Bitmain Considers Artificial Intelligence Alternative For Cryptocurrency-Focused ASIC Business

- Advertisement -

“We have to be prepared,” said Bitmain’s CEO, who worries about the Chinese government prohibiting cryptocurrency mining. His chip development company is readying itself for a second act: artificial intelligence.

This week, during an interview with Bloomberg, Bitmain CEO Jihan Wu revealed that his company enjoyed approximately $3.5 billion in revenue during 2017. Despite its terrific financial success in the cryptocurrency industry (providing application-specific integrated circuits to miners), Bitmain is not resting on its laurels.

The company appears poised to enter the artificial intelligence (AI) industry. Wu said, that AI “requires lots of computations,” a quality that is common between the burgeoning deep learning sector and present-day bitcoin mining. Of course, Bitmain launched its Sophon AI chip in August 2017, perhaps a precursor to additional developments.

Wu’s statements this week are notable for a few reasons:

First, regardless of the longevity of individual cryptocurrencies or projects, chip development has clear benefits outside of blockchain technology. While he didn’t single out any crypto-specific advances that might prove useful, it’s easy to imagine some overlap between the computationally intensive pursuits.

Second, it’s curious that Wu expressed concern about Chinese governmental oversight of the cryptocurrency industry. “As a China company,” he said, “we have to be prepared.” His perspective as a mining insider demonstrates that the Chinese government retains significant control over all activity within its jurisdiction and possibly foreshadows future governmental restrictions. Readers should remember that Chinese authorities forbade initial coin offerings in September 2017 and reportedly asked for the “orderly exit” of cryptocurrency mining operators in January 2018.

- Advertisement -

This last point is relevant to tech enthusiasts at large. The artificial intelligence industry, unlike the cryptocurrency industry, has the full support of the Chinese government. In July 2017, China’s State Council published a development plan that showcased its goal of becoming the global AI leader by 2030.

Matthew is a full-time staff writer for ETHNews with a passion for law and technology. In 2016, he graduated from Georgetown University where he studied international economics and music. Matthew enjoys biking and listening to podcasts. He lives in Los Angeles and holds no value in any cryptocurrencies.

Like what you read? Follow us on X @Bitnewsbot to receive the latest Bitmain, Jihan Wu or other Ethereum technology news.

- Advertisement -



Previous Articles:

- Advertisement -

Latest

Bitcoin Whale Wallets Surge to 4-Month High Amid Accumulation Frenzy

Bitcoin whale wallets holding over 1,000 BTC reached a four-month high of 2,107 on April 15, 2024, with more than 60 new wallets appearing...

Strategy Co-Founder Hints at New Bitcoin Purchase as Holdings Grow

MicroStrategy now holds 531,644 Bitcoin worth over $44.9 billion after its recent acquisition of 3,459 BTC.Over 13,000 institutions and 814,000 retail accounts directly hold...

Crypto Gaming’s “Tap to Earn” Trend Explodes Amid Solana Game Pass Launch

Solana Game Pass launches with 30 partnered games and over 33,000 mints, offering rewards and early access to upcoming games."Ponzi" gaming phenomenon emerges with...

Bitcoin Mining Revenue Hits Five-Year Low Despite $84K BTC Price

Bitcoin mining hashprice has fallen to $44.00 per petahash, approaching a five-year low despite BTC trading near $84,000.Miners face mounting challenges from the recent...

Buterin Proposes RISC-V to Replace EVM for Faster Ethereum Network

Ethereum co-founder Vitalik Buterin has proposed replacing the Ethereum Virtual Machine (EVM) with RISC-V architecture to improve network efficiency.The proposal aims to address scaling...

Must Read

How to Choose a Cryptocurrency Exchange: Major Risks and Expert Advice

During the bitcoin frenzy, in late 2017, Coinbase, one of the key players in the global cryptocurrency market, stopped trading operations. At a point...