HIVE Digital Technologies Ltd., previously known as HIVE Blockchain, has announced that along with its renaming, the company will be focusing on revenue opportunities with its Nvidia graphics processing unit (GPU) cards in cloud compute technology.

HIVE plans to utilize a fleet of 38,000 Nvidia GPUs for computational tasks, expanding its revenue channels while seeking to drive advancements in artificial intelligence (AI) applications. According to a press release sent to Bitcoin Magazine, the company intends to enter the rental market for GPU server clusters and launch 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,” the press release said.

Aydin Kilic, president and CEO of HIVE, highlighted the importance of high-performance computing and GPU processing power in today’s AI-driven world. Kilic stated, “Training these tools, from ChatGPT to Midjourney, require high-end GPU compute. As businesses adapt to the new AI world, we believe they will seek companies like HIVE to develop their own AI tools.”

Executive Chairman Frank Holmes expressed optimism about the potential of GPU computing with Nvidia GPU cards, stating, “We believe the demand has a potential for a high-margin business with annual revenues in the range over $100,000,000.”

HIVE Digital Technologies stated that it remains “dedicated to driving innovation with sustainable, ethically-driven technological solutions,” and that its current bitcoin mining operations will continue. The company owns data centers in Canada, Sweden and Iceland.