Crypto miner Hive Digital CEO sees AI working in unison with blockchain
Despite the competition between the two sectors, Hive Digital Technologies CEO Aydin Kilic said that blockchain and AI can work to the benefit of each other.
Crypto mining firm Hive Blockchain sent a signal to the tech industry when it dropped “blockchain” from its namesake in July, opting to call itself Hive Digital Technologies and reflect its artificial intelligence foray.
The decision is part of a wider movement from crypto miners to pivot outside of digital currency mining, amid depressed crypto prices. January saw crypto mining firm Riot Blockchain rebrand to Riot Platforms while June saw crypto miner Applied Digital announce a $460 million deal to host AI cloud computing in its data center.
Since ETH mining ended in September 2022, $HIVE has been transforming its fleet of 38,000 Nvidia GPUs from miners into cloud infrastructure, marking the next stage of our evolution into a diversified data center operator.
Read the latest HIVE Newsletter: https://t.co/raHqwMMalv pic.twitter.com/tHkVuLMtyT
— HIVE Digital Technologies (@HIVEDigitalTech) August 17, 2023
Speaking to Cointelegraph, Hive Digital Technologies CEO Aydin Kilic and Chairman Frank Holmes reiterated the company is still heavily involved in Bitcoin and crypto mining — despite the name change.
However, they now see two nascent sectors — blockchain and AI — as being almost symbiotic when it comes to Web3 development, with Kilic stating:
"Gradually, decentralized trust will be accepted as a new and effective trust model. We have seen this evolution of understanding before – on the internet."
~Andreas Antonopoulos pic.twitter.com/BaeTztuWjS— HIVE Digital Technologies (@HIVEDigitalTech) August 17, 2023
Kilic also shared a detailed breakdown of how their 38,000-strong fleet of Nvidia GPUs are being used in day-to-day operations.
“Currently, 500 of them are doing either AI or HPC computing and the remaining 37,500 cards are still doing proof of work mining where they’re mining altcoins using a profit switching algorithm that varies day by day. Essentially, we’re utilizing the GPU hash power to mine the most profitable coin every single day.” Kilic explained.