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Nvidia: Cryptocurrencies bring "nothing useful to society"

All useless? Nvidia CTO Michael Kagan takes a swing at the crypto industry.

By Mike Hesp
• 1 min read

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All useless? Nvidia CTO Michael Kagan takes a swing at the crypto industry. The chipmaker profits from the mining industry.

In conversation with the Guardian, Michael Kagan, CTO at chipmaker Nvidia, takes aim at the crypto industry. "I never believed crypto would do any good for humanity." Compute power could be better used in the development of AI, like chatbots, Kagan says.

"They (cryptominers) bought a lot of materials and then it collapsed because it did nothing useful for society. AI does that."

With ChatGPT in particular, compute power could deliver more value: "With ChatGPT, anyone can now build their own machine and their own program: You simply tell the AI what to do and the AI carries it out. And if it doesn’t work the way you want, you say 'I want something else'."

Mining, though a large addressable market for Nvidia, clashes with its core gaming focus. The company has therefore already restricted the hashrate of its models.

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