An announcement conveyed by the chief executive officer of Hive Digital, Aydin Kilic, revealed that artificial intelligence and blockchain technology have massive potential to transform the Web3 sector. The CEO stated that AI and blockchain are the core pillars of Web3 development.
In his August 21 announcement, the executive explained the difference between Web2 and Web3. He affirmed that AI technology will be critical in supporting Web3 developments.
Significance of AI in Crypto Mining
The announcement came when the crypto mining company renamed itself Hive Digital Technologies. The rebranding efforts aimed at expanding its revenue streams in AI, cloud computing, and GPUs. Also, to position itself outside the digital mining sector, Riot Platforms changes its name from Riot Blockchain.
Kilic stated that Web2 lacks data privacy since tech firms leverage the internet to harvest critical information without the user’s consent. He added that most of the data gathered by the tech firms is used to bring more income to the firm.
Addressing the media, the CEO confessed that despite the name change; the crypto miner will continue to explore viable opportunities in Bitcoin and the crypto mining sector. The executive told Cointelegraph that Hive’s latest development aimed at improving the adaptability of Web3 through AI.
In light of the announcement blockchain technology will improve data ownership, control, and privacy. The Hive team anticipates that AI technology to complement metadata and enhance the Web3 experience.
Hive Digital Set to Improve Hash Rate
Kilic believes AI is more adaptable and will work well with blockchain. He recognized that most Web3 developments are in their early stages. Furthermore AI would play a vital role in developing Metaverse and decentralized autonomous organization (DAO).
In his intriguing report, Kilic acknowledges that Ethereum mining has supported Hive’s operations. He stated that Ethereum mining is like driving a Porsche, a more advanced machinery. The executive indicated that Ethereum mining requires 1 to 2 personnel to work on the ASIC.
Recently the Hive team has invested heavily in purchasing advanced mining chips that support dual processing. It implies that the new chips will support mining and high-performance computing.
In July, the Canadian crypto miner purchased Nvidia chips with $66 million to support the mining operations. Under the purchase agreement, Nvidia agreed to supply the graphic processing units (GPUs) this year with monthly shipments.
Hive Digital Purchase New Mining Chips
A statement from Hive chairman Frank Holmes revealed that the new purchase aimed at improving the performance of the crypto miner. The chairman confessed that in late 2020 the crypto miners agreed to establish a high-performance center for mining activities. The attempt to established the proposed high performance site has challenge the firm to explore viable oppeortunities in the mining sector.
Despite the upgrades, the crypto miner will focus more on Bitcoin and crypto mining. According to Kilic, Bitcoin monthly exahash ranks top in the mining industry.
The CEO stated that Hive generated four monthly exahash and targets to reach six exahash in December 2023. The executive shared a brief report on how the mining company has strengthened its operations using the 38000 GPUs acquired from Nvidia.
At present the Hive team has implemented 500 GPUs to underpin AI computing. While 37500 GPUs are used to support proof of work for mining altcoins. The CEO stated that the Hive team utilizes the hash rates from the GPUs to mine the most profitable token each day.
The efforts made by the crypto miner aim at positioning the firm in a pivotal position to blossom. In 2017 the Hive team became the first publicly traded crypto miner. The firm established a Bitcoin mining site in 2014 to support the firm’s daily activity.
In an earlier report, Hive’s chairman stated that the lesson learned from mining Bitcoin and Ethereum had enabled the company to adopt emerging technologies. From the lessons, Holmes explained that the mining company has leveraged advanced technology to promote product development and knowledge sharing.