Fun

Hive Digital sales up 36% as Bitcoin miner forays into AI compute

News Feed - 2024-08-14 12:08:41

Alex O’Donnell8 hours agoHive Digital sales up 36% as Bitcoin miner forays into AI computeHive"s new high-performance computing platform clocked around $2.6 million in sales in the second quarter of 2024.1111 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onHive Digital Technologies Ltd. (HIVE) notched a 36% uptick in sales in the second quarter of 2024 as the Canadian Bitcoin miner diversifies into providing computational power to artificial intelligence (AI) applications, according an Aug. 13 filing.


Hive reported second-quarter 2024 revenues of around $32 million, compared to some $23.5 million the year prior, the company said. Much of those gains came from Hive’s core cryptocurrency mining business. The company also scaled its new high-performance computing platform to around $2.6 million in sales.


On July 12, 2023, the company changed its name from Hive Blockchain Technologies to Hive Digital Technologies to reflect a pivot to hosting AI and other advanced applications. The shift was an effort to cash in on the company’s large inventory of Nvidia graphics processing unit (GPU) cards, Hive said.


Related:Bitdeer clocks 50% gross profit jump amid Bitcoin mining ramp up


Although Hive “expects to maintain a strong presence in Bitcoin mining,” the company “will diversify its business by utilizing its Nvidia GPU-based cards to build high-performance computing clusters [...] that can provide computational power on a massive scale, notably for AI compute applications,” the company said in a statement.The total hashrate for the Bitcoin network has more then doubled since early2023. Source: CoinWarz


Hive is also “branching out into the rental of GPU server clusters via marketplace aggregators and is exploring the development of a new cloud service offering,” the company said. Hive operates nine data centers in Canada, Sweden and Iceland.


The ongoing conflict in Ukraine — which disrupted energy supplies in Europe — could adversely affect Hive’s Swedish operations, the company said, adding that “the increased energy prices across Europe resulting from the conflict have been buffered partially by HIVE having forward energy agreements for the purchase of electricity.”


Bitcoin miners such as Hive have been adjusting business models to account for the Bitcoin network’s April 20 “halving” event, which reduced mining rewards from 6.25 BTC to 3.125 BTC per 210,000 blocks. The industry also struggles to navigate BTC’s extreme price volatility.


Singapore-based Bitdeer has been investing in next-generation equipment to improve mining efficiency. In 2022, Bitcoin miner Argo Blockchain sold its Helios Bitcoin mining facility in Dickens County, Texas, to asset manager Galaxy Digital for $65 million.


Magazine:How Chinese traders and miners get around China’s cryptoban# Bitcoin# Blockchain# Cryptocurrencies# Mining# Business# Bitcoin Price# Bitcoin Mining# Markets# Press ReleaseAdd reaction

News Feed

Nigeria’s Binance crackdown threatens Web3 industry
Amaka Nwaokocha10 hours agoNigeria’s Binance crackdown threatens Web3 industryAccording to Uwakwe, the head of Nigeria’s crypto intercommunity working group, investors worry about potential repercussions similar to B
Savannah Fortis12 hours agoPrime Trust bankruptcy spotted by crypto community months aheadMonths before Prime Trust filed for Chapter 11 bankruptcy, online sleuths in the crypto community were on the case and continue to
Bitcoin maxis are about to kick off the altseason as BTC turns institutional
Lucas Kiely4 hours agoBitcoin maxis are about to kick off the altseason as BTC turns institutionalAs the Bitcoin behemoth grows, we should expect some of the original OGs to depart in search of decentralized alternatives
Spanish Treasury Postpones the Definition of Crypto Tax Declaration Models Until Next Year
Spanish Treasury Postpones the Definition of Crypto Tax Declaration Models Until Next Year The Spanish treasury ministry has announced it will postpone the establishment of the com
Solidus AITECH Founder Paul Farhi Talks Artificial Intelligence and High-Performance Computing
Solidus AITECH Founder Paul Farhi Talks Artificial Intelligence and High-Performance Computing Using the world’s first AI utility token AITECH, Government Authorities, Megac
Sam Bankman-Fried Interview Reveals Dark Donations to Republicans, FTX’s ‘Poorly Labeled Accounting’
Sam Bankman-Fried Interview Reveals Dark Donations to Republicans, FTX"s ‘Poorly Labeled Accounting’ On Nov. 29, 2022, the crypto supporter and reporter, Tiffany Fong, publishe
64% of Adults from 10 Different Countries Would Use a Central Bank Digital Currency: Report
64% of Adults from 10 Different Countries Would Use a Central Bank Digital Currency: Report As central bank digital currencies (CBDCs) advance in testing, a numb
Token-Driven Karaoke Platform Gets a Boost in South Korea as Pandemic Hits Over 2,100 Singing Rooms
Token-Driven Karaoke Platform Gets a Boost in South Korea as Pandemic Hits Over 2,100 Singing Rooms Coronavirus-driven lockdowns and social distancing limits aff
David Attlee14 hours agoUkraine rolls out AI regulation roadmapThe roadmap is based on a bottom-up approach that suggests providing businesses with tools to prepare for future requirements before adopting any laws.1384 T
Tristan Greene4 hours agoResearchers claim Bitcoin experiment generated almost 300% higher returns than hodlingThe researchers tested the “efficient market hypothesis” against Bitcoin and, according to the study, wer
Ezra Reguerra58 minutes agoKraken looking to ‘solve’ industry challenges amid layer-2 rumorsThe rumors were fueled by reports citing anonymous sources and a job posting from Kraken highlighting that the company is
BTC price eyes $73K next as Donald Trump endorses right to use Bitcoin
William Suberg7 hours agoBTC price eyes $73K next as Donald Trump endorses right to use BitcoinBitcoin sets a liquidation battle to hit $73,000 for the first time in a blockbuster start to the week’s Wall Street tradin