Bitcoin Mining Giant, Bitmain to Now Dominate the Artificial Intelligence Industry

by | May 21, 2018 | Bitcoin, Cryptocurrency News

Bitmain | ASIC Manufacturer | Artificial Intelligence | AI | China | Cryptocurrency in China | AI Updates

Bitmain Technologies Ltd, the Chinese powerhouse of cryptocurrency mining, has been credited with generating approximately 80 percent of world’s digital currencies. A feat similar to this was unheard of a couple of years ago. The Company offers computing chips, high-density server equipment, and large-scale parallel computing software.

Despite its terrific financial success in the cryptocurrency industry, Bitmain is not resting on its laurels. Bitmain is now turning to Artificial Intelligence (AI) as an alternate revenue source, according to Bloomberg reports.

Bitmain’s interest in AI is not new. The company has already released several products through Sophon, its Artificial Intelligence (AI) chip brand, and it has announced plans to release two more chip generations in the coming months.

During an interview with BloombergBitmain CEO Jihan Wu revealed that his company enjoyed approximately $3.5 billion in revenue during 2017.

The Chinese government went on a crackdown spree last year and imposed a ban on cryptocurrencies and initial coin offerings. The government has dropped enough hints of arresting mining activities. It has got mining players thinking, and they are contemplating diversifying their portfolio. On the same issue, Wu said that they should, therefore not treat the cryptocurrencies as the only option of earning capital,

“As a China company, we have to be prepared.”

Wu is also very well informed of the possibility that the Chinese government could take further regulatory shots at the blockchain industry, particularly cryptocurrency mining–a possibility that could cripple Bitmain.

Wu said that  “Artificial intelligence requires lots of computations,” similar to cryptocurrency mining. Both AI and crypto mining use Application-Specific Integrated Circuit (ASIC) chips.

Artificial Intelligence (AI) space is ripe with possibilities and Bitmain is looking forward to owning the Artificial Intelligence (AI) much like it holds crypto mining space.

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