The world has seen a decline in demand for cryptocurrency mining parts due to the decrease in value of major cryptocurrencies. Reports show that the companies engaged in the business of selling crypto mining parts are looking for other alternative revenue streams.
One notable instance is ASIC manufacturers turning instead to Artificial Intelligence (AI).
While GPU manufacturers can still manage to divert their efforts to the cyber gaming market, Application Specific Integrated Chip manufacturers and sellers, or simply known as ASIC, have begun to explore AI to offset declining demand for the said mining hardware.
In an interview with Fortune magazine, Jihan Wu, Bitmain’s co-CEO, and co-founder explained that they will “also start to deploy lots of artificial intelligence products into the market,” alongside the continuous production of their mining rigs. Wu also expressed their plans to invest further in the research and development of the said rigs.
Canaan Inc. expresses the same sentiment, as the second largest ASIC manufacturer in the world will also enter into Artificial Intelligence markets for additional revenue. Furthermore, the manufacturer will focus on manufacturing chips to be used for various AI applications, as revealed in the prospectus for the manufacturer’s proposed Initial Public Offering (IPO).
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