Preparing data for you could take a moment.
Thank you for your patience.
It is worth the wait.
We frequently make our website faster.
Nvidia CEO Huang: “Ethereum Is Going To Be Quite Valuable”

Nvidia CEO Huang: “Ethereum Is Going To Be Quite Valuable”

If you weren’t sure the stance for Nvidia CEO Jensen Huang when it comes to Ethereum’s upcoming shift to proof-of-stake, no need to question it further. Huang is clearly optimistic about Ethereum’s future. In an online-only Computex event, he fielded a variety of questions ranging anywhere from his thoughts on the metaverse to global semiconductor shortages.

Huang: A ‘Reasonable Bull’ Perspective

Jensen Huang’s comments around Ethereum in particular showed great optimism. When asked broadly about crypto and the supply and demand constraints around Nvidia products, Huang was clearly excited; “The reason why Ethereum chose our GPUs is because it’s the largest network of distributed supercomputers in the world. It’s programmable. When Bitcoin first came out, it used our GPU”, he said. “Am I excited about proof of stake? The answer is yes”, Huang added. “As we go towards that transition, it’s now established that Ethereum is going to be quite valuable.” He went on to discuss a new Nvidia product, CMP, which can address the crypto mining consumer and put ease on GeForce supply in order to deliver more GeForce products to gaming consumers.

It was still tempered optimism for Huang here, however. When asked later in the session about limiting hash rates in the future, Huang shared more perspective around his thoughts on crypto. “I believe that cryptocurrency is here to stay. It’s a legitimate way that people want to exchange value”, he said. “More important, Ethereum and other forms like it in the future are excellent distributed blockchain methods for securing transactions.” Huang added, “cryptocurrency is going to be here to stay. Ethereum might not be as hot as it is now. In a year’s time it may cool down some. But I think crypto mining is here to stay.”

Related Reading | TA: Ethereum Revisists $2,400, Here’s What Could Trigger More Downsides

More From The Field Of Questions…

The Nvidia CEO made some other interesting comments as well. When asked about virtual worlds, he said that he felt that there would come a time that there would be “a larger market, a larger industry, more designers and creators, designing digital things in virtual reality” than designers in the physical world today.

He also used the press opportunity to show off Nvidia’s newest facility, ‘Voyager’, set to be host to over 3,000 of the company’s employees, which Huang described as “a city inside a building”.

Huang also shared his excitement around the success of the RTX 30 series, the firm’s growing enterprise business, and the future of AI. What’s next for the Nvidia’s spurring growth? Huang and company clearly have a number of ideas, and crypto mining clearly lives at the forefront.

blank

blank

Nvidia's Jensen Huang is cautiously optimistic about Ethereum's popularity in the next year. | Source: ETH-USD on TradingView.com

Related Reading | Ethereum At A Discount, Why ETH Looks Like BTC In 2017

Featured image from Pixabay, Charts from TradingView.com

Source

South Korean Energy Company to Audit Companies Suspected of Mining Cryptos

South Korean Energy Company to Audit Companies Suspected of Mining Cryptos

KEPCO, the South Korean state energy company, announced that it would start overseeing and auditing companies that it suspects of using industrial and agricultural electricity for cryptocurrency mining. According to Seoul Kyungjae, the power supply distributed for both industries are cheaper than the electricity used for general use.

Authorities are concerned about the increasing use of crypto mining powered by cheap electricity because it leads to a significant deficit in the incomes of KEPCO, as the mining farms run 24 hours a day. “We have started a field investigation targeting customers who use electricity a lot among agricultural and industrial customers, and the related investigation will be conducted by the end of this month,” a KEPCO official said on the matter.

In fact, electricity spent for industrial and agricultural purposes is subsidized mainly by the government. However, KEPCO believes there are suspicious of several people secretly mining cryptocurrencies by using subsidized power. But this is not the first time that the state-run energy company is launching a crackdown on the illegal usage of electricity for crypto mining.

Suggested articles

How Synthesis Bank Brings the Benefits of Investment Banking to BlockchainGo to article >>

Previous Crackdowns

In 2018, KEPCO found that 38 companies used industrial and agricultural power to run digital asset mining, leading to multiple investigations and fines for about 500 million Korean won. The crackdown was possible due to a survey conducted by the company, which spotted a sudden surge in the electricity rates and irregular patterns in the usage of the power.

Furthermore, KEPCO officials are concerned that crypto mining farms could lead to overload power systems, and eventually, it can affect transmission and distribution that end on a blackout. “Recently, as the value of a virtual currency rises, the amount of electricity used in violation of the contract seems to be increasing. If caught, a penalty may be charged by adding a penalty to the unfair profit, and if the penalty is not paid, the power can be cut off,” a representative from the energy company added.

Source