Crypto-Tuesday February 21, 2023 – Crypto mining facilities are becoming increasingly important in the AI world, as they offer the perfect opportunity to host AI processing while remaining within the blockchain space. Through various projects AI-related activities can be done within a decentralized environment. Furthermore, with the emergence of new ledgerless protocol, blockchain solutions are being developed specifically for AI applications.
Miners are starting to redirect their resources to power these AI networks and their applications. This could prove to be a win-win situation for both miners and developers of AI-based applications, as miners would benefit from an additional source of revenue while developers would have access to powerful distributed computing resources at low costs.
Ultimately, this could lead to the further decentralization of the global economy by enabling more people across the world to participate in the development of AI-based applications. Consequently, this could provide a much broader range of services and products for consumers, creating an even more accessible global market.
The hardware underlying AI will be a critical aspect of decentralizing the global economy. Repurposing of a portion of crypto mining hardware to running AI processing could have a revolutionary impact on the development of AI-based solutions beyond finance.
Crypto mining rigs are based in diverse legal jurisdictions and owned by a variety of different parties. A globally distributed AI network spread across crypto mining rigs would be dramatically more difficult for governments or other parties to centrally control than an AI network centered in Big Tech-owned data centers.
This would make it easier for nascent AI projects to get off the ground and open up new possibilities for both businesses and individuals when it comes to developing, managing, and participating in AI solutions. In this way, these crypto-mined AI networks could become a major driver of decentralization within the global economy.
Attorney Steven A. Leahy discusses these new AI possibilities on Today’s Tax Talk.