Except for AI applications like ChatGPT, cryptocurrencies do not bring “anything useful,” according to a top executive at Nvidia.
Notwithstanding his company’s increased sales in the landscape where its strong processors are extensively used to mint digital coins, he remarked, according to News.bitcoin.
The Nvidia top executive added, the largest manufacturer of graphics processing units, cryptocurrencies “bring nothing useful to society” (GPUs). Notwithstanding his company selling numerous video cards to the industry, the executive voiced this opinion.
Other uses of their processing power, like the ones affiliated with artificial intelligence (AI) applications such as the ChatGPT chatbot, are more valuable than mining cryptocurrency, according to Nvidia’s Chief Technology Officer Michael Kagan.
The US technology firm, which is also a main provider of AI hardware and software, has been wary of the cryptocurrency market.
It attempted to limit the potential to use its GPUs to mine ether (ETH), the second-largest cryptocurrency at the time, which was common among miners.
Kagan asserted that the choice, which was intended to guarantee adequate supply for Nvidia’s loyal clients, such as gamers and AI researchers, was justified due to the limited benefit of using powerful processors to extract digital currencies.
Kagan clarified that all of this crypto stuff required parallel processing, and because [Nvidia] is the best, it was simply programmed to use for this purpose. They bought a lot of things, and it finally fell because it brought nothing useful to society. AI can.
“With ChatGPT, everyone can now create his or her machine, his or her program: you just tell it what to do, and it will do it,” he explained.
According to the newspaper, the first version of the chatbot was trained on a supercomputer comprised of approximately 10,000 Nvidia GPUs.
Microsoft currently revealed that it had obtained tens of thousands of A100s, Nvidia’s AI-focused GPUs, for OpenAI, the ChatGPT developer that Microsoft funds.
According to the British daily, 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.
Nvidia also rents out access to the chips via its DGX cloud service and is involved in other AI projects. During the firm’s annual conference last week, CEO Jensen Huang referred to the company as “the iPhone moment of AI,” and predicted that Nvidia-powered “generative AI” would “reinvent nearly every industry.”
While competing for resources such as those offered by Nvidia, cryptocurrencies and artificial intelligence are probable to collide more frequently in the future. Coinbase, a U.S. crypto exchange, revealed last week that it had evaluated ChatGPT as a tool for pre-listing risk assessment of tokens and that the results merited further investigation.
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