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AI Needs Specialized Processors. Crypto Miners Say They Have Them

  • Previous Ethereum miners look to repurpose glut of GPUs for AI
  • Some miners snapped up high-end chips during boom in crypto
Nvidia Geforce GPU.

Nvidia Geforce GPU.

Photographer: Andre Malerba/Bloomberg

When the Ethereum blockchain moved away from using a technique for verifying transactions known as proof of work last September, crypto market demand for the specialized processors that performed these calculations disappeared virtually overnight.

Companies that used and hosted GPUs, or graphics processing units, saw a key part of their once-booming business vanish against an increasingly difficult backdrop for crypto. But now mining infrastructure companies like Hive Blockchain and Hut 8 Mining are finding opportunities to repurpose their GPU-based equipment for another industry on the precipice of a possible boom: artificial intelligence.