Hive Blockchain, a well-known Bitcoin mining company, is shifting its focus to artificial intelligence (AI). They accomplish this by allowing clients to train huge language AI models. This is done in its secure data centers, which provide consumers with extensive access. Hive Blockchain emphasized its dedication to privacy in a recent earnings conference, hoping to give a more secure option to existing AI models.
Companies are increasingly looking for solutions as worries about the protection of critical customer data published to public models grow. Aydin Kilic, CEO of Hive Blockchain, emphasized the company’s ambition to provide privacy-focused solutions via its Hive Cloud platform. This would allow businesses to protect data ownership and privacy while executing AI computing workloads. All of this is done on Hive’s strong graphics processing units (GPUs).
This processing capacity is being used by Hive Blockchain for AI applications. It’s worth noting that the company’s prior Ethereum mining activities resulted in a fleet of 38,000 GPUs. Some of the GPUs are now being utilized for cryptocurrency mining, while others are available for leasing or deployment in the company’s cloud offering.
The business anticipates tremendous income potential from its GPU operations, with a projected annual run rate of $1 million. Frank Holmes, Chairman of Hive Blockchain, stated that “500 GPU cards generated $230,000 in revenue this quarter.” Even though the firm’s sales decreased from the prior fiscal year. It is still upbeat about its strategy pivoting toward AI.
NEWS: Hive Blockchain has decided to offer secure data centers for training large language models 🚀💻 #AIRevolution
— Walletor (@walletorapp) June 30, 2023
As the profitability of traditional mining activities declines, mining corporations are increasingly turning to artificial intelligence (AI). At the same time, the AI sector is seeing tremendous investment interest and expansion into the blockchain. While established IT titans such as Google and Amazon Web Services are investing heavily in artificial intelligence.
Finally, Hive Blockchain’s AI pivot and dedication to privacy provide a compelling alternative to traditional AI models. The startup hopes to create a position in the growing AI market with its huge GPU array and secure data centers. This is accomplished while addressing the rising concerns about data privacy.