NVIDIA charged against cryptocurrencies ensuring that do not contribute anything useful to society. After years of benefiting from selling video cards to mine crypto, the company decided to turn its back completely. Instead, the manufacturer believes that it is better to use processing power in artificial intelligence chatbotslike ChatGPT.
In an interview with GuardianNVIDIA CTO Michael Kagan said that I never considered that cryptocurrencies would do something good for humanity. The manager mentioned that its low profit would have been the cause of its collapse.
All these cryptographic things needed parallel processing and [NVIDIA] it’s the best so people just programmed it to use it for that purpose. They bought a lot of things and finally collapsed because it doesn’t bring anything useful to society.
Yes well cryptocurrencies generated millionaire revenue for NVIDIA, the truth is that the company never accepted them. The shortage of chips and the demand for miners left consumers with no options to upgrade their GPU. During the pandemic, the crisis reached unsuspected levels and caused some users to buy old cards at absurd prices.
The company tried to deal with this through software and later, with an LHR (Lite Hash Rate) limiter that Accelerated performance for mining on all GeForce RTX 30 models. The latter was not only frowned upon by miners, but also by a group of hackers who broke into NVIDIA’s systems a year ago. One of LAPSUS$’s demands was that the company remove the mining limiter, otherwise confidential information, including source code, would be leaked.
NVIDIA says ChatGPT is better than cryptocurrency
The cryptocurrency’s fall during the second half of 2022 was a moment many consumers had been waiting for. The scarcity of cards and the abusive prices of card resale caused a generalized hatred against miners and money changers. Gradually, prices for the RTX 30 series stabilized and some managed to get rid of their old GTX 780
O artificial intelligence and ChatGPT now represent NVIDIA’s main source of revenue. In the interview, Michael Kagan stated that using the processing power of his chips in AI is more worthwhile than mining cryptocurrencies.
I never believed that cryptocurrencies would do something good for humanity. You know, people do crazy things, but they buy your stuff, you sell them stuff. But you don’t redirect the company to endorse anything
With ChatGPT, now everyone can create their own machine, their 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’s statements are based on Microsoft’s $1 million investment in OpenAI, which led to the purchase of thousands of A100 chips, each estimated to cost $10,000. In addition, NVIDIA also leases access to DGX cloud servers with prices starting at $9,000 per month for a team with four A100 GPUs, or $37,000 for the option with eight H100 accelerators based on the Hopper architecture.