Bitcoin miner Hive sees AI-hungry tech giants driving $100m revenue gain
Hive CEO Aydin Kilic says he’s expecting that expansion in the company’s artificial intelligence division will almost double annual revenue.
In an interview with DL News, the Bitcoin mining boss said his AI fleet is already operational, and he’s looking for more opportunities.
‘This gives you a glimpse into our potential revenue’
“Our ambitious goal is to expand our AI business to achieve an annual revenue exceeding $100 million by 2025,” Kilic said. Hive posted revenue of about $121 million in 2023.
Based on those figures, Kilic’s projections means the AI unit would almost double its full-year sales haul.
It’s a sign miners are seizing on the promise of AI. By leasing computing power to companies in AI development, miners have an alternative revenue source to buffer against fluctuations in Bitcoin’s price. Kilic emphasised the resilience that AI computing brings.
He added that of the firm’s 38,000 graphics processing units, or GPUs — computers that can perform high-speed calculations — some 10% have been repurposed for AI-related tasks.
Hive posted a 118% surge in quarterly sales for the three-month period ending in December, saying it was thanks to gains in Bitcoin’s price.
In 2023, Hive mined more than 3,000 Bitcoin.
“This gives you a glimpse into our potential revenue, which significantly varies whether you calculate it at a Bitcoin price of $30,000 or $60,000,” he said.
