This corporate giant says crypto is a burden on society as it builds tech for miners – InsideBitcoins.com
Nvidia Chief Technology Officer Michael Kagan has reportedly said he sees no significant societal benefit from cryptocurrency mining.
Nvidia, a major hardware manufacturer, has profited from this industry. However, Kagan’s recent remarks suggest a potential shift in the company’s stance on the controversial sector.
Nvidia Chief Technology Officer Michael Kagan has expressed his belief that cryptocurrency does not significantly benefit society. Kagan attributed Nvidia’s past profitability in the crypto industry to the fact that the industry required parallel processing, and Nvidia is known to have the best similar processing capabilities.
However, Kagan said the crypto industry ultimately collapsed because it lacked societal value. In contrast, Kagan believes artificial intelligence (AI) has more potential to bring significant benefits to society. Despite Kagan’s stance, Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, have seen gains in value recently. Moreover, the emergence Web3 game industry attracted significant venture capital funds.
According to recent reports, Kagan also pointed out that while people may engage in crazy behaviors, companies shouldn’t focus on supporting them. Nvidia, a leading hardware manufacturer, has had a mixed relationship with the crypto industry.
While the demand for powerful graphics cards for cryptocurrency mining generated profits for the company, it also caused supply shortages. However, with Ethereum’s recent move to a more power-efficient proof-of-stake model, the demand for Nvidia graphics cards for mining purposes has diminished.
Despite this, the company’s parallel processing capabilities could still be applied in other areas, such as artificial intelligence, which Kagan sees as having greater potential to benefit society.
Nvidia Faces Challenges With Cryptocurrency Mining Industry Opting For AI Technology
Nvidia’s relationship with the cryptocurrency mining industry was strewn with pitfalls. The pandemic-related chip shortage and high demand for powerful graphics cards for mining has led to exorbitant prices, making it difficult for gamers to acquire the latest generation of graphics cards.
To discourage crypto miners, Nvidia initially tried to limit the hash rate of its products, but hackers quickly circumvented this decision. Subsequently, the company launched specialized products, such as the Nvidia Cmp Hx chip, which was specially designed for crypto mining. The chip is advertised on Nvidia’s website as suitable for “professional mining operations”.
Nvidia is also making waves in the automotive industry with its Drive Hyperion platform, which takes a hybrid approach between Qualcomm and Mobileye. The platform is agnostic and easily adaptable, making it a strong contender when ADAS moves to fully automated levels. Nvidia’s more comprehensive suite of solutions, including the Omniverse, also addresses several aspects of cockpit functionality.
According to Oliver Blanchard, Nvidia is using ADAS as a springboard to launch and scale additional connected automotive platforms. This approach is similar to Qualcomm’s digital chassis strategy. ADAS should also turn into an AI-driven automotive platform model that encompasses autonomous driving, assistant/concierge/driver functions, adaptive connectivity, power management and management of infotainment and telematics.
This evolutionary path to an “AI-defined” approach to vehicle design is exciting for car owners and robotaxi operators. Nvidia appears to be at the forefront of this trend, and its Drive Hyperion platform is set to become a big player in the future of automated driving.
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