Unlike artificial intelligence applications like Chatgpt, cryptocurrencies do not bring “anything useful,” a senior executive at US chipmaker Nvidia is convinced. The comment comes despite his company making significant sales in the space where its powerful processors are widely used to mint digital currencies.
Chatbot Development Is More Valuable Than Crypto Mining, Nvidia Exec Says
Cryptocurrencies “do not bring anything useful to society,” according to a senior representative of Nvidia, the leading maker of graphics processing units (GPUs). The executive expressed this opinion despite the fact that his company sells quantities of video cards to the industry.
Other uses of your processing power, such as those associated with artificial intelligence (AI) applications such as chat point chatbot, are worth more than crypto mining, Nvidia CTO Michael Kagan told The Guardian.
The American tech company, which is also a major provider of artificial intelligence hardware and software, has not been very interested in the cryptocurrency market. Two years ago, he tried to restrict the ability to use his GPUs to mint ether (ETH), the second largest cryptocurrency, which was popular with miners at the time.
Kagan insisted that the decision, which was meant to ensure a sufficient supply for Nvidia’s preferred customers such as gamers and AI researchers, among others, was justified due to the limited value of using the powerful processors to mine digital currencies.
“All this cryptographic stuff needed parallel processing, and (Nvidia) is the best, so people just programmed it to use it for this purpose. They bought a lot of things, and finally it collapsed, because it does not bring anything useful to society. The AI does it,” Kagan explained.
“With Chatgpt, everyone can now create their own machine, their own program – just tell it what to do and it will do it,” he explained. The first version of the chatbot was actually trained on a supercomputer made up of some 10,000 Nvidia GPUs, the newspaper commented.
Microsoft recently announced that it had purchased tens of thousands of A100s, Nvidia’s AI-focused GPUs, for Openai, the Chatgpt developer that funds the software giant. Nvidia also sold 20,000 units of its successor, the H100 chip, to Amazon for its cloud service, AWS, and another 16,000 to Oracle, the British newspaper detailed.
Nvidia also rents access to the chips through its DGX cloud service and is involved in other AI projects. During his annual conference last week, CEO Jensen Huang referred to the company as the engine behind the “iPhone AI moment” and predicted that Nvidia-powered “generative AI” would “reinvent almost every industry.”
As they compete for resources like those provided by Nvidia, cryptocurrencies and artificial intelligence are likely to intersect more and more in the future. Last week, US crypto exchange Coinbase announced that it had tested Chatgpt as a tool for risk assessment of tokens prior to listing, saying the results warranted further investigation.
What is your opinion on the statements of the Nvidia technology executive on cryptocurrencies and artificial intelligence? Share your thoughts on the subject in the comments section below.
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