AI Boom means ‘Mining 2.0’ for crypto survivors

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Cryptocurrency miners are said to be experiencing something of a resurgence thanks to the artificial intelligence (AI) boom.

That’s according to a Sunday, July 2 report from the Wall Street Journal (WSJ), which notes that a number of crypto-related businesses have turned to AI.

Among them is Satoshi Spain, a former vendor of crypto-mining rigs, which are equipped with the same graphics chips used in AI applications. These machines weren’t in demand during the crypto winter, so Satoshi started retooling them for AI.

You can still make money from your mining rig, said Satoshi Spain founder Alejandro Ibez de Pedro. Its mining 2.0.

The graphics chips used in enterprise computer graphics processing units, or GPUs, are useful for the elaborate computations used to create cryptocurrency units and for the computational workloads needed to train computer systems. Generative AIs, the WSJ said.

The report also notes that after the Ethereum network is home to the second-largest cryptocurrency after Bitcoin ended the practice of mining new coins, tens of millions of GPUs were released for the mining industry. the AI.

About 20% of these chips can be reused to train AI models, Vipul Ved Prakash, CEO of alternative cloud provider Together, told the WSJ.

You’re seeing more and more of the crypto mining world considering participating in AI, Prakash said. This trend has begun to mature.

As crypto firms help AI, AI has the potential to reshape the crypto industry, Coinbase said in a report last month, even as investment in AI has declined (despite a flurry of media attention to the industry).

That said, the moderation in venture capital investments is not unique to the AI ​​industry, and overall there is still a record amount of dry powder that must eventually find a home, David Duong wrote, Head of Institutional Research at Coinbase.

We believe the intersection of AI and crypto represents a significant opportunity for entrepreneurs looking to build in Web3.

Duong highlighted several ways crypto and AI can collaborate. For example, he argued that cryptocurrency platforms can make AI systems more accessible, allowing people to contribute to its development at a time when a handful of major players dominate the space. generative AI.

Meanwhile, PYMNTS recently reviewed the impact of potential AI regulations on the industry.

The next few years will see major milestones reached as distinct digital empires emerge and compete for control of the future of AI technology, with Washington, Brussels and Beijing increasingly sought after for interoperability advice as that other countries are considering their own AI legislation, PYMNTS wrote last week.

This is why collaboration between industry and regulators is crucial for industry growth and the continued expansion of digital spheres of influence.

See More In: AI, artificial intelligence, coinbase, cryptocurrency, Cryptominers, cryptomining, GPU, graphics processing unit, News, Satoshi Spain, Together, What’s Hot

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