Bitmain to transition from cryptocurrency to artificial intelligence
The crytopcurrency mining hardware manufacturer, Bitmain, has announced plans to further explore artificial intelligence (AI) within its industry.
The Chinese company will target incorporating AI into its application-specific integrated circuit (ASIC) chips.
The chips aim to speed up machine learning, whilst remaining an affordable option on the market.
“We are just trying to do something that they cannot take care of well enough,” Bitmain’s CEO, Jihan Wu, explained, referring to comparitable graphic cards in the industry.
The firm’s CEO, Jihan Wu, explained to Bloomberg that Bitmain has decided to move further into the field as the cryptocurrency market is declining, and the Chinese government are considering banning mining.
“As a China company we have to be prepared,” Wu informed Bloomberg in the interview.
Bitmain has already worked with the technology in its mining industry, including releasing products with Sophon, its chip business.
However, the mining company has predicted that within five years 40% of its revenue will come from its AI division.
The company will continue to expand its cryptocurrency portfolio, with the CEO currently working on customised mining rigs for more than 12 different coins.
Axora launches global challenge for digital technology
Axora is launching the world’s first international competition to discover new cost-saving digital technology for industrial companies, which can produce rapid benefits within a year.
The Metals & Mining and Oil & Gas sectors have recently experienced budget cuts of 20% on average, driven by a variety of factors including the global pandemic, slump in demand and price wars. The Axora Cost-Saving Technology Challenge aims to transform these industries by discovering innovative, digital solutions that reduce cost fast and pay for themselves, whilst achieving the same or improved productivity, health and safety and sustainability standards.
“While digital solutions can help to get work done quicker and more cost-effectively, they typically require a three-year ROI, and if there’s no flexibility in the budget, a full budget planning cycle is needed to get things moving”, said Dr. Nick Mayhew, Chief Commercial Officer, Axora.
“Yet, extra financial cost is often incurred in delaying digital projects, so customers have asked us to highlight solutions that can have an ‘in year payback’ whereby the cost spent on the solution and deployment will be more than recovered within the budget year - this accelerates the timeline and drives positive business impact, quickly.”
The Axora Cost-Saving Technology Challenge
Axora is keen to learn of any digital cost-saving innovation which: meets the 12-month payback timeframe; can be deployed in any part of the value chain including upstream, downstream or midstream oil and gas, metals processing or mining; and is ready for market. The Axora Cost-Saving Technology Challenge is open to entrepreneurs, start-ups, academics and sector leaders across the world. The competition will be judged by a panel of leading industry experts.
“We’re passionate about supporting our industries and customers through all forms of digital transformation and the cost-saving solutions we are searching for could also provide a lifeline to many mining and metals and oil and gas companies in the current economic climate,” added Dr. Mayhew.
Improving productivity, safety and sustainability
Up to ten finalists will be chosen to pitch their solutions at a digital pitch day later this year, after which Axora will validate the ROI models and vet the solutions. The winner will receive the ‘Axora Market Accelerator’ sales and marketing package worth £10,000. This includes a two-hour workshop, promotion through Axora’s thought leadership content and inclusion into its digital demand engines, providing the opportunity for the winning solution to benefit thousands of industrial companies. Entries are open until May 31. Full details of the competition including terms and conditions can be found here.
To learn more about the Axora B2B digital solutions marketplace read our feature in the latest issue of Mining Global magazine.