Ethereum mining has been a massive topic of discussion for many months. Despite the ups and downs of the second largest cryptocurrency by market cap, people have mined ETH and saw big profits over the past year. According to Google’s co-founder, Sergey Brin, this process plays a central role in the recent “boom in computing” that helps towards the growth of the “technology renaissance”.
The statement by Brin is found in a letter to investors, where he also said:
“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.”
Brin’s decision has also been backed up by financial consulting firm deVere Group which has set a $2,500 price target for ETH by the end of this year.
Meanwhile, Brin’s company Google has taken a harsh anti-crypto stance. After deciding to ban cryptocurrency-related advertising in March 2018 (which will start in June 2018), the technology giant is neutral on the entire situation with Ethereum mining.
Scott Spencer who is the director of sustainable ads at Google, said that caution is needed when dealing with the opaque cryptocurrency market. As he noted:
“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,”
In other news, Ethereum mining and crypto mining skyrocketed during the past 18 months. This mining boom has led to a shortage in the GPU market too. Even Samsung (the world’s largest chip manufacturer) began making ASIC chips designed for Bitcoin mining.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]