In the midst of the competition between these two domains, Hive Digital Technologies’ CEO, Aydin Kilic, emphasized the synergistic potential between Blockchain and AI.
A notable ripple in the tech sector occurred when Hive Blockchain, a cryptocurrency mining company, shed its original name, opting for Hive Digital Technologies in July.
This transformation was aimed at embracing the company’s broader engagement in artificial intelligence.
This shift mirrors a larger trend among crypto miners who are branching out beyond the realm of digital currency mining due to the lingering effects of subdued crypto valuations.
Earlier this year, in January, Riot Blockchain rebranded to Riot Platforms, signaling its expanded focus. Similarly, Applied Digital, a crypto miner, announced a significant $460 million venture in June, geared toward hosting AI cloud computing within its data center.
Since ETH mining ended in September 2022, $HIVE has been transforming its fleet of 38,000 Nvidia GPUs from miners into cloud infrastructure, marking the next stage of our evolution into a diversified data center operator.
— HIVE Digital Technologies (@HIVEDigitalTech) August 17, 2023
Read the latest HIVE Newsletter: https://t.co/raHqwMMalv pic.twitter.com/tHkVuLMtyT
In conversation with Cointelegraph, Aydin Kilic, CEO of Hive Digital Technologies, and Chairman Frank Holmes reiterated the company’s steadfast involvement in Bitcoin and cryptocurrency mining, despite its recent name alteration.
Nonetheless, they now perceive two emerging sectors, namely blockchain and AI, as inherently intertwined within the realm of Web3 development. Kilic underscored this viewpoint, noting, “Blockchain and AI can certainly coexist; they stand as foundational elements of Web3.”
Highlighting the fundamental distinctions between Web2 and Web3, Kilic proposed that AI is set to enhance the user experience within the Web3 landscape over time.
He elaborated, “AI empowers Web3 to be more adaptive. In the realm of Web2, a multitude of metadata exists, yet privacy is compromised as significant internet entities clandestinely harvest this data for their own gain.”
Continuing, Kilic elucidated, “Through blockchain, privacy is upheld, enabling individuals to retain control over their own data.
However, in the absence of this metadata, how can one cultivate a tailored web experience? This is where AI enters the equation, fostering adaptability and intuitive navigation. It’s a harmonious interplay.”
“AI’s role comes to the forefront in the realms of Metaverses and DAOs. The entirety of Web3 is still in its early stages,” Kilic emphasized. “The innovative applications of these technological pillars, widely embraced, are yet to fully emerge,” he concluded.
