Bitcoin Miner HIVE Expects AI to Account for More Than Half of Revenue This Year

HIVE Digital Technologies is accelerating the expansion of its artificial intelligence computing business, with the company expecting AI to account for more than half of its revenue this year, Executive Chairman Frank Holmes said during TheStreet Roundtable on July 29. 

Holmes said AI currently contributes about 10% of HIVE’s revenue, but the company expects that share to increase to more than 50% over the course of the year as it expands its AI computing operations.

Highlighting the economics behind the shift, Holmes said application-specific integrated circuit (ASIC) Bitcoin mining machines generate about $0.12 to $0.14 per hour. By comparison, 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, according to Holmes.

Source: The Street