Nvidia’s chief technology officer, Michael Kagan, believes that ChatGPT and other artificial intelligence (AI) solutions are more valuable than cryptocurrencies. Meanwhile, Nvidia is a chipset manufacturer that has sold cryptocurrency miners equipment worth billions of dollars.
In a statement, the executive told the Guardian that
“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 eventually it collapsed because it doesn’t bring anything useful to society. AI does.”
Michael Kagan prefers AI solutions to crypto
ChatGPT is a popular Artificial Intelligence (AI) technology, and according to experts, the world is in the early stages of the AI revolution. The original version of Open AI’s ChatGPT was trained using about 10,000 Nvidia chipsets.
Using ChatGPT, everyone may now build their own machine and software, according to Michael Kagan. Humans might just direct it to do anything, and it would. He noted,
“And if it doesn’t work the way you want it to, you tell it, “I want something different.”
He continued by noting that, in contrast to AI, he had never thought that cryptocurrencies would benefit humanity. He compared them to high-frequency trading.
Nvidia chipsets, however, were frequently used by proof-of-work miners, who depend on equipment in order to have a chance to mine cryptocurrency. For example, these cards are still in use to mine Ethereum Classic’s Ethash-based networks.
Nvidia specifically targets AI researchers and gamers
The Santa Clara-based technology corporation, on the other hand, never extended a hand of friendship to the crypto world. Nvidia allegedly introduced software in 2021 that deliberately limited the ability to use their graphics cards to mine Ethereum cryptocurrency before the world’s second-largest coin switched to the PoS mechanism.
This was done in an effort to make sure that their preferred clients, such as AI researchers and gamers, got supplies of their chipsets. According to Kagan, the decision was justifiable due to the low value of employing computing power to mine cryptocurrency.
Nvidia’s CEO, Jensen Huang, likewise referred to his organization as the driving force behind “the iPhone moment of AI” and asserted that the “generative AI” that his business supports will reinvent practically every sector. He reportedly said this at the company’s annual conference last week.
While Nvidia and its CTO, Kagan may have a point about the limited value of using processing power to mine cryptocurrencies, it’s important to note that the potential applications of blockchain technology and cryptocurrencies go far beyond just mining coins. From supply chain management to secure voting systems, there are many promising use cases and solutions this technology is offering.
