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This Corporate Giant Says Crypto is a Burden on Society While it Builds Tech For Miners

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Nvidia’s Chief Technology Officer, Michael Kagan, reportedly stated that he sees no significant societal benefits from cryptocurrency mining. 

Nvidia, a prominent computer hardware manufacturer, has profited from this industry. However, Kagan’s recent remarks suggest a potential shift in the company’s stance on the controversial sector.


Nvidia’s Chief Technology Officer, Michael Kagan, has expressed his belief that cryptocurrency does not significantly benefit society. Kagan attributed Nvidia’s past profitability in the crypto industry to the fact that the industry required parallel processing, and Nvidia is known for having the best similar processing capabilities. 

However, Kagan stated that the crypto industry eventually collapsed because it lacked societal value. In contrast, Kagan believes that artificial intelligence (AI) has more potential to bring meaningful benefits to society. Despite Kagan’s stance, Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, have seen recent value gains. Additionally, the emerging Web3 gaming industry has attracted substantial venture capital funding.

According to recent reports, Kagan also emphasized that while people may engage in crazy behaviors, companies should not focus on supporting them. Nvidia, a leading computer hardware manufacturer, has had a mixed relationship with the crypto industry. 

While the demand for powerful graphics cards for mining cryptocurrency has generated profits for the company, it has also caused supply shortages. However, with the recent shift of Ethereum to a more energy-efficient proof-of-stake model, the demand for Nvidia’s graphics cards for mining purposes has decreased. 

Despite this, the company’s parallel processing capabilities could still be applied in other areas, such as artificial intelligence, which Kagan sees as having greater potential to benefit society.

Nvidia Faces Challenges with Cryptocurrency Mining Industry Opts For AI Technology

Nvidia’s relationship with the cryptocurrency mining industry has been fraught with challenges. The pandemic-related chip shortage and high demand for powerful graphics cards for mining resulted in exorbitant prices, making it difficult for gamers to gain the latest generation of graphics cards. 

To discourage crypto miners, Nvidia initially attempted to limit the hash rate of its products, but hackers quickly circumvented this move. Subsequently, the company released specialized products, such as the Nvidia Cmp Hx chip, specifically designed for crypto mining. The chip is advertised on Nvidia’s website as suitable for “professional mining operations.”

Nvidia is also making waves in the automotive industry with its Drive Hyperion platform, which takes a hybrid approach between Qualcomm and Mobileye. The platform is agnostic and easily adaptable, making it a serious contender when ADAS moves to fully automated levels. Nvidia’s more comprehensive range of solutions, including the Omniverse, also addresses several aspects of cockpit functionality.

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Joe Rogan

According to Oliver Blanchard, Nvidia is leveraging ADAS as a springboard to launch and scale additional connected automotive platforms. This approach is similar to Qualcomm’s Digital Chassis strategy. ADAS is also expected to morph into an AI-first automotive platform model that encompasses autonomous driving, assistant/concierge/chauffeur features, adaptive connectivity, power management, and the management of infotainment and telematics.

This evolutionary path towards an “AI-defined” vehicle design approach is exciting for car owners and robotaxi operators. Nvidia looks to be at the forefront of this trend, and its Drive Hyperion platform is poised to be a significant player in the future of automated driving.

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