Cryptomining companies that have successfully weathered the tumultuous crypto market to survive have had to adapt by radically changing their business models. The latest example of this is Hive Blockchain, which used to focus its huge GPU resources (about 38,000 graphics cards) on Ethereum mining, until about a year ago. Now that's changing. Hive has been working on a transformative project to create and run AI workloads for customers, aiming to create a significant new revenue stream by pivoting toward the latest trend in the computing industry. However, it retains some GPU horsepower to mine alt-coins and run other services, just in case.
We previously discussed the bleak post-Ethereum Merge landscape facing companies like Hive Blockchain and Hut 8 Mining, back in early May. Both companies had done well to repurpose their GPU farms and continue to be trading. We started to learn what kinds of new HPC businesses they (and their thousands of GPUs) were involved in.
