- Crypto companies are transitioning towards AI as the boom becomes more intense.
- The companies saw major losses in recent years and are now cutting down on mining.
- Bitfarm is winding down crypto and is expected to completely shift to AI by 2027.
AI is all the talk these days as major companies adopt the technology. The boom has even forced many to shift from one niche to another. The same is now happening with cryptocurrency companies.
A new report reveals that amid the AI boom, crypto companies are now shifting towards AI after suffering major losses in the field. So, the crypto business that also saw a major boom during the pandemic has come to an end.
Why it matters: AI seems to be taking over almost everything. After becoming a central part of the gaming industry, it is slowly becoming a vital part of the rest of the tech industry as well.
Bitfarm, one of the biggest crypto mining companies, has released its quarterly results. It has suffered a massive loss of over $46 million and is slowly cutting down mining operations in favor of AI.
The company CEO stated that they’ll be looking to wind down their crypto business throughout 2026 and 2027, and are confident that they can transition over to the AI industry successfully.
This finally marks the end of crypto, which saw a breakthrough in 2020. While it was still going on in the US, mining, in most other parts of the world, had mostly died down since the introduction of Ethereum 2.0.
By 2027, Bitfarm expects to become a complete AI company and has the power to do so. It has a total of 12 mining centers that consume 341 Megawatts, so they have all the resources to do what they want.
With Bitfarm doing this, more companies are expected to follow as well. So, as companies will require more processing power in the future, not only RAM and SSDs, but GPU prices could soon increase as well.
What are your thoughts on crypto companies shifting towards AI? Let us know your opinions in the comments, or join the discussion at the official Tech4Gamers Forum.
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News Reporter
Abdullah is an avid gamer who primarily plays single-player titles. If you can’t find him anywhere, he’ll probably be at his desk playing The Witcher 3 for the millionth time. When he isn’t playing games, he’s either reading or writing about them.
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