Canadian cryptocurrency mining company, HIVE Digital Technologies, has announced an innovative use of Ordinals in an artificial intelligence (AI) project aimed at generating art on the Bitcoin blockchain. The initiative repurposes obsolete Ethereum mining rigs, a decision taken in response to Ethereum's shift towards Proof-of-Stake. The move allows HIVE to seek alternate Ethereum mining methods while focusing on maximizing profitability.
CEO Aydin Kilic has indicated that Ordinals offer a unique chance to exploit their data-center-grade Nvidia GPUs. Using a carefully tuned model of Stable Diffusion, they will produce AI art, which will then be indelibly recorded on the Bitcoin blockchain using their hash power.
The use of Ordinals in Bitcoin is significant, allowing for the inscription of information on individual satoshis (1/100,000,000 of a Bitcoin). This facilitates the creation of NFT-like assets. HIVE has benefitted from reduced Bitcoin transaction fees resulting from the implementation of Ordinals.
HIVE's project is a broad initiative spanning numerous aspects of the company’s operations, including cloud computing platforms and custom versions of AI models. Kilic underlined their commitment to developing a comprehensive AI and Ordinals project, reinforcing their position as industry leaders in AI and Bitcoin.
Alongside its digital art pipeline, HIVE is partnering with custody providers to ease the transaction of rare sats, specifically the first Satoshi of every Bitcoin block. The company currently owns around 272 of these rare satoshis.
HIVE Digital Technologies has accomplished several significant milestones, including its IPO in 2017, its listing on the TSX Venture Exchange under the symbol HIVE.V, and its 2021 listing on Nasdaq. At the time of writing, HIVE shares are priced at $5.66, giving it a market capitalization of $477 million.
Industry luminary Michael Saylor, co-founder and executive chairman of MicroStrategy, has highlighted the immense potential of Ordinals in app development. He emphasizes its unique ability to securely store data on Bitcoin's blockchain, enabling a variety of applications that go beyond mere transactions.
The integration of Ordinals marks a significant step for HIVE Digital Technologies as it broadens its footprint in the AI art sphere on the Bitcoin blockchain, further cementing its status as an industry pioneer in the cryptocurrency sector.
