NVIDIA lowers crypto mining hash rates on its GPUs because of the current mining frenzy and also to address the supply shortage and bloated GPU prices as we read more today in our latest cryptocurrency news.
Hardware manufacturer NVIDIA lowers crypto mining hash rates on GPUs especially on its GeForce graphic cards which are supposed to be shipped in late May. The video cards can be used to mine crypto having more than enough hash power to be a lucrative business. The reemergence of the crypto markets and ETH this year made plenty of people buy this dedicated gaming hardware for mining that eventually booted the hardware prices and created mass shortages and made the products impossible to attain for the intended users.
This is not the first time that NVDIA attempted to stop crypto miners. When the company released its RTX 3060 graphic cards in April, they intentionally limited the card’s capacity for mining. As per the benchmarks conducted by Verge, it weakened the GPUs and could only output about half of the hash rate as before. The mining limitation was found to be software-based rather than hardware-based and Nvidia accidentally released a new driver update which unlocked the 3060s full hashrate later in the month. This mistake, coupled with ETH rallying to record highs, led to a greater GPU demand from the miners.
Now, the company is taking further steps to ensure that the cards will not be profitable for the miners. The household 30 series including the 3060, 3070, and 3080, will be manufactured with reduced hash rate capabilities and will be labeled with “Lite Hash Rate.” Despite the recent blow, the ETH mining remains as profitable as ever and the recent volatility in the markets sent ETH gas prices to a sky-high of 178 gwei or $90 per transaction. According to the data, ETH remains the most profitable cryptocurrency in the long run. Will NVIDA’s recent actions bring any fruit, remains to be seen. With Ethereum set to receive its EIP 1559 upgrade, mining profitability will likely crash in due time.
As reported recently, The graphics chip manufacturer NVIDIA won the lawsuit against the investors who claimed they were misled with the judge concluding the investors’ evidence wasn’t convincing. The company ended the two-year lawsuit by having the claims dismissed that the graphic chip manufacturer hit reliance on its burgeoning crypto mining business to more than $1 billion.
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