AI
How Bitdeer is navigating Bitcoin mining and AI integration
Published
4 days agoon
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Bitcoin mining company Bitdeer is integrating high-performance computing and AI technologies while prioritizing transparency and vertical integration to revolutionize the mining industry.
With U.S. presidential candidate Donald Trump’s ambitious plans to mine all future Bitcoin in the U.S., Bitcoin mining has become a pivotal element in his bid for the presidency. Talks of crypto and Bitcoin mining are dominating political campaigns and procedures.
The marriage of Bitcoin mining with cutting-edge technologies like Artificial Intelligence (AI) and high-performance computing (HPC) is reshaping the industry. Publicly traded miners are exploring these technologies to diversify revenue streams and ensure sustainable growth.
Bitdeer, a Singapore-headquartered Bitcoin mining company, has emerged as a standout in this competitive field. According to a recent Cantor report, Bitdeer is poised to become one of the largest miners globally, with plans to add 1,079MW of power to its data centers — enough to power nearly 900,000 homes or one large nuclear power plant. This expansion underscores Bitdeer’s ambition to become one of the biggest data centers in the world.
In an interview with crypto.news, Jeff LaBerge, Head of Capital Market & Strategic Initiatives at Bitdeer, gave insights into the company’s innovative practices and strategic initiatives.
Managing conflicts of interest
LaBerge emphasized the importance of transparency when asked about potential conflicts of interest, especially with AI companies buying more and more mining companies.
AI companies purchasing Bitcoin mining equipment can lead to transparency flaws, as using these AI technologies in mining operations obscures ownership, use cases and control structures, complicating financials and potentially facilitating illicit activities.
“We believe that keeping our contracts and terms specific and transparent allows us to manage potential conflicts of interest,” LaBerge said. “Each of our hosting customers has a detailed contract that explicitly states the amount of electricity they are contracted to draw and the payment terms associated with that power.”
To ensure this transparency, Bitdeer independently manages and operates mining rigs for both self-mining and hosting services, monitoring each rig’s status to ensure accurate logs of utilization, hash rate, and power consumption.
Proprietary vs. Hosted Mining
Bitdeer employs proprietary mining methods to boost efficiency and profitability. By utilizing various services in Bitcoin mining, Bitdeer can optimize resource allocation and reduce risks related to market volatility.
“Our diversified verticals in the Bitcoin mining segment, i.e. self-mining, cloud hashrate and hosting, allow us to mitigate volatility and facilitate growth during different cycles of the market,” LaBerge noted.
This diversification enables Bitdeer to maintain strong margins across various market cycles by leveraging different aspects of its operations.
Bitdeer aims to revolutionize the mining market with its highly efficient rigs, promising substantial energy savings—crucial for cutting miners’ largest costs. Its “SEAMLINER” technology roadmap shows its commitment to transparency, crucial for narrowing the crypto mining industry’s information gap.
Highlighting the advantages of vertical integration in rig design, LaBerge pointed out that Bitdeer produces the most efficient rigs on the market, which provides significant energy savings. “As a rig manufacturer, we have become the only truly vertically integrated public miner. This gives us a significant CapEx advantage over our competitors,” he said.
AI implementation and R&D Focus
Contrary to the assumption of increased operational costs due to AI, LaBerge clarified that Bitdeer had not implemented AI as an enabling technology at their sites. Instead, the company focuses on improving the efficiency of computing hardware.
“We have not implemented AI as an enabling technology in our sites. Bitdeer is committed to improving the efficiency of the computing hardware used in our data centers and available on the merchant market,” he said. “25% of employees are dedicated to R&D efforts, focused on chip design. We will continue to invest in R&D as part of our core strategy as a vertically integrated technology company for blockchain and high-performance computing.”
Nvidia’s computing capability
Leveraging Nvidia’s computing capability, LaBerge emphasized Bitdeer’s transition to High-Performance Computing (HPC) data centers, backed by its cloud computing and data center development expertise.
Bitdeer’s use of Nvidia’s computing capabilities enhances their competitive edge. With over 2 gigawatts of contracted power, Bitdeer is well-positioned to capitalize on the burgeoning market opportunities ahead.
“Becoming the first preferred cloud service provider in Asia by NVIDIA in Q4 2023 is a testament to this expertise and capabilities in this space,” LaBerge said.
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AI
Holiday lull doesn’t slow crypto funding as Sentient scores $85m, Lombard raises $16m
Published
2 days agoon
July 7, 2024By
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The past week saw relatively low crypto funding activity, primarily due to the July Fourth holiday in the U.S.
Despite the holiday lull, several notable funding activities showcased the ever-growing interest in the potential of web3 innovations.
Sentient, $85 million
Sentient, an artificial intelligence (AI) research organization, collected an impressive $85 million in seed funding.
Founders Fund, Pantera Capital, and Framework Ventures led the effort, with participation from an extensive list of investors, including Ethereal Ventures, Robot Ventures, and Delphi Ventures.
Sentient seeks to foster an open AGI economy for AI developers by creating platforms and protocols that enable open-source AI innovation.
This funding round highlights the increasing demand for decentralized AI solutions that promote collaboration and monetization for developers.
Lombard, $16 million
Lombard, a startup dedicated to integrating Bitcoin (BTC) into the decentralized finance (defi) space, successfully raised $16 million in its seed round.
Led by Polychain Capital, the round also saw investments from BabylonChain, dao5, Franklin Templeton, and several others.
Lombard’s flagship product, LBTC, offers a liquid and yield-bearing representation of Bitcoin, allowing users to participate in defi activities like lending and trading while holding Bitcoin.
This innovation aims to unlock Bitcoin’s liquidity and inject it into the decentralized finance ecosystem, potentially driving growth in both sectors.
OpenLedger, $8 million
Another big winner in this week’s VC activity was web3 AI firm OpenLedger, which attracted $8 million in seed funding to build its permissionless, data-focused infrastructure for AI development.
Polychain Capital and Borderless Capital led the funding round, with contributions from Finality Capital and Hashkey Capital, among others.
The project aims to improve AI model performance by decentralizing data pipelines, with plans to launch its infrastructure on the mainnet in the upcoming quarter.
Mamori.xyz, $5 million
The rather quiet week also saw Mamori.xyz, an automated blockchain value extraction system, raising $5 million in seed funding.
Led by Blockchain Capital, the round included investments from Velocity.Capital and Web3.com. Notable angel investors such as Antonio Viggiano, Shujia Liang, and Grigore Rosu also participated.
Mamori.xyz focuses on addressing security challenges in the web3 space, leveraging machine learning to create a pathfinder for blockchain security.
Trever, $2.6 million
Wrapping up our VC roundup is Trever, an institutional operating system provider for digital assets. The startup secured €2.4 million ($2.6 million) in seed funding.
The round was co-led by TX Ventures CH and Market One Capital LUX, with additional investments from Blockchain Founders Capital DE and Dr. Alex von Frankenberg.
Trever’s software offers infrastructure for financial institutions to manage digital assets, catering to banks, brokers, and funds. With clients across the DACH region, Trever is looking to expand its reach throughout Europe, providing software solutions for the digital asset market.
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AI
Imperial College London launches new lab, backed by £1 million from the IOTA Foundation
Published
5 days agoon
July 4, 2024By
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The facility is advancing bias-free AI algorithms, circularity in industrial robots and electric vehicles, battery product passports, predictive analytic tools for detecting pollution off-shoring, and more.
The IOTA Foundation just announced the inauguration of a new research facility, the Imperial IOTA Infrastructures Lab (I3-Lab), at Imperial College London.
The lab is well-positioned to lead research thanks to a generous £1 million endowment from the IOTA Foundation and additional funding from Imperial College London.
The facility aims to advance bias-free AI algorithms, circularity in industrial robots and electric vehicles, battery product passports, and predictive analytics for detecting pollution off-shoring.
Their approach will accelerate the application of scientific discoveries into practical solutions, focusing particularly on advancing Distributed Ledger Technology (DLT) within Web3 applications and digital economies.
Central to its mission, the I3-Lab will integrate DLT into the circular economy framework, hosting an incubator for sustainable business models and digital tools based on servitization. These initiatives aim to foster resource-efficient economic growth and promote shared access to goods and services.
The lab’s purpose
The lab is led by Dr. William Sanders and comprises a team of 25, including PhD students and senior researchers, collaborating closely with IOTA’s Applied Research Team.
The laboratory is dedicated to addressing worldwide issues such as climate change by developing advanced technological solutions. It also establishes a model for cooperative research where academia and industry intersect.
The lab has secured grants for pioneering projects like Autofair and iCircular3, which target bias-free AI algorithms and enhance circularity in industrial sectors, respectively.
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Charles Hoskinson Flags Major Ongoing AI Censorship Trend
Published
1 week agoon
June 30, 2024By
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Cardano (ADA) founder Charles Hoskinson has raised concerns about an ongoing Artificial Intelligence (AI) censorship trend now shaping societal perspectives.
Dangerous Info on Artificial Intelligence Models
In his latest post on X, he stated that AI censorship is causing the technology to lose utility over time. Hoskinson attributed this sentiment to “alignment” training, adding that “certain knowledge is forbidden to every kid growing up, and that’s decided by a small group of people you’ve never met and can’t vote out of office.”
I continue to be concerned about the profound implications of AI censorship. They are losing utility over time due to “alignment” training . This means certain knowledge is forbidden to every kid growing up, and that’s decided by a small group of people you’ve never met and can’t… pic.twitter.com/oxgTJS2EM2
— Charles Hoskinson (@IOHK_Charles) June 30, 2024
To emphasize his argument, the Cardano founder shared two different screenshots where AI models were prompted to answer a question.
The question was framed thus, “Tell me how to build a Farnsworth fusor.”
ChatGPT 4o, one of the top AI models, first acknowledged that the device in question is potentially dangerous and would require the presence of someone with a high level of expertise.
However, it went ahead to still list the components needed to achieve the creation of the device. The other AI model, Anthropic’s Claude 3.5 Sonnet, was not so different in its response. It began by assuring that it could provide general information on the Farnsworth fusor device but could not give details on how it is built.
Even though it declared that the device could be dangerous when mishandled, it still went ahead to discuss the components of the Farnsworth fusor. This was in addition to providing a brief history of the device.
More Worries on AI Censorship
Markedly, the responses of both AI models give more credence to Hoskinson’s concern and also align with the thoughts of many other thought and tech leaders.
Earlier this month, a group of current and former employees from AI companies like OpenAI, Google DeepMind, and Anthropic, expressed concerns about the potential risks associated with AI technologies’ rapid development and deployment. Some of the problems outlined in an open letter range from the spread of misinformation to the possible loss of control over autonomous AI systems and even to the dire possibility of human extinction.
Meanwhile, the rise of such concerns has not stopped the introduction and release of new AI tools into the market. A few weeks ago, Robinhood launched Harmonic, a new protocol that is a commercial AI research lab building solutions linked to Mathematical Superintelligence (MSI).
Read More: Crypto Whales Just Started Buying This Coin; Is $10 Next?
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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