Category: NVidia

In the Daily: Coins at Kiosks, Micropayment Solutions, Token Launchpad, GPU Inventory  

In the Daily: Coins at Kiosks, Micropayment Solutions, Token Launchpad, GPU InventoryIn this edition of The Daily, we feature a couple of announcements by leading crypto exchanges. Binance starts selling cryptocurrency for cash at newsagent stores in Australia, while Huobi is launching its new token listing platform. In other news, Aeternity and Satoshipay join forces to offer faster crypto micropayments and Nvidia expects to clear mining […]

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In the Daily: Cryptocurrency Payments, Nvidia Losses, Suspended CFD

In the Daily: Cryptocurrency Payments, Nvidia Losses, Suspended CFDIn the first edition of The Daily this weekend, we focus on a study estimating that 13 percent of people have used digital coins for payments. We also look at the latest financial report from Nvidia indicating losses due to falling demand for chips used in cryptocurrency mining. Lastly, a broker suspends its crypto CFD […]

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The Daily: Twitter CEO Talks Bitcoin, Bitstamp Releases New Mobile App

The Daily: Twitter CEO Talks Bitcoin, Bitstamp Releases New Mobile AppIn Monday’s edition of The Daily we cover a recent interview with Jack Dorsey where the Twitter CEO again publicly shares his views on the future of cryptocurrency. Additionally covered are a new mobile app from Bitstamp and a report about Nvidia’s revenues from the mining market. Also Read: SEC Solicits Blockchain Analysis Tool to […]

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Litigation Firm Files Lawsuit Against Nvidia for Statements Regarding Crypto

Shall Law Firm, an American shareholder rights litigation firm, has announced the filing of a class action lawsuit against Nvidia with regards to statements pertaining to the company’s outlook regarding the effect that declining cryptocurrency prices could have on the performance of its shares. Also Read: Bitcoin Whales and the Rise of Crypto-Fueled OTC Desks in […]

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Nvidia Misses Q3 Revenue Target as Cryptocurrency Slump Weighs on Business

Nvidia Misses Q3 Revenue Estimates as Cryptocurrency Slump Slows Down BusinessShares of Nvidia plunged as much as 17 percent in after-hours trading on the Nasdaq Stock Market on Thursday, after the U.S. bitcoin mining equipment maker reported unexpectedly weak revenue for the third quarter. In premarket trading at the time of writing on Friday, Nvidia was down 16.01 percent at $169.99. Also Read: Canaan Hong Kong […]

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A Guide to Building Your Own Crypto Mining Rig

A Guide to Building Your Own Mining RigCryptocurrency mining has in many respects become an industrialized business. But despite the concentration of hashing power, the increasing difficulty and diminishing returns, in some cases it can still be profitable to mint coins as an amateur miner, probably the most honest way to earn some digital cash. Here’s a guide on how to build […]

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GPU Manufacturing Giant Nvidia Leaves Crypto Mining

GPU Manufacturing Giant Nvidia Leaves Crypto MiningMedia accounts are leaning toward blaming a supposed lack of interest in cryptocurrency as the reason US chip behemoth Nvidia has backed out of the mining industry. It was only a little over a year ago the company hoped to make an impact in the space. Whether it’s the industry losing steam or the simple […]

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Second Hand Rigs Are Dumped as the Solo Mining Dream Dies

Second Hand Rigs Are Dumped as the Solo Mining Dream DiesIn the summer of 2017, rising cryptocurrency prices led to a run on high performance graphics cards. Coveted cards with a high hashrate were snapped up like proverbial hot cakes, leaving gamers, scientific researchers, and anyone else who relied on flagship GPUs priced out as the cryptocurrency frenzy escalated. One year on, and those same […]

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Mining Round-Up: Nvidia Shares Drop, College Students Mine on Campus

Mining Round-Up: Nvidia Shares Drop, College Students Mine on CampusIn recent news pertaining to cryptocurrency mining, Nvidia has witnessed a drop in its share price after announcing an unexpectedly modest earnings outlook – partly driven by reduced demand for mining hardware. Also, the World Digital Mining Summit has been scheduled for late September in Tbilisi, Georgia, and reports continue to surface detailing opportunistic students […]

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GPU Prices Fall Following Slump in Cryptocurrency Markets

GPU prices have been declining following a price drop in virtual currencies during the first half of 2018.

The price of specialized graphics processing units (GPUs) has been declining along with sinking prices in digital currency markets, Computerworld reported July 10.

While at the end of 2017 and beginning of 2018 cryptocurrency mining caused a sharp rise in the price of high-end gaming cards, the tendency seems to have reversed as crypto markets continue on a downward slope.

Add-in board (AIB) prices are reportedly falling and supplies increasing amid a severe drop in cryptocurrency prices. Manager of digital media at Jon Peddie Research C. Robert Dow told Computerworld that they predicted the drop, adding that “the cost to run the mining rigs is not insignificant, so when the price for the currencies drop… people will run rigs and choose to dump AIBs on the secondary market hoping to recover some cost.”

A survey conducted by Jon Peddie Research revealed that crypto miners purchased over 3 million AIBs to the tune of $776 million in 2017, where most of them had been produced by semiconductor and computer microprocessors manufacturer AMD. At the end of 2017 and the start of the current year, many high-end expansion boards were sold out, leading to a price increase.

According to Computerworld, in April AMD’s OEM 4GB RX 580 six-pack was sold out at the price of $3,600, while today it is available for $2,500. An Nvidia GeForce GTX 1080 Founders Edition, 8GB GDDR5X PCI Express 3.0 Graphics Card was sold out at a price tag of $1,050, but now can be purchased for $709. Dow commented on the changes:

“We also suspect that Nvidia and AMD have some built up inventory, and that will affect ASPs as well. Prior to the surge in buying of AIBs for cryptocurrency mining, AIB prices were flat to declining slightly which is a trend that will continue at least until new families of cards are introduced.”

The recent price slump has not deterred manufacturers from releasing new cryptocurrency mining hardware. In May, U.S. hardware manufacturer ASUS announced the release of its “second generation” cryptocurrency mining motherboard, which is scheduled to launch at the beginning of the third quarter of 2018.

In April, Chinese tech giant Bitmain announced the release of an Ethash ASIC miner, calling it the “world’s most powerful and efficient EtHash ASIC miner.” Bitmain surpassed the U.S. GPU manufacturer Nvidia in terms of overall profits in 2017, earning an estimated $3-4 billion and taking 70-80 percent of the market for Bitcoin (BTC) miners and ASICs.

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Gaming PC That Mines While Idling Hits Market in Russia

Gaming PC That Mines While Idling Hits Market in RussiaA hybrid computer, designed to please both gamers and miners, is now selling in Russia. The company offering the new PC promises a quarter ether of monthly income for gaming enthusiasts who would like to mine when their expensive configuration is idling. The premiere coincides with reports of new negative forecasts for hardware manufacturers.  Also […]

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Top Five Biggest Crypto Mining Areas: Which Farms Are Pushing Forward the New Gold Rush?

With the growing complexity of the network and competition on the market, smaller miners give way to mining farms, specialised in industrial mining.

The mining industry is probably the oldest activity related to cryptocurrency. It all began in 2009, when Satoshi Nakamoto generated the first block on the Bitcoin network.

Today, mining is an entire industry which spans 114 countries around the world, and restlessly ensures the functioning of the global network of cryptocurrencies. According to Blockchain.info analytics, the total profitability of the market over the past year comprised $4.1 billion. This figure doesn’t include the income earned from the sale of mining equipment, which is estimated to reach some $3-4 billion, as is the case of industry giant Bitmain.

Crypto

Bitcoin network

Along with the popularity of mining, the complexity of the Bitcoin network also grows. Despite the fact that 80 percent of Bitcoin has already been mined, according to experts, the entire supply will be exhausted only by 2140. The situation is explained by the fact that the calculations necessary for the production of cryptocurrency are constantly becoming more complex, and the mining process takes more time and energy.

At the same time, between 30 and 60 percent of the profit gained from mining is spent on energy costs. Figures show that to maintain the entire computer infrastructure working with Bitcoin, it would take 30 nuclear reactors running at full capacity.

Blockchain size

Despite the reduction in the reward for generating blocks, a halving in the mining reward size from 25 Bitcoin to 12.5 Bitcoin and the increasing complexity of mining, miners can still receive up to $20 million per day in transaction confirmations. This staggering number attracts new players to join the ‘digital fever’ — and the equipment manufacturers to invent more efficient ways to extract Bitcoin.

Equipment

In the summer of 2017, with the growing popularity of cryptocurrencies, market demand grew not only for professional equipment, but also for graphics cards (GPUs). In 2017 alone, more than three million discrete graphics cards were purchased for more than $776 million, Jon Peddie Research states. PC gamers were unable to purchase top model GPUs, which had sold out to miners before they even arrived on shelves, and the manufacturers of AMD and Nvidia cards fixed the growth of profits.

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Image source: Wccftech

In the second quarter of 2017, Nvidia increased revenues by more than 50 percent, compared to the second quarter of 2016, reaching $251 million. AMD revenue for the same period increased by 18 percent — $1.2 billion. Following the fall of the market, interest in mining also decreased — AMD and Nvidia are both expecting a decrease in revenues in the second quarter of 2018.

At the same time, mining is reaching industrial proportions. Around the world, miners have united and created entire plants and hangars, and thousands of GPU cards are assembled into giant farms with peta hash capacities. Some companies repurpose former plants and invest millions of dollars into building infrastructures for mining. On June 6, the mining company CoinMint announced it plans to open a Bitcoin-mining plant in a former aluminium smelting factory in upstate New York, near the U.S.-Canada border. Supported by the U.S. government, CoinMint aims to create 150 jobs for the next 18 months and allocate $700 million to revamp Alcoa’s 1,300 acre plant.

At the same time, large players find more sophisticated methods of reducing energy costs and increasing equipment productivity — from building farms in caves to launching miners to space. Who are these industrial miners? Cointelegraph invites you to visit the five largest farms in the world.

GigaWatt

Launched: 2012

Location: Washington, U.S.

Hashrate: 1.3 PH

The emergence of new players in young and profitable niches is often difficult to predict. Billionaires are those who, until recently, repaired computers or worked in an electronics store. One of them, Dave Carlson, began to mine with an ordinary GPU and now owns the largest mining farm in North America.

A software specialist and entrepreneur with 10 years of experience decided to take up mining after having faced financial problems in his previous job at an advertising company. Founded in the basement of his own house in 2012, the MegaBigPower company, which was later renamed into GigaWatt, turned into a multimillion-dollar business in just one year.

Today, the farm is situated in a former industrial warehouse. However, its exact location is not disclosed, similar to other farms, where owners prefer not to attract the attention of public authorities.

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Image source: WSJ

As the company expands, Carlson estimates his monthly operating expenses, including salaries for 15 employees, at more than $1 million. The final figure of 1.3 peta hash, in his words, pays it off in full. Moreover, having managed to attract additional investments, the entrepreneur started production of mining equipment based on Bitfury chips for sale to other Bitcoin enthusiasts.

Carlson’s business is apparently going well. Among the factors that contributed to his success, Carlson specifies not only a desperate desire to escape poverty, but also the luck to have low electricity prices. Washington state, where the company is based, offers some of the cheapest power in the country with just $9.56 per kWh for individuals and $8.42 per kWh for businesses.

Genesis Mining

Launched: 2014

Location: Iceland

Hashrate: 1000 GH

Another owner of a truly large mining farm is Genesis Mining. Initially, their mining capacity was located in Bosnia and China, but today they are concentrated in Iceland and Canada. The cold climate — combined with cheap electricity prices — makes these countries attractive for mining cryptocurrency.

It is believed that Genesis mining farms are the largest consumer of electricity in Iceland. The electricity consumption and cooling issues are usually kept secret by large miners, so as is the exact location of their farms. Genesis, like Carlson and others, in accordance with their security policy, does not disclose the exact geographical location of its mining farms.

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Image source: Bitcoin Wiki

Dalian mining farm

Launched: 2016

Location: Dalian, China

Mined monthly: 750 BTC

Electricity costs monthly: $1,170,000

Hashrate: 360000 TH*

*Given the average Bitcoin network hashrate of December 2017

China is known for its numerous plants for the manufacture of video cards and ASIC miners. Consequently, the miners in China have the advantage of purchasing equipment at lower prices. The delivery of equipment is cheaper — or even absolutely free.

China is amongst countries with the lowest price for electricity,valong with Venezuela, Taiwan, and the Ukraine. The most important factor in this matter is the decision of the Chinese government to encourage the industrial production of cryptocurrency by reducing the price of electricity consumption for the official owners of such farms.

China has a huge population, which increases job competition. In the country, industrial cities have existed for a long time, with workers living without visiting the outside world at all. The same is practiced at mining farms, where system administrators are ready to live in dormitories near a farm for a relatively small salary, ensuring uninterrupted production of cryptocurrencies.

All these factors create a fertile ground for the deployment of the largest mining farms, like in Liaoning province. Its small city of Dalian is the center of mining in China and, probably, the whole world. It is a three-story mining farm with a specially designed ventilation system. Currently, the farm in Dalian accounts for more than three percent of the hash rate of the entire Bitcoin network.

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Image source: Bitcoin Wiki

Another Chinese province, Sichuan, launched an industrial farm near a hydroelectric power station. Since 2016, the capacity of the farm has grown almost threefold and reached 12 PH. Other provinces, throughout China, are also not without their own large mining farms.You can easily understand, when such a farm is nearby, because of the piles of obsolete mining equipment.

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Image source: Politico

Swiss mining farm

Launch year: 2016

Location: Linthal, Switzerland

Hashrate: Unknown

The largest mining farm in Switzerland is located in the small village of Linthal in the eastern part of the country. Its owner, Guido Rudolphi, has already run a mining farm in Zurich but found the operating costs too high. After almost two years of searching, Rudolphi opted for Linthal, which offers the most attractive prices for electricity in the country.

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Image source: SRF.ch
 

The new farm, located in a former factory building, is considered the largest in Switzerland. Although the issue of cooling processors still remains relevant, Rudolphi insists that the possible financial benefit is not decisive for him. The world needs Bitcoin more for political reasons, he believes. The owner of the farm compares the cryptocurrency with the internet of the 1990s, when many people looked at this phenomenon with a great deal of skepticism.

Russian farms

Mined monthly: 600 BTC

Hashrate: 38 PH

Russia is also among the countries in which large mining areas are located. The largest of these is believed to be located near Moscow, though the exact location of the farm is not disclosed. The power of the Moscow farm allows for the mining of approximately 600 Bitcoin a month. The currency is generated by 3000 Antminer S9 ASIC-miners and, for this, a performance of about 38 PH per second is needed. To cool this amount of equipment, modern ventilation from Iceland is used. The electricity expenses are over $120,000 each month, Slavorum.org states.

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Image source: Lazy-flyer.livejournal.com

Looking to the future

Major mining farms began to appear only a couple of years ago. In 2014, these were farms of enthusiasts. Today, mining farms consist of large technological infrastructures with a regular staff of professional employees, like Coinmint, which combine into agglomerates at the site of former factories and hangars. With the increased complexity of the network and the declining prices of cryptocurrency, individual miners are pulling out. However, those players who managed to deploy large-scale infrastructures will be able to provide an ideal balance of productivity and low cost.

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Crypto Markets, Weak Demand from Miners Hurt GPU Producers

Crypto Markets, Weak Demand from Miners Hurt GPU ProducersDipping cryptocurrency markets are hurting not only crypto holders but also a number of related businesses and sectors. Manufacturers of hardware that can be used in mining applications, like GPU makers Nvidia, AMD and their OEM partners, are also hit by weak demand in the sector which is pushing inventories up. Also read: Bitcoin Businesses […]

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Get Them While You Can Gamers, Graphics Cards Prices Have Crashed

Get Them While You Can Gamers, Graphics Cards Prices Have CrashedAs the exchange rates for all cryptocurrencies declined this year, so did the attraction of GPU mining using graphics cards. As a result, the prices of cards that can be used for both gaming and mining have been cut drastically and leveled off, bringing them back into more affordable territory.    Also Read: Censorship of […]

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