Bitmain to transition from cryptocurrency to artificial intelligence

The crytopcurrency mining hardware manufacturer, Bitmain, has announced plans to further explore artificial intelligence (AI) within its industry.

The Chinese company will target incorporating AI into its application-specific integrated circuit (ASIC) chips.

The chips aim to speed up machine learning, whilst remaining an affordable option on the market.

“We are just trying to do something that they cannot take care of well enough,” Bitmain’s CEO, Jihan Wu, explained, referring to comparitable graphic cards in the industry.

The firm’s CEO, Jihan Wu, explained to Bloomberg that Bitmain has decided to move further into the field as the cryptocurrency market is declining, and the Chinese government are considering banning mining.

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“As a China company we have to be prepared,” Wu informed Bloomberg in the interview.

Bitmain has already worked with the technology in its mining industry, including releasing products with Sophon, its chip business.

However, the mining company has predicted that within five years 40% of its revenue will come from its AI division.

The company will continue to expand its cryptocurrency portfolio, with the CEO currently working on customised mining rigs for more than 12 different coins.