Monday, October 18, 2021

Google Co-Founder: Ethereum Contributing to the Boom of Computing

Google Co-Founder: Ethereum Contributing to the Boom of Computing

In the annual founder’s letter, Google’s co-founder Sergey Brin recognized cryptocurrency mining — specifically ether mining — as one of the factors that contributed to “boom of computing,” the other two being the “steady hum of Moore’s Law” and Machine Learning.

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Ethereum Gets a Shout-Out

Tech companies around the globe have shown a keen interest in the revolutionary potential of blockchain technology. Google’s Sergey Brin noted as much in his latest company letter.

“We’re in an era of great inspiration and possibility, but with this opportunity comes the need for tremendous thoughtfulness and responsibility as technology is deeply and irrevocably interwoven into our societies,” wrote Brin.

In the letter to investors, Brin, who’s President of Alphabet, Google’s parent company, surprisingly went on to acknowledge Ethereum as one of the driving factors for the advancement of computing. However, the assertion was a side note in the larger document, with the primary focus of the letter being on artificial intelligence.

Specifically, he wrote:

“There are several factors at play in this boom of computing […] 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.”

Cryptocurrency Mining — a Burgeoning Industry

Sergey Brin’s comments indicate that Google’s top leaders do see cryptocurrencies positively in general, but what that means from here, no one can be sure for now.

Over the past couple of years, mining cryptocurrencies has become nothing short of a booming industry, and everyone in fintech has taken notice as evidenced by Brin’s remarks.

In particular, last year’s unprecedented crypto boom led to higher demand for GPUs, which are used to mine ether before Casper FFG. Nevertheless, it will be interesting to see if GPUs still can dominant the ether mining market in the interim after crypto-mining hardware powerhouse Bitmain just released its first ASIC-like Ethereum miner.

Will Alphabet and Google eventually make their own forays into mining? Only time will tell, but it wouldn’t be the most surprising development.

Do you think Google will get more involved in blockchain tech? Share your views in the comments section.

Images via Famous Biographies, TechCashHouse

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