Miners of the first cryptocurrency are exploring new lines of business ahead of the halving of the block reward from 6.25 BTC to 3.125 BTC. This is reported The Block citing a JPMorgan report.
Analysts believe that it can be profitable for miners to provide computing services in the rapidly developing artificial intelligence market.
After the transition of the Ethereum network to the Proof-of-Stake consensus algorithm, many GPUs appeared on the secondary market, experts noted. In their opinion, the former miners of the second largest cryptocurrency by capitalization will also pay attention to the AI industry.
“With the explosive growth of AI, increased demand for HPC is opening up a new and possibly more profitable way to use GPUs previously used in Ethereum mining,” JPMorgan wrote.
The report states that tests conducted by miners to provide computing power have shown high profitability – higher than from bitcoin mining.
Experts noted that industry representatives also began to diversify by region and drew attention to Russia with a cold climate and a surplus of electricity.
Earlier, JPMorgan analysts called the Bitcoin halving a stress test for miners due to lower block rewards and rising costs.
Recall that almost 60% of the survey participants from the popular blogger PlanB answered that they believe in the beginning of a bull market after the halving of the first cryptocurrency in the network in 2024.
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2023-08-19 10:48:07
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