Since Ethereum mining ended in September 2022, former cryptocurrency mining company HIVE Digital Technologies has turned its vast GPU resources into a cloud infrastructure powerhouse.
According to a recent X post, the move reflects a shift from cryptocurrency mining to a broader focus on data center operations and artificial intelligence applications. In 2017, the company, formerly known as Hive Blockchain, was primarily mining. ethereum It uses GPUs and takes advantage of higher profit margins compared to Bitcoin mining. Experts say Ethereum’s anticipated move to proof-of-stake (merge) has kept many miners at bay and presented a unique opportunity for Hive.
Since ETH mining will end in September 2022, $HIVE transforms 38,000 Nvidia GPUs from miners to cloud infrastructure, marking the next stage in its evolution into a diversified data center operator.
— HIVE Digital Technology (@HIVEDigitalTech) August 17, 2023
However, as the Ethereum landscape evolved, HIVE began to diversify its operations. In April 2020, the company made an important achievement. move It entered bitcoin mining by acquiring a 30 MW facility in Lachute, Canada, followed by GPU One’s 50 MW (later expanded to 70 MW) site in New Brunswick, Canada. These two sites now form the core of HIVE’s 3.3 Exahash of active Bitcoin mining capacity.
Reusing Nvidia GPUs
Things changed in September 2022 when Ethereum was highly anticipated. merge Put an end to ETH mining. Despite this development, HIVE embarked on a strategic shift to re-establish itself as a diversified data center operator. The company has begun converting his 38,000 of his Nvidia GPUs, previously used for mining, into a powerful GPU cloud infrastructure.
This transformation is particularly timely given the growing demand for cloud services and artificial intelligence applications. NvidiaCalifornia-based GPU tech giant Nvidia’s stock has reportedly surged 53% since its May earnings report sparked the AI frenzy driving the Nasdaq 100 bullish trend. Notably, NVIDIA’s stock price rose by $221. % up from January and up 315% from October last year. This growth is driven by the company’s strong financial performance and ability to capitalize on the AI boom.
According to news giant Forbes, NVIDIA’s stock price is on the rise, with the price-to-earnings ratio, a measure that compares the stock price and the company’s earnings over the past year, from about 50 times to a staggering 250 times compared to last time. soared to autumn. This surge is in stark contrast to his median PER of 25 across the S&P companies.
Analysts bullish on Nvidia
Despite its impressive rally, many analysts believe Nvidia’s stock still has room to grow. According to Forbes, the $538 consensus price target implies a 12% upside. Rosenblatt investment bank and agency broker analyst Hans Mosesmann said the $800 target is the highest on Wall Street, adding that NVIDIA is “uniquely positioned when it comes to software and AI solutions.” writing. He believes NVIDIA’s valuation could bring him to $2 trillion, making it the world’s fourth-largest company after Apple, Microsoft and Saudi Aramco.
“This is the mother of all cycles.”@RBLTSecurities Analyst Hans Mosesmann thinks: $NVDAHis AI-powered stock gains this year could be even higher, raising his price target to a street high of $800. pic.twitter.com/Fgaoz6fmXP
— Squawk of the Street (@SquawkStreet) August 18, 2023
According to relevant reports, according to recent reports, post, Nvidia has begun rolling out access to PC Game Pass and Microsoft Store titles on its GeForce Now streaming service. According to the report, PC Game Pass subscribers will be able to access Microsoft’s first-party games like Deathloop and Grounded starting August 24, as well as titles like No Man’s Sky and Mount & Blade II: Bannerlord. third-party titles will also be available for streaming.