Yangdong Deng, chief AI scientist of Blockchain startup Matrix explained how adding AI to a blockchain ecosystem can help to use bitcoin mining’s power to innovate.

Deng said that currently, mining bitcoin uses 8.23×10²² FLOPS while all the computing power globally totals to 1.2×10²³ FLOPS. If these calculations are right, bitcoin mining consumes 17 percent of the total power worldwide and bitcoin mining is, after all, wasteful.

Matrix is looking to utilize an MCMC (Markov Chain Monte Carlo) equation to introduce AI into the mining algorithm.

Deng argues that the AI will enable the user to utilize the power used in verifying the transactions for other uses, for example, in complex finance modeling.

Matrix is not the only company looking to harness the cryptocurrency mining energy. Intel recently sought a patent for a system based on the concept, for use in genetic sequencing.