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Cryptocurrency Adds Nothing to the World Says Nvidia Tech Giant

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The Tech giant says that creating chatbots will be a more beneficial usage of processing power than cryptocurrency mining.

The United States chip maker Nvidia’s technology chief officer Michael Kagan expressed his skepticism recently in an interview in Tel Aviv, Israel with the Guardian regarding the benefits of crypto.

During the interview, Kagan states that crypto doesn’t “bring any useful thing to the society” despite the exchange’s influential processors trading in large quantities to the industry. Cryptocurrency does not deliver any notable value to society says Kagan.

Kagan goes on to say that AI (artificial intelligence) applications like ChatGPT chatbot are highly beneficial. According to his suggestion, the device has more potential to positively impact society than crypto mining.

He expounded that ChatGPT’s user-friendly nature enables individuals to build their artificial intelligence programs, adapting them to their individual needs.

Formerly, Nvidia was greatly involved in the crypto industry. Even its processors are extensively utilized for mining. In the long, the organization decided to desert the industry so that they can concentrate on other activities.

Kagan thought back to when he was still at Mellanox, the organization he founded before Nvidia acquired it. He used it to draw comparisons between high-frequency trading and the cryptocurrency industry.

He remembered how banks and Wall Street traders buy their goods to retain nanoseconds on deals, making use of extreme procedures like; tightening underwater fiber cables to cut off additional time.

Although Kagan benefited from the crypto market previously, he still expressed his opinion that the industry will not contribute significant advancements to society.

In his speech, Kagan acknowledged the fact that enterprises may buy and sell goods due to multiple reasons. However, he laid emphasis that, it is crucial not to allow those activities to dictate the overall direction of the company.

Nvidia Goals

Nvidia GeForce

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On September 1 last year, Nvidia revealed its ambitious objectives. They have plans to revolutionize top-notch gaming with its quite affordable and super-powerful GPUs.

Tom’s Hardware which is the top PC publication presently estimated that persons who can bring out $699 for the latest GeForce RTX 3080 are likely to recover their cost through a GeForce RTX 2080.

The GeForce RTX 3080 can break even within 10 months mainly by mining cryptocurrency. In comparison, it can take an investor about 3 years to recover the cost back with the GeForce RTX 2080.

A GeForce RTX 3080 can achieve an individual hash rate of up to 115 MH/s and this rate is higher than a GeForce RTX 2080. No wonder local miners have purchased these monsters to mine Ethereum.

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