HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE), the Canadian publicly-listed crypto mining Crypto Mining Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s Read this Term company, has unveiled plans to undergo a strategic rebranding. It includes a change of name to HIVE Digital Technologies Ltd.

This move aims to show the company's evolving expansion into high-performance computing (HPC) data centers and the trend of mass adoption of Artificial Intelligence (AI).

HIVE Moves from Cryptocurrency Mining to AI

HIVE Blockchain has been mining digital assets since the first crypto boom of 2017. Six years later, with another revolution coming to the market, the company is betting on changing its strategic goals.

The HPC data centers mentioned above use Nvidia high-performance graphics processing units (GPUs), commonly used in the current expansion of AI solutions. According to analysts, Nvidia is at the forefront of the current artificial intelligence revolution, which HIVE Digital Technologies has decided to join.

The proposed name change signifies a strategic expansion poised to exploit the potential of HIVE's green energy data centers and GPU Cloud computing technology. They are essential assets in the AI, machine learning Machine Learning Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Read this Term, and advanced data analysis domains.

The common shares and warrants of the company will continue to trade under the ticker 'HIVE'. There will be no changes in any of the company's trading symbols or consolidation of share capital in relation to the name change. The rebranding is expected to be officially effective around 12 July.

"Because HIVE owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space," the company commented in the press release. Now, the crypto offering will be supplemented by AI solutions.

In 2017, HIVE Blockchain became the first publicly-listed cryptocurrency miner to include green energy and ESG solutions in its strategy.

HIVE Revenue Halves from Record High

One of the reasons the company is seeking changes in its current strategy is the latest annual report. According to data for the fiscal year 2023 ending on 31 March, the miner's revenue fell 50% from a record level of $211 million reported a year earlier.

The drop in revenue to $106.3 million was primarily caused by the depreciation of Bitcoin (BTC) and an increase in the difficulty of mining leading cryptocurrencies. Although the price of Bitcoin has rebounded in recent months, it fell almost 60% from March 2022 to March 2023. Meanwhile, BTC was testing multi-year lows at around $15,500.

"Gross operating margin is directly impacted by digital currency prices and network difficulties as this impacts revenue from mining operations," HIVE explained. "The decrease is mainly attributed to the decrease in Bitcoin price and an increase in the Bitcoin network difficulty versus the prior year, combined with the company not mining Ether since the merge on 15 September, 2022."

Despite the increasing mining difficulty, HIVE continues to invest in new rigs and increases the number of Bitcoins mined. It now wants to take advantage of the potential interest in artificial intelligence to optimize its operations.