Google co-founder Sergey Brin credits ethereum mining with playing a central role in the recent “boom in computing” that is helping drive a “technology renaissance.”
Brin made the statements in a glowing letter to investors, where he gushed, “We are truly in a technology renaissance, an exciting time where we can see applications across nearly every segment of modern society.”
“There are several factors at play in this boom of computing. First, of course, is the steady hum of Moore’s Law…The second factor is greater demand, stemming from advanced graphics in gaming and, surprisingly, from the GPU-friendly proof-of-work algorithms found in some of today’s leading cryptocurrencies, such as Ethereum.”
Despite Brin’s personal awe for the ingenious proof-of-work algorithms in Ethereum, his company has taken a harsh anti-crypto stance. In March 2018, Google announced it will ban cryptocurrency advertising, citing the need to protect consumers from scams. The ban takes effect in June 2018, as CCN.com has reported.
Perhaps not surprisingly, on the day the ad ban was announced, the price of bitcoin plunged 10 percent. Scott Spencer, Google’s director of sustainable ads, defended the decision by saying caution is needed when dealing with the opaque crypto market.
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” Spencer said.
Cryptocurrency mining has soared during the past 18 months. The mining boom has even led to a shortage in the GPU market, as CCN.com has reported. Crypto miners purchased 3 million GPUs worth about $776 million in 2017, according to recent data. And 2018 appears to be on track to top those figures.
In January 2018, Samsung — the world’s largest manufacturer of semiconductors — began making ASIC chips designed for bitcoin mining. At around the same time, Eastman Kodak revealed that it had licensed its name to a mining hardware manufacturer to produce Kodak-branded miners.
Meanwhile, Sergey Brin’s bullish outlook on Ethereum was echoed by financial consulting firm deVere Group, which has set a $2,500 price target for ETH by the end of 2018.
“The price of Ethereum is predicted to increase significantly this year, and could hit $2,500 by the end of 2018 with a further increase by 2019 and 2020,” said deVere CEO Nigel Green.
Featured image from Wikimedia.
Last modified: June 11, 2020 10:07 AM UTC