Bitcoin mining may not be the only source of entrepreneurial income for bitcoin miners.
In a situation where the bitcoin price has not yet reached a steady growth trajectory, the cryptocurrency’s No. 1 miners are looking for ways to diversify their activities. For example, Applied Blockchain has announced that it plans to rename its brand name to Applied Digital in order to signal to its counterparties to a greater extent that it is ready to develop in different digital directions.
So far, such a decision has not received approval from the company’s shareholders, but management has already updated the corporate website and changed the logo. According to the company, they see potential in the development of high-performance computing applications that have to do with image processing, artificial intelligence and machine learning. Meanwhile, on the company’s website, organizations such as Bitmain, F2Pool and GMR remain among its biggest customers.
Hut 8 Mining (HUT) has become increasingly focused not only on bitcoin mining, but also on maintaining investments in the cryptocurrency. At the end of September, the company said in a document to the Securities and Exchange Commission (SEC) that it had decided to keep all bitcoins mined that month in line with its strategy of long-term investment in the No. 1 cryptocurrency.
In doing so, Hut 8 Mining (HUT) also, as in the case of Applied Digital, said it intends to use its technology base to provide services in artificial intelligence, machine learning, as well as image processing.
That said, other participants in the mining industry increase invest in bitcoin miners not only in terms of their ability to operate them now, but also as objects of investment that could potentially rise in price along with the beginning of the rise in the price of bitcoin.