HIVE Sees AI Earnings Surge as it Abandons Bitcoin Mining Dominance

HIVE Digital Technologies is rapidly expanding its artificial intelligence computing business, which is expected to account for more than half of its revenue this year.

The company's Executive Chairman, Frank Holmes, revealed that AI currently contributes about 10% of HIVE's revenue but anticipates a significant increase as it expands its AI computing operations.

Holmes attributed the shift in focus to the vastly improved economics of AI computing compared to Bitcoin mining. According to him, application-specific integrated circuit (ASIC) Bitcoin mining machines generate around $0.12 to $0.14 per hour, whereas an Nvidia H100 GPU can generate nearly $2 per hour.

Even older GPUs can earn roughly $1.40 per hour, about 10 times the hourly revenue of mining machines, as noted by Holmes. This disparity in earnings is driving HIVE's decision to prioritize AI computing and capitalize on its increased profitability.