After Bitcoin‘s latest halving, there was a noticeable increase in the number of AI-based cryptocurrencies. This trend signals a substantial change in the market’s direction as the artificial intelligence sector continues to grow in popularity. Curious investors are now pondering over what factors might be contributing to this price rise.
In the midst of ongoing talks, a new report from CoinShares provides illumination on the developing situation and reveals the latest tendencies influencing the cryptocurrency market.
AI Coins Rally Amid Shifting Focus
The latest report from CoinShares explores the shifting landscape of the crypto mining world, bringing to light an intriguing development: the rising influence of artificial intelligence (AI) in this domain. As interest from investors and miners intensifies, AI-related cryptocurrencies are experiencing a surge in popularity within the broader cryptocurrency market.
Significantly, the report highlights the possibility of increased earnings in energy-stable areas, leading companies such as BitDigital, Hive, and Hut 8 to consider AI applications.
In the meantime, based on CoinShares’ assessment, the hash rate is predicted to reach 700 Exahash by 2025. However, there may be a temporary decrease in hash rates right after the upcoming halving event. Furthermore, hash prices are anticipated to go down following the halving that is expected to occur around 2024. This could create difficulties for miners as both electricity expenses and production costs are projected to increase significantly.
In spite of the obstacles, miners are proactively handling their financial debts and investigating new sources of income. For instance, they are delving into artificial intelligence projects to expand their revenue streams.
Impact On Bitcoin Mining
The rise of artificial intelligence (AI) technology brings thought-provoking dilemmas concerning Bitcoin mining’s future. Even though AI requires unique and expensive setup, its alignment with energy-efficient locales opens doors to financial diversification.
Simultaneously, certain mining businesses are experiencing an increase in profits from AI ventures, making up a significant portion of their income. At the same time, companies such as TeraWulf and Bitdeer are broadening their operations, indicating a rising trend towards AI undertakings within the industry.
Although the implementation of AI comes with hurdles such as requiring unique infrastructure and proficient workforce, it poses obstacles for smaller organizations. Nevertheless, enterprises like Core Scientific and BitDigital are persistently pushing forward with AI projects, driven by the opportunity for increased profits and a varied revenue stream.
At present, I’d like to note that as I pen this down, the NEAR Protocol token was observing a rise of 7.36%, trading at $6.80. Furthermore, its daily trading volume surged by 21.82% to reach a significant $454.64 million. On the other hand, the GRT token experienced a price increase of 3.61%, settling at $0.2958. Lastly, the Render token marked a 1.43% gain, setting its value at $9.14.
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2024-04-22 13:18