They still are. Most of the big players have been using algorithm specific processors, which aren't portable to the LLM applications.

Plus there's a reward change coming up soon, which usually predicates a bull run in the cryptocurrency "markets". Yes, VC money is drying up for these firms, but the independent miners will keep going. I bet there will even be blockchain based applications which are integrated into AI generative applications. It's gonna be madness.

So, we will probably see doubling or worse existing power consumption with no end in sight.

This sounds crazy, but computing technology resembles a parasitic life form, with exponential consumption rates. Or maybe that's just venture capitalists.