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Crypto Miners Trying to Enter Other Business Sectors, Says JPMorgan

In a recent report, JPMorgan said that the BTC miners do this to decrease their crypto dependence.

ShahZaib Ahmed



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Bitcoin miners are attempting to enter new business sectors. One of them is the provision of high-performance computing (HPC) facilities to the rapidly advancing artificial intelligence industry. In a recent report, JPMorgan said that the BTC miners do this to decrease their crypto dependence.

Crypto Miners Start Providing Other Services for Diversification

Some of such mining platforms have rebranded to experience diversification. In this respect, Riot Blockchain (RIOT) has rebranded as Riot Platforms while Hive Blockchain Technologies (HIVE) has become Hive Digital Technologies. Bitcoin (BTC) miners are not the only ones to enter exclusive revenue streams. In addition to this, those who formerly used to mine ether (ETH), have also moved toward the provision of HPC services.

As per JPMorgan (a well-known banking platform), this has been seen since the enormous Merge update of the Ethereum network. It added that, following that event, graphics processing units’ sale supply has been continuously increasing in the secondary market. JPMorgan thinks that the potential reason in this respect is that the usage of GPUs for ETH mining slumped badly.

Also Read: Crypto Custodian BitGo Secures $100M for Prime Trust Deal Cancellation

A few ETH miners traded such GPUs to recover their investments. On the other hand, some utilized their machines for services concerning gaming, video-rendering, and image-related purposes. A few of them also began mining the rest of the proof-of-work crypto assets like ergo (ERG), ravencoin (RVN), and Ethereum Classic (ETC). Nevertheless, analysts noted, these crypto assets’ mining was not much beneficial as compared with ETH.

Russia Becomes a Significant Jurisdiction in the Case of Power Consumption Concerning Bitcoin Mining

This was because of their decreased market capitalizations and the concerns regarding their viability for the long term. BTC miners are additionally attempting to get into geographical diversification. Hence, Russia is securing a place among the worldwide leaders, coming after the United States, in the case of power consumption concerning Bitcoin mining, the report added.

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