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Bitcoin mining agency Hive Blockchain goals to supply privacy-focused AI coaching
Introduction
Hive Blockchain, a number one Bitcoin mining agency, introduced its plans to offer prospects with the aptitude to coach massive language AI fashions in its knowledge facilities. This transfer is geared toward addressing the considerations about privateness that come up when delicate shopper knowledge is uploaded to platforms like OpenAI’s ChatGPT, which function massive language fashions. By leveraging its Hive Cloud service, the corporate goals to supply privateness, knowledge possession, and the flexibility to run AI workloads on its highly effective GPUs.
Hive Blockchain prioritizes privateness for purchasers
Aydin Kilic, the CEO and President of Hive Blockchain, emphasised the significance of privateness for corporations. He acknowledged, Corporations now are aware that they do not wish to add delicate shopper knowledge to an organization like OpenAI that has a public LLM. What we aspire to supply at Hive by way of Hive Cloud is privateness the place corporations can have a service settlement in place, possession of their knowledge and privateness and nonetheless run AI compute workloads on our financial institution of GPUs.
Rise in curiosity in AI as mining economics face challenges
Many mining corporations, together with Hive Blockchain, have began exploring AI as a option to diversify income streams amidst challenges within the mining sector. The AI trade has been experiencing important progress and attracting consideration from buyers. Nonetheless, it stays unsure whether or not mining companies can successfully compete with tech giants like Google and Amazon Net Companies, which have in depth expertise operating high-quality customer-facing knowledge facilities and profit from economies of scale.
Giant language fashions and their coaching course of
Giant language fashions are AI techniques that perceive and generate human language by using probabilistic calculations. These fashions are usually skilled on highly effective graphics processing models (GPUs). Initially designed for picture processing, GPUs have confirmed to be extremely environment friendly for operating AI workloads.
Hive’s GPU fleet and income era
Hive Blockchain boasts a fleet of 38,000 GPUs, which had been beforehand utilized for mining Ethereum. Whereas a few of these GPUs are devoted to mining altcoins, others can be found for rental or deployed inside Hive’s cloud providing. The corporate expects an annual run-rate of $1 million by way of its GPU operations. It has already generated $230,000 in income this quarter utilizing 500 GPU playing cards, in accordance with Chairman Frank Holmes.
Monetary efficiency and internet loss in FY2023
Within the fiscal 12 months ended March 31, 2023, Hive Blockchain reported revenues of $106.3 million, with a gross working margin of $50.4 million (47% of income). Although this can be a important decline in comparison with the earlier fiscal 12 months (FY2022), the place the corporate achieved revenues of $211.2 million with a gross working margin of 78% of income. Nonetheless, the online revenue for FY2023 was -236.4 million, primarily resulting from non-cash expenses, together with depreciation, gear impairment, and impairments to deposits. In distinction, the corporate reported a internet revenue of $79.6 million in FY2022.
Conclusion
Hive Blockchain goals to offer a privacy-focused resolution for coaching massive language AI fashions. By providing prospects the flexibility to run AI workloads on its fleet of GPUs, the corporate addresses considerations about knowledge privateness and possession. Nonetheless, it faces challenges in competing with established tech giants within the AI and knowledge heart house. Whereas the corporate’s financials present a decline in income and a internet loss in FY2023, it stays dedicated to exploring new alternatives in AI to reinforce its profitability.
FAQ
Q1: Why is Hive Blockchain specializing in AI coaching?
Hive Blockchain and different mining corporations are diversifying their income streams resulting from challenges within the mining sector. The AI trade presents new alternatives for progress and funding.
Q2: How does Hive Blockchain handle privateness considerations?
Hive Blockchain goals to supply privateness to its prospects by way of its Hive Cloud service. This enables corporations to have a service settlement in place, retain possession of their knowledge, and run AI workloads on Hive’s GPUs, guaranteeing knowledge privateness.
Q3: Can mining companies compete with tech giants in AI and knowledge facilities?
It stays unsure whether or not mining companies like Hive Blockchain can successfully compete with established tech giants similar to Google and Amazon Net Companies. These giants have in depth expertise and economies of scale in operating high-quality customer-facing knowledge facilities.
This autumn: How are massive language fashions skilled?
Giant language fashions are skilled utilizing probabilistic calculations. GPUs, initially designed for picture processing, have confirmed to be environment friendly in operating AI workloads and are sometimes used for coaching language fashions.
Q5: What are Hive Blockchain’s monetary outcomes for FY2023?
Hive Blockchain reported revenues of $106.3 million with a gross working margin of $50.4 million (47% of income) within the fiscal 12 months ended March 31, 2023. The corporate incurred a internet lack of $236.4 million, primarily resulting from non-cash expenses and impairments.
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