Cryptocurrencies are not 'useful to society', says Nvidia

From Bitcoin to Ethereum, cryptocurrencies have been hailed as the new way to pay for products and services online. But according to one expert, they do not'bring anything useful for society', despite using up massive amounts of processing power. Michael Kagan, chief technology officer at chipmaker Nvidia, has said cryptocurrencies will never'do something good for humanity'. The expert has citied artificial intelligence (AI) – including chatbot ChatGPT – as being of more use to the public and a better use of energy than'crypto mining'. Cryptocurrencies perform mining to generate new coins and verify transactions, but it's more environmentally costly than beef production, a recent study found.