- Can artificial intelligence (AI) break through the cryptographic barriers of the Bitcoin (BTC) blockchain?
- The CEO of Argo Blockchain discusses how the technology could be the key to optimizing Bitcoin mining operations.
Many Bitcoin mining companies are now integrating artificial intelligence into their game. The trend follows the major leaps in machine learning technology amid the challenges posed by the latest Bitcoin halving.
Debunking the Myth Surrounding AI and Bitcoin Mining
The halving constantly changes the dynamics in the Bitcoin blockchain. The event happens every four years to serve as a deflationary mechanism for BTC.
Basically, it cuts the crypto asset’s mining rewards by half at every cycle. This will happen until the maximum supply of 21 million BTC has already been mined. The recent halving decreased the yield per block in the Bitcoin ecosystem from 6.25 BTC to 3.125 BTC.
Some seem to have the impression that generative AI could be the key to the profitability of Bitcoin mining firms within the new landscape. However, Argo Blockchain CEO Thomas Chippas explained that it’s not a 100% guarantee.
AI Cannot Solve Bitcoin’s Cryptographic Problems
At this rate, AI doesn’t have the necessary capacity to solve Bitcoin’s mathematical problem. Chippas pointed out that breaking the core process of Bitcoin mining remains a “brute-force computational task” in his email to Quartz.
Chippas believes AI doesn’t change BTC’s “fundamental process.”
AI for Optimizing Bitcoin Mining Operations
On the other hand, Chippas pointed out that miners could employ AI to optimize the perimeters of their operations. Companies could also tap the technology to enhance the decision-making of project managers.
The CEO of Argo stated that AI-driven Bitcoin mining could boost productivity by maximizing operational efficiency. In addition, miners could utilize the tech to strategize resource allocation, increase hardware performance, minimize energy use, integrate renewable energy sources, and determine best industry practices.
Overall, these factors could eventually contribute in ensuring the sustainability and profitability of Bitcoin mining enterprises. Furthermore, the energy-mitigating measures potentially offered by the tech could help these businesses stay within the good graces of regulatory bodies.
Preparing for Regulatory Changes
Chippas reminded that crypto miners should always be prepared to adapt as they comply with ever-changing regulatory conditions. Therefore, they should commit to constant innovation while maintaining their sustainability and financial health.
The Argo exec thinks that although AI could be the key to several innovations, especially in Bitcoin mining, its full potential, widespread adoption, and impact are yet to be realized.
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