New regulatory framework
With the structural change in the regulatory environment under the new administration, market conditions are beginning to flourish. Former SEC Chairman Gary Gensler resigned, a controversial crypto accounting rule was quickly withdrawn, and a new crypto team was launched, led by Hester Peirce, an industry advocate.
Bitcoin prices rose 9% to $102,300 by the end of January, however, Coinbase achieved market growth of 17% despite a 17% decline in trading volume. Analysts attribute this to netherlands phone number list speculation around artificial intelligence, which affected the performance of many crypto companies in the fourth quarter of 2022.
strategies of crypto miners
Companies like Riot even plan to use their excess energy in Texas for AI applications. Executive Chairman Benjamin Yi was aware of the potential revenue stream and emphasized that these new revenue streams could be critical to the company's future. The strategic focus on high-performance computing could offer significant economic benefits.
Conclusion: A new era for crypto and AI
These developments in the crypto space and their considerations to enter the artificial intelligence market represent an important signal of the industry's adaptability. Analysts expect that crypto mining companies will use a significant portion of their capacity for AI programming by 2027, which could usher in a new era for these companies.