

According to the patent, the ASIC behind the Bonanza Mine will be able to finish calculations just as effectively as other ASICs while eliminating the need for repeated or redundant computations. This system is proposed to reduce overall power consumption by approximately 15%.

The processors used for mining crypto are notorious for being subject to shortages and diminishing sales. Intel would become a competitor against companies like Bitmain, with a proposed Ether ASIC still pending release and Nvidia, a company that was also struck by multiple instances of declining chip sales. Demand for crypto mining has been rising steadily despite constant processor shortages and inconsistent production costs. 

Representatives from Intel seemed confident in regards to entering the crypto mining industry and with the new chip, commenting:

“Intel has done design work around SHA 256 optimized ASICs for several years beginning with pathfinding work done in Intel Labs.”

At the time of publication, it is unclear whether Intel will release the Bonanza Mine for retail sale or if it will be strictly for industrial or research purposes. Regardless, this could potentially catapult Intel into becoming a main competitor within the crypto-mining industry.