Taiwan’s richest man says that era of cryptocurrency is inevitable

In a speech at National Taiwan University, Fubon Group Chairman and Taiwan’s richest man, Daniel Tsai, noted that the green economy would involve not only traditional investment and financing but cryptocurrency as well.

“I firmly believe that the era of Crypto (cryptocurrency) will come one day,” Tsai said during the address on November 1, where he highlighted the rising importance of blockchain technology in traditional investment and financing.

He further pointed out that the green economy does not only involve traditional investment and financing and that there will be financial commodities derived from carbon rights in the future, with an increased likelihood that there will be blockchain-based rather than traditional currency transactions.

In his address, he also pointed out the increased importance of AI in the future and its energy consumption, which will be an essential asset in further energy consumption and utilization of renewable and green energy sources.

Taiwan formally regulated virtual currency this year with a bill that sets the groundwork for defining a virtual asset and how exchanges related to it should operate in the country.

The growing energy challenge of AI

AI has made a lot of impact since it burst onto the scene, finding an appliance in various industries across the globe, but the question remains: how much energy does it consume, and how much does it save?

Their use saves a lot of time and effort, which comes at a particular financial cost, but an aspect that flies under the radar is how much energy it consumes.

Founder of Digiconomist, Alex de Vries’s analysis unveils that when an AI generates data based on prompts, it uses a significant amount of computing power and energy. For example, ChatGPT can consume 564 MWh of electricity daily.

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