From Bitcoin to Ethereum, cryptocurrencies have been heralded as the new method of online payment.
But according to one expert, despite consuming enormous quantities of processing power, they “bring nothing useful to society.”
Cryptocurrencies will never ‘do something positive for humanity,’ according to Michael Kagan, chief technology officer at chipmaker Nvidia.
According to the expert, AI, including ChatGPT, benefits the public and uses energy more efficiently.
Recent research indicates that mining cryptocurrencies to generate new coins and verify transactions is more environmentally damaging than cattle production.
Kagan told that the creation of chatbots similar to ChatGPT was more valuable than crypto mining.
San Francisco-based OpenAI trained ChatGPT on a massive amount of text to answer queries like a human.
Since its November release, it has been used to compose essays, prescribe antibiotics, deceive job recruiters, and create beer recipes.
“With ChatGPT, anyone can now create his or her machine and program,” said Kagan.
If it doesn’t work, just say, “I want something else.”
Kagan stated that cryptography is not “something that will do something good for humanity.”
Cryptocurrencies are the internet’s form of currency, consisting of unique pieces of digital code that can be transmitted between parties.
Mining allows individuals to earn cryptocurrencies by solving computational problems that verify the currency’s transactions.
“All this crypto stuff required parallel processing, and [Nvidia] is the best, so it was simply programmed for this purpose,” Kagan explained.
They purchased a great deal of useless merchandise, which eventually led to its demise, as it contributes nothing to society. AI does.’
His remarks were made even though Nvidia sold graphics processing units (GPUs) for use in cryptocurrency mining, despite having released software in 2021 that was deliberately biased against the practice.
Instead, the U.S. firm prefers to supply its chips to the gaming industry, where they help render graphics and images by conducting rapid mathematical calculations.
It also supplies GPUs to smart vehicles and robotics, including Tesla and Amazon.
Matt Wuebbling, global director of GeForce marketing at Nvidia, previously told that [GPU] users are continually discovering new applications for them, including weather simulation, gene sequencing, deep learning, and robotics.
Cryptocurrency mining is one of them.
Microsoft announced earlier this month that it had recently acquired tens of thousands of Nvidia AI-focused GPUs to support OpenAI, the company behind ChatGPT.
Microsoft is an investor in the company, and the two are collaborating to accelerate “AI breakthroughs.”
