Cryptocurrency miners are looking for alternative new business areas where they will not be influenced by market prices. Miners began to show interest in artificial intelligence (AI) services in order not to be affected by market declines. Investment banking giant JPMorgan shared its views on cryptocurrency miners in its new report.
According to the report, some Bitcoin miners have rebranded to reflect diversity. For example, Hive Blockchain Technologies (HIVE) became Hive Digital Technologies. Riot Blockchain (RIOT) has changed its name to Riot Platforms. Besides Bitcoin miners, Ethereum producing companies were out of work due to the Merge update. Former ETH miners continue to seek space to create new revenue models.
Some ETH miners have sold their GPUs to save their investments, while others have turned to altcoins like ETC and RVN. However, mining these altcoins is not as profitable as Ethereum due to lower market caps and other reasons.
With the rapid growth of artificial intelligence, the increasing demand for high-performance computing opens up a new field of opportunity for graphics cards that were previously used for ether mining. JPMorgan analysts stated that the miners who suffered from the Merge update started to make serious investments in artificial intelligence.
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