Hive Blockchain To Rebrand and Rename

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Hive Blockchain To Rebrand and Rename

It's been a monumental period in time for Blockchain technology and no more so than for our very own home Hive. While we are talking about Hive it is not to be confused with Hive Blockchain Technologies LTD which shares a similar name.

So much so that last year or the year before Hive Blockchain Technologies LTD attempted legal proceedings against Hive Blog to get it to change it's name after the Steem split.

Unfortunately this led to confusion for the company who wasn't able to send the legal notice to anyone as Hive Blog isn't owned by anyone and is a decentralised platform with 0 ownership.

There could be a case made that we all own Hive which then makes it even harder for the company as it would need to launch millions of individual court proceedings against millions of users. The financial aspect of that action alone would make it unjustifiable and not in the best interest of the company itself, unless it wanted to go broke over the use of four letters.

To be clear, today we are talking about Hive Blockchain Technologies LTD as it appears they have finally given in to the confusion and have decided to change their name, but not because of Hive Blog.

What is Hive Blockchain Technologies LTD?

Hive Blockchain Technologies LTD is the first publicly listed Blockchain mining firms where investors can directly invest into company shares that provides them a cut of their crypto currency mining activity.

A great concept for those who want to mine Bitcoin or be involved in the mining process without having to outlay huge amounts of funds for mining equipment and then costs associated with mining Crypto Currencies. The company will also switch between which crypto currencies are more profitable ensuring that you're getting a good deal without the headaches.

Currently it's share price is trading at USD5.75 per share and while there aren't any dividends paid by the company it's value comes from how much Crypto currency they mine and hold. The stocks year to date performance is close to 300%+ as interest in investing in digital assets continues to rise.

It is too hard to tell if the company will continue to do well into the future but if the digital asset market reignites than in theory the companies stock value should increase in value also.

Hive Delves into Ai

Yesterday we discussed how Ai was causing Hype across markets including crypto projects with all new projects and some old launching and re-launching with Ai concepts in order to boost their values and gain attention.

It appears that Hive Blockchain Technologies LTD is also going down this path in an attempt to be more alluring to the current market and not withstanding it's gripe with Hive Blog.

But the company has decided to rename and rebrand it's venture although it's latest move no doubt will cause further confusion in the sector. Regarding if this is positive or negative news is yet to be seen. However, over the years people have confused the two Hives and no doubt invested in the one they didn't intend on investing in.

The company has decided to remove Blockchain from their name but at this stage will still retain the Hive brand name being known as Hive Digital Technologies LTD. Their focus will be on the emerging Ai digital currency space but will now surely create further confusion in the sector.

What's the actual business change?

Beyond the name change the companies focus is on powering the next iteration of Ai technology by establishing a cloud service that is backed by a whopping 38,000 Nvidia GPU's. The GPUs are required to power the Ai projects coming online which require vast amounts of computing power.

The company believes this shift to leasing out high powered cloud services will enable them to raise USD100 Million in additional profits from the growing Ai sector.

With more and more innovation surrounding ChatGPT and it's other iterations the world could soon be facing a shortage of high end and high power and the technology could be limited by what we have available to us today.

Hive is on it's way to addressing this issue and no doubt there will be more companies popping up along the way to provide that support and earn additional funding in the process.

So once again, people may get excited at this news and confuse the Hive projects and purchase the wrong investment, if it happens you'll know why.

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