Hive Digital Technologies, a leading crypto mining company, is demonstrating its strong commitment to Bitcoin and cryptocurrency mining, even amidst a name change and integration of artificial intelligence (AI) into its operations. The decision comes as many crypto miners are looking to diversify their activities beyond digital currency mining due to the current state of the crypto market.
In January, Riot Blockchain, another crypto mining firm, underwent a rebranding process to become Riot Platforms, while Applied Digital, a crypto miner, recently announced a $460 million deal to host AI cloud computing in its data center.
Despite these shifts in the industry, Hive Digital Technologies remains focused on Bitcoin and crypto mining, according to CEO Aydin Kilic and Chairman Frank Holmes. Kilic emphasized that blockchain and AI can coexist and are both fundamental aspects of Web3. He highlighted the potential for AI to enhance the user experience in Web3, which differs from the data privacy concerns associated with Web2.
Kilic explained that AI will play a significant role in the development of Metaverses and DAOs within Web3. However, he also acknowledged that Web3 is still in its early stages and the true impact of these technologies is yet to be seen.
Hive Digital Technologies, which first became a publicly traded crypto mining company in 2017, has accumulated valuable experience in mining both Bitcoin and Ether. Holmes attributed the company’s ability to adapt to new technologies to the knowledge gained from mining these cryptocurrencies. He mentioned that Ethereum mining, in particular, served as a valuable learning experience due to the need for more sensitive machinery and a larger workforce compared to Bitcoin mining.
To ensure flexibility and the ability to capitalize on emerging technologies, Hive Digital Technologies made strategic decisions such as purchasing dual-processing chips instead of solely mining-focused chips. This allowed the company to engage in both mining activities and high-performance computing simultaneously. The goal was to future-proof their operations, especially considering Ethereum’s transition from Proof of Work to Proof of Stake.
Kilic emphasized that despite their integration of AI and high-performance computing, the company remains heavily focused on Bitcoin and crypto mining. The company aims to increase its Bitcoin mining capacity from the current four exahash to six exahash by the end of this year. Additionally, Hive Digital Technologies utilizes its fleet of 38,000 Nvidia GPUs for a range of operations, including AI and high-performance computing, as well as mining altcoins based on the most profitable coin each day.
In summary, Hive Digital Technologies is maintaining its firm focus on Bitcoin and cryptocurrency mining amid its name change and integration of artificial intelligence. The company recognizes the coexistence of blockchain and AI within Web3 and anticipates AI to enhance the user experience. With valuable experience gained from mining Bitcoin and Ethereum, Hive Digital Technologies aims to adapt and leverage emerging technologies for long-term success in the crypto space.
