Bitcoin CEO Says AI's Power Needs Can Save Crypto Miners? Yeah, Right.
Okay, so I'm supposed to believe that the same Bitcoin mining operations that have been sucking up power like a thirsty camel in the desert are now gonna ride to the rescue of the AI revolution? Give me a break.
From Crypto Dust to AI Savior?
Jihan Wu, the Bitdeer CEO, is trying to spin this yarn about how Bitcoin mining infrastructure is "profound" for AI data centers. He’s saying all those transmission lines and permits are gonna make the transition smooth. Smooth for who? The companies that have been bleeding cash chasing the crypto dream?
He claims they can convert facilities to AI in as little as a year. One year? That's like saying I can learn to play the violin like Yo-Yo Ma in a week. Possible? Maybe. Likely? Not a chance in hell.
And he's got the nerve to say that the U.S. is "falling behind" on power generation. Maybe instead of building these energy-guzzling Bitcoin mines, we should have focused on, you know, actual infrastructure that benefits everyone. Just spitballing here.
The "Hedge" That Smells Like Desperation
Wu says Bitdeer is keeping its hand in Bitcoin mining because the demand for AI data centers might be uncertain. He calls it a "hedge." I call it a desperate attempt to stay relevant in a world that's rapidly moving on.
He's worried about an "AI bubble." Well, so am I. But pivoting from one speculative bubble to another doesn't exactly inspire confidence. It's like jumping from a sinking ship onto a slightly less sinking one.
And what's with this talk about "circular deals" and companies investing in each other? Sounds like the same old Wall Street shenanigans, just with a new tech buzzword attached.
Geopolitics and Chip Dreams
Then there's the geopolitical angle. Wu's saying that data protectionism in Europe and the U.S. is "good for investors" because it limits competition from Asia. Translation: "We can charge more because we don't have to compete with cheaper labor and faster construction." That's not innovation; that's just good old-fashioned rent-seeking.
He mentions Bitdeer is designing its own chips and hoping to license the patents to other GPU designers to reduce power usage. Okay, color me skeptical. Every tech company claims they're working on some revolutionary breakthrough. Most of them end up in the dustbin of history. And they are getting them manufactured by TSMC in Taiwan, which offcourse brings up all sorts of issues.
So, What's the Real Story?
Look, I ain't buying it. This whole "Bitcoin miners saving AI" narrative is a load of crap. It's a way for these companies to try and justify their existence and maybe, just maybe, convince investors to throw them another lifeline. But let's be real: it's rearranging deck chairs on the Titanic.
