Despite the rivalry between the two sectors, Hive Digital Technologies CEO Aydin Kilic believes that blockchain and AI can mutually benefit each other. In a significant move, Hive Blockchain, a crypto mining firm, changed its name to Hive Digital Technologies in July to reflect its venture into artificial intelligence. After the end of ETH mining in September 2022, HIVE has been converting its fleet of 38, 000 Nvidia GPUs into cloud infrastructure, signaling the next phase of its evolution as a diversified data center operator. To learn more, you can read the latest HIVE Newsletter: [insert link]. Hive Digital Technologies CEO Aydin Kilic and Chairman Frank Holmes reaffirmed the company's involvement in Bitcoin and crypto mining, despite the name change, but also emphasized the symbiotic relationship between the nascent sectors of blockchain and AI in Web3 development. Kilic suggests that AI will enhance the user experience of Web3 over time, making it more adaptive and intuitive, while still allowing users to have privacy and ownership of their own data with blockchain technology. Both Kilic and Holmes acknowledge that the widespread adoption of these technologies is yet to be seen.

Hive Digital Technologies, which became the first publicly traded crypto mining company, established its first Bitcoin mining center in 2014 and went public in 2017. Holmes credits the company's ability to adapt to new technologies to the lessons learned from mining Bitcoin and Ethereum. The experience gained from mining Ethereum, in particular, provided insights into the need for a broad scope of products and technical knowledge to take advantage of emerging technologies. Instead of purchasing chips solely for mining purposes, Hive invested in chips that allowed for dual processing, facilitating both mining and high-performance computing simultaneously. The company also anticipated Ethereum's transition to Proof of Stake and made strategic decisions accordingly. Kilic highlights that Hive remains focused on Bitcoin and crypto mining, with plans to increase its Bitcoin mining capacity from four exahash to six exahash by the end of December. Kilic also provides a breakdown of how their fleet of Nvidia GPUs is currently utilized, with 500 GPUs engaged in AI or high-performance computing while the remaining 37, 500 GPUs are dedicated to proof of work mining of various altcoins using a profit-switching algorithm.