Developing devices that produce 80 percent of the world’s cryptocurrency, Bitmain is undisputed leader in mining equipment manufacturing. The company now wants to have a similar role in artificial intelligence.
Speaking to Bloomberg, Bitmain ‘s CEO, Jihan Wu, said that the company’s expertise in ASIC chips has been channeled into the newly formed artificial intelligence section.
Wu said ASIC chips used by the company to produce powerful and efficient crypto-currency mining devices are also important components for certain types of deep learning.
Bitmain’s orientation to this area will also provide excellent protection against the potential ban of the Chinese government on mining.
Wu said, “We should be prepared as a Chinese company.”
Bitmain’s interest in artificial intelligence is not new. The company drove a lot of artificial intelligence-based chips into the market with the Sophon brand.
Bitmain’s artificial intelligence initiatives will grow bigger. Wu believes that in the next five years, 40 per cent of his revenues will come from artificial intelligence.
Bernstein, a Wall Street research firm, has claimed that Bitmain has earned $ 4 billion in operating profit last year. This makes Bitmain a more profitable company than Nvidia.
