Best description ever of what AI companies produce: "software systems that are trained on large amounts of data and can generate text". No further explanation of what Cohere might provide to it's customer of value, just the ability to generate text.
If we're going to waste electricity, I'd rather we waste it on AI than on mining Bitcoin. At least AI is providing some utility to its consumers and there's reason to believe it will provide even more in the future.
Bitcoin provides massive utility to customers. The banking cartels + global government massive taxes are destroying livelihoods daily.
The compute is "wasted" to pick winners and secure the system, but it's not actually wasted, it can be made more efficient by actually using the compute to do something, but even if that was not the case, it pays back its value 100x.