HIVE Digital Technologies Embraces Ordinals for AI Art on Bitcoin Blockchain
HIVE Digital Technologies, a Canadian cryptocurrency mining company, has recently announced its integration of Ordinals into an artificial intelligence (AI) project. This initiative focuses on repurposing outdated Ethereum mining rigs to generate art on the Bitcoin blockchain. The decision was made in response to Ethereum’s transition to Proof-of-Stake, prompting HIVE to explore alternative options for mining Ethereum and align its strategic approach with the goal of maximizing profitability.
The CEO, Aydin Kilic, stated that Ordinals would provide them with the opportunity to leverage their data-center-grade Nvidia GPUs in a novel manner. This involves employing a meticulously calibrated model of Stable Diffusion to generate AI art, which will then be permanently recorded on the Bitcoin blockchain using their hash power.
The influence of ordinals on Bitcoin has been noteworthy, as it enables the recording of information on individual satoshis, which are equivalent to 1/100,000,000 of a Bitcoin, thereby facilitating the creation of assets similar to NFTs. HIVE has experienced favorable outcomes due to the decrease in Bitcoin transaction fees resulting from the implementation of Ordinals inscription.
The HIVE project is an extensive initiative that encompasses multiple facets of the company’s operations, encompassing cloud computing platforms and tailored iterations of artificial intelligence models. Kilic highlighted their commitment to developing a comprehensive AI and Ordinals project, demonstrating their proficiency as industry frontrunners in the fields of AI and Bitcoin.
In addition to its digital art pipeline, HIVE is engaging in collaborations with custody providers to facilitate the transaction of rare sats, specifically the initial Satoshi of every Bitcoin block. HIVE currently possesses approximately 272 of these rare satellites.
HIVE Digital Technologies has achieved significant milestones since its establishment, including its initial public offering in 2017 and subsequent listing on the TSX Venture Exchange in Canada under the symbol HIVE.V. In 2021, the company further expanded its presence by listing on Nasdaq. As of the time of writing, HIVE’s shares are valued at $5.66, resulting in a market capitalization of $477 million.
Michael Saylor, the esteemed co-founder and executive chairman of MicroStrategy, has duly recognized the immense potential of Ordinals in the realm of app development. He specifically emphasizes its remarkable capability to securely store data on Bitcoin’s blockchain, thereby enabling a wide range of applications that extend beyond mere transactions.
The incorporation of Ordinals represents a notable milestone for HIVE Digital Technologies as it expands its presence in the AI art sector on the Bitcoin blockchain, reinforcing its standing as a pioneering force in the cryptocurrency industry.