Cryptocurrency miners are looking for AI computing services to increase their profits

Many publicly traded companies and cryptocurrency miners have significantly changed their business strategies in recent years to take advantage of the expanding cryptocurrency mining sector. Yet, as these businesses become less profitable, miners increasingly seek alternatives and focus on the quickly expanding artificial intelligence (AI) market. Major mining businesses are reportedly branching out beyond cryptocurrency mining and entering high-performance computing (HPC) services for the AI industry, according to new research by JPMorgan.

Prominent Bitcoin mining companies like Riot Blockchain (now called Riot Platform) and Hive Blockchain Technologies have taken initiatives to emphasize the diversification of their businesses. These businesses have been able to invest in new projects and adjust to a market increasingly driven by the AI craze by mining cryptocurrencies and keeping them as reserves. For Ethereum (ETH) miners who formerly employed graphics processing units (GPUs) for mining, the change to AI computing services also offers an opportunity.

These GPUs were rendered useless by the Ethereum network update and the switch to the staking paradigm. Yet, these GPUs can now have a second life in the AI business, given the quick development of AI and the rising demand for high-performance Cloud Computing. According to the JPMorgan analysis, offering HPC services to the AI sector may yield greater financial rewards than mining bitcoins. It might surpass the profits from Bitcoin mining if the promising beta test findings can be repeated on a wider scale.