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Meet the New King of GPU Mining

Meet the new king of gpu mining

Meet the New King of GPU Mining

Meet the new king of gpu mining

Tech Radar reports the new AMD Radeon VII graphics card is able to achieve a hash rate of 90 MH/s. The highest GPU hash rate prior to this was 69 MH/s on the AMD RX Vega 64. This is expected to greatly affect the efficiency of Ethereum mining.

Ethereum Mining Taken to a New Level

According to VoskCoin, a Bitcointalk member, the Radeon VII can achieve 90 MH/s without any tweaking, making it the most viable graphics card to mine Ethereum or any other GPU-mining based cryptocurrency. With a few adjustments, it can improve the hash rate up to 100 MH/s.

This increased performance is attributed to the improved memory bandwidth of 1 TB/s and 16 GB High Bandwidth Memory (HBM2). The older Vega card offers bandwidth of 484 GB/s and 8GB of HBM2.

Bitcoin uses ASIC mining as the difficulty is incredibly high compared to Ethereum. With GPU mining, anybody with a decent graphics card can be involved in securing the network and being rewarded. Ethereum, Ethereum Classic, and Monero are a few cryptos that utilize GPU mining.

bitcoin was also mined on a GPU in the early days, but as the hashing algorithm got more difficult, the amount of computations that had to be done to construct a Proof of Work (PoW) chain increased and got more difficult.

Until the launch of the Radeon VII, the NVIDIA Titan V was considered the best GPU to mine cryptocurrency. The Radeon VII’s price point also gives it a huge edge. While the older Titan V is priced at $2,999, the Radeon VII comes in at an extremely affordable $699.

AMD and NVIDIA have both seen their financial results suffer due to the spike and sudden collapse in mining. This could be an important development for AMD to start picking up the pace on GPU mining. After Q4 results showed a non-existent demand for mining, a cheap alternative to the Titan V that performs better may be enough for the effects of seasonality to be reduced.

While gaming rigs do not replace their GPU’s often, mining rigs for Ethereum are much more susceptible to wear and tear. Miners who have been reluctant to replace their GPU’s due to the high cost of the Titan V may now turn to the Radeon to improve their performance.

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Published at Wed, 01 May 2019 22:00:31 +0000

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Bulgaria Could Slash its National Debt Thanks to Seized BTC

Whilst early investors are rejoicing about the recent surge in the price of bitcoin, the increase is delighting elsewhere too. As part of a national anti-corruption operation in Bulgaria back in May, the government there seized 213,519 BTC from organised criminals. Today, these coins are worth $3.6 billion, or to put it another way, around one fifth of the entire country’s national debt. At the time they were seized, they were only worth $500 million.

The confiscations followed a widespread crackdown by the Southeast European Law Enforcement Centre (SELC). ZeroHedge report that it was in response to cases of customs fraud perpetrated by organised criminals. A large-scale search of over 100 properties led to 23 arrests. Of this number, five were Bulgarian customs officers. Computers, tablets, bank documents, and other communications equipment were also seized. The story was picked up by Russia Today. According to them, the SELC said:

The organized criminal group consisted of Bulgarian nationals with connections in the former Yugoslav Republic of Macedonia, Greece, Romania, and Serbia.

Local police contend that the group had managed to infect customs’ computer systems with a virus. The goal was to falsify data about shipping containers. They would mark certain containers waiting to be exported as having already gone through the necessary checks prior to departure. Naturally, unchecked shipments could contain literally anything, and having such a compromised route for illicit goods is a very valuable asset to a criminal network. The SELC believe that the decision was made to use bitcoin as a way of storing profits because it’s more difficult to track and follow than traditional currencies.

What’s perhaps more interesting than the seizure itself is what the Bulgarian government plans on doing with the coins. For now, there has been no official announcement. Will they follow the US example of privately auctioning confiscated coin being as such a windfall could dramatically aid their economy. One Twitter user expressed the fear that’s sure to have crossed many minds:

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The temptation to flood the market with the seized coins must be strong being as Bulgaria could immediately repay 18% of their national debt instantly. However, they could equally decide to take the riskier strategy of becoming a long-term hoarder of the cryptocurrency and potentially use it to back their own currency in the future. Just a thought, Bulgaria. We wouldn’t want you to do anything too hasty now.

 

Image: ShutterStock

 

The post Bulgaria Could Slash its National Debt Thanks to Seized BTC appeared first on NEWSBTC.

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