HIVE Digital Technologies, a well-established Canadian cryptocurrency mining company, has recently announced the successful integration of Ordinals, an innovative artificial intelligence (AI) project. The initiative seeks to repurpose outdated Ethereum mining rigs for the purpose of generating art on the Bitcoin blockchain. This aligns with the company’s strategic approach to optimize profitability during Ethereum’s transition to Proof-of-Stake.
As per the CEO, Aydin Kilic, Ordinals offers a unique opportunity to leverage their data-center-grade Nvidia GPUs in an innovative way. The AI-generated artwork will be permanently recorded on the Bitcoin blockchain using their hash power, by utilizing calibrated models of stablecoin circulation.
Ordinals have had a significant impact by allowing the precise recording of information on individual satoshis, which are equivalent to 1/100,000,000 of a bitcoin. This advancement has facilitated the creation of assets similar to NFTs. The implementation of Ordinals Inscription has yielded positive outcomes for HIVE, such as a decrease in Bitcoin transaction fees.
HIVE’s comprehensive initiative encompasses multiple facets of the company’s operations, which include customized versions of cloud computing platforms and artificial intelligence models. This initiative highlights Killick’s expertise as a prominent industry leader in the fields of AI and Bitcoin.
HIVE not only operates a digital art pipeline but also engages in partnerships with custody providers to facilitate the transaction of rare satoshis. These satoshis are particularly valuable, especially the initial satoshi of each Bitcoin block. Currently, HIVE holds approximately 272 of these rare satoshis.
HIVE Digital Technologies has accomplished notable achievements, such as its successful initial public offering in 2017 and subsequent listing on the TSX Venture Exchange in Canada under the symbol HIVE.V. This was further followed by a listing on Nasdaq in 2021. Currently, the shares of HIVE are valued at $5.66, leading to a market capitalization of $477 million.
Michael Saylor, a distinguished co-founder and executive chairman of MicroStrategy, possesses a deep understanding and appreciation for the significant opportunities that Ordinals present in the realm of application development. The user highlights the secure data storage capabilities of Bitcoin’s blockchain, which allows for a wide range of applications beyond traditional transactions.
The addition of Ordinals represents a significant achievement for HIVE Digital Technologies, further establishing its prominent role in the cryptocurrency sector, specifically within the AI arts domain on the Bitcoin blockchain.