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RETRANSMISSION: HIVE Digital Technologies Debuts New Name and Strategic Expansion to Power the Future of Artificial Intelligence with our Nvidia GPU Cards
This news release constitutes a "designated news release" for the purposes of the Company's prosp...
About this update from Hive Digital Technologies Ltd
[{"type":"text","content":"RETRANSMISSION: HIVE Digital Technologies Debuts New Name and Strategic Expansion to Power the Future of Artificial Intelligence with our Nvidia GPU CardsThis news release constitutes a \"designated news release\" for the purposes of the Company's prospectus supplement dated May 10, 2023, to its short form base shelf prospectus dated May 1, 2023.Vancouver, British Columbia--(Newsfile Corp. - July 12, 2023) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: HBFA.F) (the \"Company\" or \"HIVE\"), a global leader in data center technology and sourcing green energy, today officially becomes HIVE Digital Technologies Ltd. to better represent the company's evolving focus on the revenue opportunities with our Nvidia Graphics Processing Unit (GPU) cards in Cloud compute technology, and its mission to drive advancements in Artificial Intelligence (AI) applications such as ChatGPT, to support the new Web3 ecosystem.HIVE has been a pioneering force in the cryptocurrency mining sector since 2017. The adoption of a new name signals a significant strategic shift to harness the potential of GPU Cloud compute technology, a vital tool in the world of AI, machine learning, and advanced data analysis, allowing us to expand our revenue channels with our Nvidia GPU fleet.HIVE, while maintaining a strong presence in Bitcoin mining, intends to utilize its robust 38,000 Nvidia GPU fleet for computational tasks on a massive scale. In addition, the Company plans to branch out into the rental of GPU server clusters via marketplaces and the development of its new service, HIVE Cloud. This cloud service will empower users with access to a virtual instance of a single GPU, a bare-metal server equipped with up to 10 GPUs, or even clusters of multiple servers to provide an array of computing power. HIVE Cloud aims to provide small and medium-sized businesses with an efficient and cost-effective alternative with substantial savings from the major cloud service providers.\"Our name change and strategic pivot indicates our progressive trajectory as a company. High performance computing, driven in large part by GPU processing power, is growing incredibly fast today thanks to this impressive new generation of consumer and enterprise AI tools. Training these tools, from ChatGPT to Midjourney, require high-end GPU compute. As businesses adapt to the n...