NVIDIA gives up on crypto, says using GPUs for AI more worthwhile than mining
NVIDIA seems to have given up on crypto altogether as the company is now purely focused on the new AI trends like ChatGPT.
NVIDIA Says Crypto Mining And Cryptocurrencies Add Nothing Of Value To Society As Green Team Focuses On AI
The statement comes from NVIDIA’s CTO, Michael Kagan, who in an interview with The Guardian stated that cryptocurrencies do not bring anything useful to society. It’s an interesting statement coming just a few days after GTC 2023 where NVIDIA’s CEO had a lot to talk about AI or artificial intelligence and how it’s the most important thing for the computing world.
“All this crypto stuff, it needed parallel processing, and [Nvidia] is the best, so people just programmed it to use for this purpose. They bought a lot of stuff, and then it finally collapsed, because it doesn’t bring anything useful to society. AI does it, Kagan told the Guardian.
“I never thought it was something that would do anything good for humanity. You know, people do crazy things, but they buy your stuff, you sell it. But you don’t redirect the company to support whatever it is.”
via The Guardian
Michael goes on to state that there are several other uses for the GPUs and their processing power, such as artificial intelligence in the form of ChatGPT rather than using the GPUs for crypto mining, which is not as lucrative as it used to be for some years ago. NVIDIA CEO Jensen Huang said during GTC 2023 that he hand-delivered the first supercomputer to OpenAPI itself to power ChatGPT’s servers.
NVIDIA’s history with Cryptocurrencies and Crypto Mining has been mixed. While the company has actively tried to limit the use of its gaming hardware and GPUs for mining purposes, the company released a crypto-specific graphics card series known as NVIDIA CMP that was made exclusively for mining purposes. Furthermore, the company saw a boost in its revenue during the mining boom, and despite the LHR cards, the company still saw several of its major partners providing GPUs to major crypto consumers.
The company had to pay $5.5 million to settle a dispute with the SEC for not informing investors about the revenue the company earned from selling mining GPUs. Due to high demand, the company faced an overstock of GPU inventory that took several quarters to normalize. During that time, graphics card prices also reach sky-high levels. Only in its recent earnings did NVIDIA confirm that the inventory supply and price increase had been fully resolved.
Source: The Guardian ; Video cardz
