On the 1st of January 2023, Ryan X. Charles, a former developer in Bitcoin’s ecosystem, believes that Bitcoin mining and AI modeling work perfectly together and can be profitable.
AI and Bitcoin (the real one) plug together naturally. A lot of people who have GPUs that are unprofitable for mining cryptocurrency can be profitable for creating and using AI models. In order to compete with the highly centralized AI companies like OpenAI that have…
— Ryan X. Charles (@ryan_x_charles) January 1, 2023
The basis of BTC mining is the GPU or ASIC hardware. With the current inflation and Bitcoin’s design, alot of miners have dormant equipment that no longer operates at a profitable threshold. Yet, according to Ryan, this dormant equipment can be used to create and use AI models profitably.
Similar to the reasons behind Bitcoin’s creation, the decentralization of processing power would allow users to compete with huge centralized AI companies like google and OpenAI. Since these companies have access to huge amounts of processing power, users can create a marketplace to leverage idle GPUs.
According to him, it would be Airbnb for AI projects. Users can attach their GPUs to the project and earn passively for the AI projects deployed on their hardware.
Currently, the crypto space has already been interacting with AI models and algorithms. There has been an introduction of AI trading platforms that manage, optimize, and trade efficiently. Bots that carry out trade arbitrages and control the level of risk for their users.
There are simple options like copy trading. These usually involve investing in strategies or signals provided by other professional traders. A simple process of emulating successful trades.
Thus, AI is already a major part of the crypto space.
In response to Ryan’s tweet, some users believe renting processing power as a service is a good idea. But they were quick to point out that it was attempted by Ripple back in 2012. Users could sign up their computing power, and depending on the CPU usage, they got XRP rewards. Unfortunately, the idea didn’t last, and a disparity between the parties involved crashed the project.
Not all responses were within the park, though. Some users believed that these AIs should not be trusted.
Guess what happens when the AI starts to buy up all the #Bitcoin…
$1,000,000 may be just the beginning.
— Dennis Porter (@Dennis_Porter_) January 1, 2023
Dennis Porter, the CEO, and co-founder of Satoshi Action Fund, is of the belief that these AIs could then just start buying Bitcoins. In his opinion, if these artificially intelligent models get smarter than us, they would be able to get funds and start buying out BTC. with the right amount of BTC, they would be able to control the prices of shit coins.
According to him, $1 million may just be the beginning.
