Ethereum miner redirects processing power toward helping coronavirus research

CoreWeave, a U.S.-based Ethereum miner, has redirected its GPU mining resources toward a Stanford University research project studying COVID-19, according to a recent article by CoinDesk. The project, called Folding@home, uses donated computing power (similar to how miners dedicate resources to a public blockchain network) to study viral proteins like the coronavirus and potentially “design therapeutics to stop them.” CoreWeave is reportedly passing up on earning 28 ETH (~$3,800 at current prices) per day to support the research effort.

Why it matters:

• Finding a long-term solution to a viral infection depends on the upfront research approach and available resources. In Folding@home’s system, increasing the computational power dedicated to the network has the potential to accelerate the data collection process, which could impact the timeframe for arriving at a viable therapeutic. But one should note this timeframe could still be lengthy and may not produce a result in the short-term.
• Even though CoreWeave claims to be the largest Ethereum miner in the U.S., the firm’s shift in priorities did not appear to have an impact on Ethereum’s hash rate, which is still up 19% YTD.