Computer hardware manufacturer Nvidia has profited off of the cryptocurrency mining industry in recent years—but now CTO Michael Kagan has reportedly said that crypto does not “bring anything useful for society,” according to The Guardian.

Instead, Kagan hopes that NVIDIA products are used for artificial intelligence (AI) development rather than crypto mining.

“All this crypto stuff, it needed parallel processing, and [Nvidia] is the best so people just programmed it to use for this purpose,” Kagan said. “They bought a lot of stuff, and then eventually it collapsed, because it doesn’t bring anything useful for society. AI does.”

While Kagan argues that the crypto industry has “collapsed,” Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, have regained value in recent months. Bitcoin is up 17% in the past month, and Ethereum is up 7% per CoinGecko data.

The emerging Web3 gaming industry has also seen substantial

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Author: Kate Irwin

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