- Miners are attractive partners for AI companies and will shift their capacities to the neural network sector, experts at Bernstein concluded.
- SingularityNET and Filecoin announced a partnership to unite two fields—artificial intelligence and decentralized physical infrastructure.
Artificial intelligence and the crypto industry are increasingly interlinked. Miners can offer their capacities to AI companies, and firms in these two sectors are entering mutually beneficial agreements.
Experts Predict 20% of Mining Capacity to Shift to AI
Miners are appealing partners for creating AI data centers due to their access to power sources and operational capabilities, according to a Bernstein report cited by CoinDesk.
Recent AI sector deals, including a 12-year agreement between mining company Core Scientific and AI firm CoreWeave, and Coatue Management’s $150 million investment in Hut 8, have been key catalysts for the sector’s development, experts noted.
Bernstein highlighted that miners have secured large electricity supplies. Currently, they have access to about 6 GW, which is expected to double by 2027.
Digital asset mining firms have an advantage in the queue for connecting to high-volume electricity networks and can help partners reduce the time needed to secure power supplies.
“Bitcoin data centers are ideally suited for upgrades due to their powerful servers, cooling infrastructure, and operational capabilities,” analysts wrote.
According to their forecasts, by the end of 2027, 20% of bitcoin mining capacity will be redirected to artificial intelligence, with the five largest American digital gold miners accounting for 25% of the global hash rate.
SingularityNET Partners with Filecoin
Developers of the AI platform SingularityNET and the data storage network Filecoin announced a partnership to unite the fields of artificial intelligence and DePIN, while maintaining decentralization, ethical neural networks, and information reliability.
According to a press release presented by Cointelegraph, the partnership will establish a specialized group to ensure AI development and implementation in line with ethical standards.
The partnership’s goals are time-dependent:
- Short-term — SingularityNET will use Filecoin’s Lighthouse SDK solution for metadata storage;
- Medium-term — Integration of Filecoin’s technology stack into SingularityNET to enhance security and support data storage infrastructure generated by AI;
- Long-term — Use of Filecoin for managing “Knowledge Graphs”.
Ultimately, the companies aim to create a superintelligent AI on decentralized infrastructure. Tokens from the Artificial Superintelligence alliance (ASI) and Filecoin (FIL) will be used in new solutions.
According to Bitwise estimates, cryptocurrencies and neural networks will add $20 trillion to global GDP by 2030.
Back in May 2023, miners offered computing power to AI developers.
In April 2024, CoinShares forecasted increased diversification into the artificial intelligence sector by digital currency miners.