HIVE is a company of continuous evolution.
In 2017 the company primarily focused on mining Ethereum with GPUs. The reason was simple: mining ETH had far higher margins than Bitcoin. This was due to the fact that many miners expected Ethereum to switch to proof-of-stake (the Merge) in the near future, so most were reluctant to invest in it.
For 5 years the Merge was always “6-12 months out”. Competition was minimal and HIVE leadership, having assessed the situation shrewdly, took full advantage of the opportunity.
In April of 2020, HIVE got serious about diversifying into Bitcoin with the purchase of a 30 Megawatt (MW) facility in Lachute, Canada. The company followed this up with the acquisition of GPU One’s 50 MW (now 70 MW) site in New Brunswick, Canada. These two locations are the heart of HIVE’s 3.3 Exahash of active Bitcoin mining today.
Since Ethereum’s Merge ended ETH mining in September of last year, we’ve been transforming our fleet of 38,000 Nvidia GPUs from miners into GPU cloud infrastructure. This is the next stage of HIVE’s evolution into a diversified data center operator.
HIVE leadership has been hitting the media circuit to get the message out. Here are some of the highlights of the last month.
Nasdaq Interview on GPUs and AI
HIVE Executive Chairman Frank Holmes talks with Nasdaq’s Jill Malandrino about HIVE’s fleet of Nvidia GPUs and their incredible utility when it comes to AI and machine learning.
Bitcoin Mining and AI with HIVE Digital
In this interview with the Bitcoin Magazine podcast, HIVE Executive Chairman Frank Holmes and President & CEO Aydin Kilic discuss the GPU cloud opportunity and the state of Bitcoin mining.
HIVE is Pioneering the Crypto Mining Market
In this episode of The Market Mindset, HIVE’s President & CEO Aydin Kilic discusses HIVE’s GPU initiatives, energy markets, and much more.
Frank and Aydin talk about Bitcoin mining, GPUs, AI and more with Compass Mining’s Will Foxley.
Bitcoin Regulation, Recycling Heat, and AI
Frank Holmes talks with The Deep Dive’s Cassandra Leah about HIVE’s environmental initiatives, regulatory issues, and its push into the GPU cloud market.
Crypto miner Hive CEO anticipates $100M annual revenue from GPU computing
Blockworks explores HIVE’s shift from mining ETH to powering GPU cloud applications.
Cheers,
Adam Sharp