Cryptocurrency mining has become so difficult and expensive that it has been taken over by high-powered “industries”.
So, it is nearly impossible today for a miner to solve the increasingly difficult algorithms and earn the Bitcoin rewards. In the case they could, the cost of the required computational power may no longer be worth it.
What is profitable for the individuals is the blockchain
Many experts believe that the blockchain technology that supports Bitcoins has more value than the Bitcoin itself. Blockchain technology can be used to store medical and educational records, patents and copyrights, contracts, or traditional financial transactions.
Actually, blockchain technology will benefit Artificial Intelligence (AI).
First, you must understand that blockchain technology is a decentralized technology. This means that the transactions or information placed in a block are verified by a number of people called miners.
Second, blockchain is transparent. This means that all stakeholders in a blockchain have access to the ledger.
Third, this blockchain technology is immutable. This means that once placed in a block, transactions and information/data cannot be changed.
Artificial Intelligence technology could be used to “mine” for information, to recognize patterns, and make predictions based upon those patterns. Between blockchain and Artificial Intelligence, the fallible human elements are removed.
For example, Knowledge Mining (a startup) is trading synthetic datasets to allow business to train neural networks.
Another example is Smarter Financial Products and Transactions, which are using the data in blockchains, Artificial Intelligence can analyze the types of loan products specific demographics consume and, based upon those borrowing patterns, predict the types of products that financial institutions should be offering
Another example is Smarter Retail that is mining data from blockchains. So, Artificial Intelligence can find correlations that may have been missed through traditional AI operations.
Another example is citizenship and immigration because blockchain technology can be used to verify citizenship in underdeveloped regions of the world.
Blockchain technology can track movements of people and groups of people based on those movements. When Artificial Intelligence can mine this data, then predictions can be made to help governments make decisions about immigration policies and health initiatives.