crankset

im renewing my drive train. got chain, cassette etc now looking at cranksets. ive currently got a shimano m470 wich came on my bike, now im thinking of getting the m521 because it is octalink like my old one. but this new 1 also says hollowtech, is it compatible with my BB???
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why not just replace the rings?
Parktools :?:SheldonBrown