There are two Hive entities in crypto world. One is a blockchain innovating in web3 and reimagining the internet. The other specializes in crypto mining. One is decentralized network. The other is a centralized company. Hive Blockchain Technologies Ltd. existed before our decentralized blockchain network was launched in March of 2020. However, for some reason Hive, the mining company had Blockchain in the company name. They are not a blockchain, nor they innovate technology in this space.
It is possible when the company was first started they may have had goals to be involved in blockchain technologies. Either way, their name was misleading. Despite this fact they had issue with Hive the blockchain when it launched. After three days of Hive's launch they issued cease and desist letter - Hive Blockchain Requests Cease and Desist From New Steem Community Hard Fork Using Same Name. While it is understandable that companies would want to protect their brand, it was strange to see a company whose business model is profiting from decentralized systems, would have issue with a decentralized system. This is especially strange when it comes from a company whose name misrepresents what they do. Nothing came out of this demand and threats of legal actions. How would you sue a decentralized system?
This is how Ltd. describes what they do in their website:
Hive Blockchain Technologies Ltd. is a cryptocurrency miner and data center operator.
It has always been obvious that there was no conflict between two Hive entities. They could co-exist just fine. Perhaps the centralized one would want to consider rebranding and changing name to correctly represent what they do. That is indeed what they have decided to do.
On July 2023, Hive Blockchain Technologies Ltd. announced rebranding and name change to Hive Digital Technologies Ltd. - Hive Blockchain Announces Rebranding and Name Change To Hive Digital Technologies Ltd. to Reflect Our HPC Strategy and Updates GPU Bitcoin Equivalent For Fiscal 2023.
I think it is a smart move for the company as it is less confusing for their current and potential investors. I would go even further and change the name to Hive Crypto Mining & Data Technologies Ltd instead. I guess, Digital kind of works too. Definitely better and more honest than calling themselves a blockchain technology.
One of the reasons for rebranding and name change they mention in their announcement is the advancements in AI and their data centers may consider getting involved in providing data centers for such purposes. It doesn't seem like they will be abandoning their mining business, but considering other options for expanding their business.
The companies stocks are traded on TSX Venture Exchange and Nasdaq under symbol "HIVE". The name change will be effective starting July 12, 2023. However, this name change will not change the their ticker symbol. Feel free to read the announcement for more details.
I wish Hive Digital Technologies Ltd. good luck with their future endeavors and congratulate them for finally realizing and admitting that there is only one true Hive Blockchain.