michael kaganCTO of NVIDIA, recently gave an interview to Guardian in what has bubbles raised in the cryptomining sector. Kagan assured that cryptocurrencies “They don’t bring anything useful to society” and, on the contrary, wanted to increase the potential of modern artificial intelligence, such as the Open AI chatbot ‘ChatGPT’.
NVIDIA CTO attacks the crypto mining industry
The American manufacturer of processors NVIDIA, better known for produce powerful graphics cards for PC, has been battling the cryptocurrency industry for some time now. In 2021 the company reached release software that artificially restricted the ability to use graphics cards to mine cryptocurrencies ethereumand more recently your technology directorMichael Kagan, spoke to Guardian about little value he sees in cryptocurrencies in our society.
“The whole issue of encryption they needed parallel processing, and NVIDIA is the bestso people just programmed them to use them for that purpose”, Kagan commented to the newspaper about the use of cryptomining on his company’s graphics cards. To which he bluntly added: “They bought a bunch of cards and finally everything collapsed, because it does not bring anything useful to society. The AI does”.
NVIDIA was one of the most benefited companies by the cryptocurrency mining fever.
As Kagan alludes, cryptocurrency farms used thousands of NVIDIA graphics cards to mine, and the market ran out of stock quicklyhurting communities along the way players from around the world and even to professionals who needed the cards to work. O card prices have doubled during this stock market crisis, but now that the worst is over, the truth is that prices haven’t dropped back to its original state.
Kagan, actually. finds artificial intelligence technology much more interesting and believes that the processing power of AI can be very useful for society. “With ChatGPT, now everyone can create their own machine, its own program: just tell it what to do and it will do it. And if it doesn’t work out the way you want it, you say ‘I want something different'”Kagan said.
It must be remembered that precisely the first version of ChatGPT trained on a supercomputer composed of a few 10,000 NVIDIA graphics cards. “I never believed that cryptocurrencies would do something good for humanity”Kagan continues. “You know, people do crazy things, they buy your stuff, you sell them stuff. But you don’t redirect the company to endorse whatever it is”.
“I never believed that cryptocurrencies would do something good for humanity”Kogan commented.
In 2022, NVIDIA was seen forced to pay $5.5 million as part of the settlement with the SEC (Securities and Exchange Commission) due to the fact that did not inform investors about how mining has affected demand for GPUs. According to the SEC filing and a subsequent report by the CNBC, NVIDIA was aware that cryptocurrency mining was driving part of their business and it was even alleged that senior members of the company’s board wanted to go after the cryptocurrency mining market.
a few weeks ago Microsoft bought tens of thousands of processors to NVIDIA to power the Open AI workload. At the annual conference hosted by NVIDIA recently, Jensen Huang, CEO of the company, described the company as the driving force behind AI, and said the AI his company powers “he will reinvent almost every sector”.