One of the largest bitcoin miners in the industry, Riot Blockchain, has changed its name to Riot Platforms during the rebranding to emphasize the “growing diversification” of business operations.
In November, hosting provider Applied Digital, formerly known as Applied Blockchain, made a similar decision. The company also explained this step by the desire for diversification.
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Some companies even shift their focus to other areas. For example, in August, Stronghold Digital Mining focused on selling electricity to the grid.