Bitmain May Switch Crypto Mining For AI
According to reports by Bloomberg, Bitmain already has a plan B in place in case the Chinese government tightens cryptocurrency regulations. After the Chinese Government ban on ICO’s and cryptocurrency trading, the regulation of the market has been difficult. It appears that this year will be no different, with some serious restrictions coming for the mining industry.
Bitmain, which is one of the largest companies in the crypto mining industry, is looking for new ways to get additional revenue. Apparently, they feel, the best route for the company is to start developing hardware for Artificial Intelligence. They started to sell chips to be used for AI development back in October. These, it has been reported, speed up machine learning and although they may not be as powerful as those of their competitors, they are much cheaper to produce. Jihan Wu, the Co-Chief executive of Bitmain Technology LTD, believes that 40% of Bitmain’s revenue will come from AI chips within the next five years.