HIVE Digital Technologies CEO Aydin Kilic discusses strategic growth in AI and crypto mining
(NewsDirect)
HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) president and CEO Aydin Kilic joined Stephen Gunnion in Proactive's London studio with insights into the company’s transition and growth.
Initially established as the first publicly traded crypto mining company in 2017, HIVE began by mining Ethereum in Iceland before expanding to Sweden and Canada. Following Ethereum's transition during the merge, HIVE pivoted its GPU resources from Ethereum to Bitcoin mining and later to AI computing. This strategic shift has proven profitable, with the AI computing segment achieving a $1 million annual run rate in its initial beta test phase and growing to an almost $10 million Internal Rate of Return (IRR) in the subsequent year.
Kilic also discussed the operational differences between the company's rugged crypto mining facilities and its refined, high-performance tier-three data centers, located strategically to leverage green energy sources like hydropower and geothermal energy. These centers are distinct in their operations, focusing either on AI computing or Bitcoin mining, each with substantial revenue potential. Moreover, Hive manages to keep a balanced approach by maintaining efficiency in Bitcoin operations, leveraging market cycles to optimize investment and profit from fluctuations in Bitcoin prices.
Kilic highlighted the company’s financial health, noting its significant Bitcoin treasury and minimal debt, providing stability amidst market volatility.
Looking ahead, Hive aims to expand its AI revenue significantly, with ambitious targets set for the upcoming quarters, further solidifying its dual approach to leveraging both AI and Bitcoin mining for growth and investor value.
Contact Details
Proactive North America
+1 604-688-8158
NA-editorial@proactiveinvestors.com
Copyright (c) 2024 TheNewswire - All rights reserved.
Please make the indicated changes including the new text: US quotes snapshot data provided by IEX. Additional price data and company information powered by Twelve Data.