Nvidia CTO Blasts Crypto as ‘Useless’ and ‘Harmful’ for Society

Michael Kagan, the CTO of Nvidia, said in a statement that Crypto doesn’t add anything “useful for society” compared to the company’s work in AI and other areas.

The world of cryptocurrency seems to be a little less popular these days, which is especially true for Nvidia, a big chip maker. The company has made it harder and harder to use its GPUs for mining cryptocurrency.

They even made “LHR” versions of the RTX 3000 series so that they couldn’t be used in crypto mining rigs. As the company moves to the RTX 4000 series, it seems to have little to worry about because there are better options.

Nvidia also made different GPUs for professional mining, and it was fined $5.5 million for not saying how many graphics cards it sent to cryptocurrency miners in 2022.

Since Ethereum switched to a proof-of-stake scheme, GPU miners no longer use consumer graphics cards as much. Nvidia seems to have moved on from meeting the needs of cryptocurrency miners as well. The company is now making a big push into artificial intelligence, which started with its GTC 2023 address.

Nvidia CTO on Cryptocurrencies: “It Brings Nothing Useful to Society.”

In a conversation with The Guardian, Micheal Kagan, the CTO of Nvidia, said the following about Nvidia and cryptocurrency:

“All of this crypto stuff needed simultaneous processing, and [Nvidia] is the best, so people just programmed it to do this. They bought a lot of things, but it all fell apart in the end because it didn’t do anything good for society. AI is what.”

Nvidia CTO blasts crypto as ‘useless’ and ‘harmful’ for society

Kagan went on to say, “I never thought [crypto] was something that would be good for people. People do crazy things, but they buy your stuff and buy stuff from you. But you don’t change the company’s direction to help with whatever it is.”

In the future, AI will be the main goal of the company, and Nvidia is one of the few companies that can provide the amount of computing power needed. OpenAI’s popular ChatGPT is powered by Nvidia GPUs. The company is said to have bought around 30,000 GPUs.

With the demand for AI products going through the roof, it’s no surprise that Nvidia has shown off its DGX supercomputers and made it possible for smaller companies to buy the hardware and start running generative AI models like Google Bard.

For now, though, it seems like the popular crypto boom is over, especially since bigger companies like Nvidia are saying that crypto isn’t useful.


Nvidia, a major chip maker, has made it harder to use its GPUs for mining cryptocurrency. The company has made “LHR” versions of the RTX 3000 series to avoid using them in crypto mining rigs.

Nvidia has also made different GPUs for professional mining and was fined $5.5 million for not revealing the number of graphics cards sent to cryptocurrency miners. The company is now focusing on artificial intelligence, with OpenAI’s ChatGPT powered by Nvidia GPUs.

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