Nvidia CTO Michael Kagan: Cryptocurrencies do not bring anything useful to society

Chief technology officer of major US chip developer Nvidia, Michael Kagan, told to The Guardian that cryptocurrencies such as Bitcoin “do not bring anything useful for society.” This is despite the fact that Nvidia’s chips are sold in large numbers to the crypto sector.

Kagan believes that it would be more beneficial to use the company’s processing capabilities with other tech sectors like AI chatbots, such as ChatGPT, than to mine cryptocurrencies. He stated that this decision is reasonable, as the limitation of processing power only affects crypto mining, which requires parallel processing power.

Nvidia CTO Michael Kagan

Nvidia has previously released software blocking the ability to mine Ethereum, and Kagan’s comments suggest that the company is not planning to shift its focus toward the crypto sector. Instead, Nvidia plans to continue providing its products to AI researchers, gamers, and other customers who can benefit from its processing power.

Kagan also highlighted the use of Nvidia’s products in the trading industry, where Wall Street firms use them to save seconds in their transactions. However, he stressed that he never believed that cryptocurrencies would benefit humanity, despite the fact that people buy Nvidia’s products for crypto mining purposes.

While some may be surprised by Kagan’s comments, it is important to note that Nvidia was originally known for producing high-performance graphics cards for gamers before it became a key player in the growing AI scene. As such, it seems that the company is sticking to its roots and focusing on the tech sectors that it believes will have a greater impact on society.

The crypto community has yet to respond to Kagan’s comments, but it is clear that Nvidia’s stance on cryptocurrencies is not likely to change anytime soon. For now, the company seems content to focus on AI and other tech sectors that it believes will bring more benefits to society.

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