Bitcoin, ChatGPT energy concerns fall flat as OpenAI's energy strategy grows

Bitcoin, ChatGPT energy concerns fall flat as OpenAI's energy strategy grows

AI appears to be absorbing the heat often directed at Bitcoin related to electricity consumption and environmental harm since OpenAI's ChatGPT surged to popularity late last year.

According to Hive Digital Technologies, a firm with its feet planted in both industries-such concerns will prove just as overblown for the former as it did for the latter.

We'll see apocalyptic predictions about AI's energy use fall flat, according to HIVE Research Director Adam Sharp on Monday. According to Newsweek, Bitcoin would consume 100% of the world's energy by 2020, which is an example of its prediction in 2017 that Bitcoin would consume 100% of the world's energy by 2020.

To succeed, both Bitcoin and AI require energy-intensive computer hardware, the first to secure the blockchain that immortalizes every Bitcoin transaction, and the second to handle user requests and complete calculations.

Back in May, a Gizmodo article suggested that the cooling systems needed to support ChatGPT's AI amount to dumping a large bottle of fresh water out on the ground for every average conversational exchange with the chatbot. Last week, coinMetrics founder Nic Carter compared this measure to inaccurate 'per transaction energy cost' metrics often used to exaggerate Bitcoin's power consumption.

HIVE has a long history with Bitcoin mining, and they're now embracing high-performance computing by leveraging its existing data centers and old Ethereum mining rigs for the job.

Like Bitcoin, HPC providers are looking to find out sources of renewable energy to power operations. Bitcoin's growth is evidenced by a growing literature that over half of the industry could be powered by sustainable energy, making it one of the most environmentally-friendly industries on the planet.

When asked whether AI's growth might lower Bitcoin's hash rate as miners change business structures to accommodate the industry, the researcher said: 'It's possible. But, limitations on the number of NVIDIA GPUs available and the time required to transition business models will likely limit how fast Bitcoin's network security can drop.

''I think we have to worry about the hashrate going to dangerous levels,'' he said. It's probably too much hashrate operating, and even more coming online.