Canadian crypto miner HIVE has disclosed to be involving Ordinals in one of its many Artificial Intelligence projects. 
HIVE CEO Aydin Kilic has also stated that they will use their own GPU to create generative AI art.

HIVE Digital Technologies, a Canadian crypto miner has disclosed that it would be using Ordinals in one of its AI initiatives. According to the report, it would involve old Ethereum mining rigs to inscribe generative art on Bitcoin blockchain.

According to HIVE CEO Aydin Kilic, this initiative is an exercise in technical prowess, and Ordinals would enable it to use its fleet of data-center-grade Nvidia GPUs by providing a new way. 

After a decision by Ethereum to switch to the Proof-of-Stake, it used the data-center-grade Nvidia GPUs to mine altcoins. In this case, it changed the way transactions are verified on the network and drastically reduced its energy consumption. The post-merge event forced the company to explore alternatives to Ethereum mining. Generative art pipeline using new technologies is said to be perfectly in line with its corporate strategy of maximizing profit. 

Kilic said:

We will create generative AI art with our own GPUs, on our own fine-tuned model of Stable Diffusion, […] and then use our hash power on the Bitcoin network to inscribe those on the Bitcoin blockchain.

Since its inception, Ordinals has led several innovations with Bitcoin. Just as people inscribe data on individual satoshi, equal to 1/100,000,000 of a whole Bitcoin to create NFT-like assets on Bitcoin, Ordinals has been a windfall for Bitcoin miners. For the past few months, Bitcoin transaction fees from Ordinals inscription have come down after the popularity of BRC-20 tokens sent it high. 

More on the HIVE Initiative

According to Kilic, the HIVE project is a very ambitious one since it taps into different areas of the HIVE business. This is said to include cloud computing platforms and custom versions of AI models like Stable Diffusion.

We want to do a soup-to-nuts AI and Ordinals project that’s fully integrated. It’s a reflection of our core competencies as a technology leader in the AI and Bitcoin space.

In addition to creating a digital art pipeline, Kilic disclosed that HIVE is closely working with its custody providers to transact uncommon sats which are found through Ordinals. These uncommon sats are the first Sat of each Bitcoin block. With this, about 272 of them are in possession of HIVE. 

HIVE can boast of several achievements since its inception including going public in 2017 and trading on TSX Venture Exchange in Canada using the symbol HIVE.V. Under the HIVE, it has been trading on Nasdaq since 2021. As of press time, its shares were exchanging hands at $5.66 with a market cap of $477 million. 

Recently, MicroStrategy co-founder and executive chairman Michael Saylor mentioned that Ordinals has a huge potential in app development. He also observed that the ability to commit data to Bitcoin’s blockchain that is not related to transactions has several potential applications.

The whole idea of burning a piece of data on the blockchain opens the door to the possibility that I might burn a digital signature, or I might burn a registration, or I might burn a hash of a document.

 

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Filed under: Bitcoin - @ July 22, 2023 5:09 pm