Bitcoin

Why AI’s Energy Usage Isn’t Demonized Like Bitcoin’s

Published

11 months ago

11 July, 2024

Why AI’s Energy Usage Isn’t Demonized Like Bitcoin’s

That said, just like with Bitcoin, not everyone is totally excited about AI. And AI detractors have valid concerns: bias, transparency, privacy, security, validity, and (worst of all) stealing my bad art to make even worse art.

But to anyone who has ever been involved in reporting on Bitcoin, there is something very obvious that is missing from the AI hysteria, which has been Bitcoin’s political Achilles heel: energy use.

AI, if it is to grow as proponents believe it should, will require much more energy to power the data centers that make AI possible. Investment bank Goldman Sachs has predicted that data centers will use 8% of the world’s Total US energy supply by 2030 (above 3% in 2022), of which AI is a strong driving force. Additional research from French energy company Schneider Electric suggests that AI’s share of data center energy demand will rise to 15%-20% by 2028 (up from an estimated 8% in 2023). There are countless other projections and estimates out there and none that I have found suggest anything other than more.

Now, whether this energy demand is “worth it” is a pertinent question for another day, but why are there mountains and mountains of articles and ideas about Bitcoin using “XYZ country’s amount of energy” and not for AI?

Money: The path of all people.

There is hundreds of billions of investment capital invested in AI and its speculative future — as a proxy, just look at AI chipmaker Nvidia (NVDA), which is up 175% this year. Bitcoin didn’t have that when the hype started, and even now, near its peak, no one is actively looking for ways to invest hundreds of billions in Bitcoin-related ventures (aside from perhaps one of the Bitcoin ETFs).

With all this money coming in comes the big companies: Google, Microsoft, Amazon, Meta, and with it the power of influence they wield. These four companies are omnipresent, trillion-dollar giants and masters of PR. How many people hear the word “data center” and think, “Wow, what a waste! All that energy!”? Not very often.

And with all that money and influence comes respect for big-brained AI intellectuals. Microsoft CEO Satya Nadella and Meta boss Mark Zuckerberg both say AI is world-changing and good. That comes with prestige. When someone with a crazy X tweets that Bitcoin is world-changing and good, that comes with prestige too, but of a different kind.

Humans are really good at constructing realities at logical extremes, especially on the bad side. Here’s a bad case for the world with AI: AI gets really good at art and then instead of making art, we give up writing, drawing and painting and we all focus on work.

As for Bitcoin, the worst-case scenario is… what? It crashes and some people you know lose a lot of money? Or maybe it succeeds and takes down the Federal Reserve and Bitcoin becomes the world’s reserve currency?

Both scenarios are long shots. In the meantime: Have you seen how much energy Bitcoin uses?

Besides, people have more pressing things to worry about. Their livelihoods, for example.

If Bitcoin succeeds, some people will get rich, and while “fix the money, fix the world” is a common saying about Bitcoin, will our lives really change that much if Bitcoin wins?

Meanwhile, the main narrative around AI is that it will… obsolete my work? No thanks, we need to stop this at all costs.

Who cares how much energy AI uses? I have bills to pay and I need a job to make money. My only fear is that there won’t be enough of us to stem the tide.

On the other hand, many ordinary people are using AI to create art that they share all day long on social media. cheating on term papers or generate Wojak memes. No doubt many are also using AI for salubrious purposes. The point is that the usefulness of AI is obvious to ordinary people, mitigating any concerns they might have about energy use, in a way that the value of bitcoin is not. (Censorship-resistant payments or hard-to-confiscate assets don’t matter until the day you need them, at which point they’re the only things that matter.)

Admittedly, there are some who have raised the alarm about Bitcoin’s energy usage, which are giving the same alarm to the AI. I I wrote articles (It is research reports) in defense of Bitcoin’s energy usage, and while I’m not going to write anything in defense of AI’s energy usage, I’m waiting for the day when its vast energy usage becomes the main argument against AI.

Though I suspect I’ll have to wait a while, because, justified or not, the relative lack of loud noises around AI’s energy usage can be quickly and easily explained: AI and Bitcoin are different.

Please note: The opinions expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

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Bitcoin

What to watch for in the markets

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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