Report: Cryptocurrency miners are diversifying into fields like AI

08/21 11:31

On August 21st, Morgan Stanley stated in a recent research report that Bitcoin miners are entering new business areas, including providing high-performance computing (HPC) services for the rapidly growing artificial intelligence (AI) market, in order to reduce dependence on cryptocurrencies. The report states that some of the costs of new investments are provided by miners who have sold tokens in recent quarters. Some Bitcoin mining companies have diversified through renaming, with Hive Blockchain Technologies (HIVE) changing its name to Hive Digital Technologies and Riot Blockchain (RIOT) changing its name to Riot Platforms. In addition, former Ethereum miners have shown a trend of providing HPC services. Since the successful upgrade of Ethereum Shanghai, there has been a large supply of graphics processing units (GPUs) for sale on the secondary market, and some Ethereum miners have sold GPUs to save their investments, while others have repurposed their machines for gaming, image and video rendering services, or have chosen other POW currencies.
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