Nvidia, the US chip-maker, has expressed its belief that cryptocurrencies offer no “useful” contribution to society, despite its powerful processors being in high demand from the sector. Michael Kagan, the company’s chief technology officer, stated that processing power is better used in areas such as artificial intelligence (AI) rather than crypto mining. Nvidia has previously attempted to limit the use of its graphics cards for mining the popular Ethereum cryptocurrency to ensure supply went to its preferred customers, including AI researchers and gamers. Kagan claimed that the decision was justified given the limited value of using processing power for mining. He suggested that Nvidia’s products, such as the ChatGPT AI chatbot, have greater worth for society. In contrast, Kagan stated that cryptocurrencies were more akin to high-frequency trading, which he argued has done little good for humanity. He described Nvidia’s products as the engine behind “the iPhone moment of AI”, which would revolutionise almost every industry.
Nvidia dismisses crypto as 'pointless' for society while focusing on AI advancements
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