The technical chief of Nvidia: Cryptocurrencies do not add any value.

During the cryptocurrency boom, Nvidia earned billions from the massive demand for graphics processing units for mining.

According to the company, other uses deserve processing power more than cryptocurrencies, which 'do not add value.

Nvidia now focuses the majority of its efforts on development in the field of artificial intelligence and has achieved successes in the field.

In a recent statement, Nvidia's Chief Technology Officer, specializing in manufacturing processors and graphics cards, Mark Kagan, said that cryptocurrencies do not add anything useful to societies. Kagan continued his criticism by saying that other uses of processing power, such as artificial intelligence, deserve more attention than cryptocurrency mining.

Kagan's statements come as a shock considering the significant benefit his company has reaped from the industry. Nvidia's graphics cards were the preferred choice for mining many cryptocurrencies, and in recent years, Nvidia has made substantial profits from the increasing demand for their graphics processors, although this market has significantly declined recently.

In his conversation with The Guardian, Kagan said, 'All these things related to crypto require parallel processing power, and we [Nvidia] are the best at that, so many have programmed our products for that purpose. They bought a lot of inventory, and then the market collapsed because it doesn't offer anything useful to society. In contrast, artificial intelligence provides value.

Kagan further added, 'With tools like ChatGPT, everyone can create their own machines or programs: all you have to do is tell it what you want it to do, and it will do it. And if it doesn't work as you wanted, just tell it you want something different.

To justify his anti-cryptocurrency stance despite his company's significant gains, Kagan said, 'I've never believed that cryptocurrencies and crypto are useful things for humanity. But as you know, people do crazy things, but they buy your products, and you sell them your products. But you don't redirect the company to support the things they do.

Nvidia is globally renowned for its graphics processing units (GPUs) that it designs and produces. However, the company is increasingly focusing today on chips dedicated to servers, particularly those used for training artificial intelligence. In recent times, the company has sold tens of thousands of processors to companies including Microsoft, Amazon, Oracle, and others. Additionally, the company provides access to its advanced processors through leasing them as a cloud service for over $37,000 per month for a complex comprising 8 H100 artificial intelligence chips.