Hive Llc announced it raised $550,000 in an initial filing from an offering of $1.7 Million

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Founded in 2022, Hive is reinventing the cloud from a centralized model that uses expensive physical servers to a distributed cloud infrastructure that aggregates individual devices’ unused hard drive and computing capacities. Hive’s model helps businesses efficiently manage their cloud-related expenses, reduce dependency on a select few cloud providers, and significantly reduces cloud energy use. In 2023, global data centres, which power the world’s cloud, consumed 7.4 Gigawatts of power, a 55% increase from 2022. Currently, data centres account for up to 3% of global electricity consumption, with projections suggesting this could rise to 4% by 2030.