“You can still make money with your mining equipment.. It’s mining 2.0,” said Alejandro Ibanez de Pedro, founder of Satoshi Spain;
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The company’s equipment is now being used to train artificial intelligence (AI) algorithms for various startups and universities in Europe.
Satoshi Spain is not the only company in the cryptocurrency market that has noticed the rapid growth in popularity of AI algorithms, which require powerful devices for training. Amid the lull in the mining segment, some companies are repurposing their cryptocurrency mining equipment for the needs of AI algorithms.
After changing the way cryptocurrency is mined in the Etherium blockchain, millions of graphics gas pedals are no longer being used to mine digital assets. Companies take the opportunity to repurpose equipment to train AI algorithms for profit. Experts believe that at least 20% of such processors can be used for AI.
Recently, the popular ChatGPT chatbot, forming a response to a query from crypto-industry experts about the possible movement of bitcoin value at the time of the next halving, predicted that this event would be the catalyst for a “massive bull race.”