Nvidia announces new chips designed for mining Ethereum as the cryptocurrency hits record highs – CNBC3 min read

https://www.cnbc.com/2021/02/18/nvidia-cryptocurrency-mining-processor-for-ether-announced.html

Getty ImagesNvidia on Thursday revealed it will release a new series of semiconductors specifically for mining ether, the second-largest digital cryptocurrency.The new chip type is called CMP, or Cryptocurrency Mining Processor. The first cards will go on sale in March, an Nvidia representative said.Ether mining is a process in which computers solve complicated mathematics programs to help the Ethereum cryptocurrency network run. In exchange, miners get ether, the digital coin that runs on the Ethereum network. Ether hit a record high on Thursday, up over 160% year-to-date to over $1,914. Ethers mining algorithms run best on graphics cards, which is the kind of chip that Nvidia is known for. Miners frequently purchase several graphics cards and put them in a single machine to maximize their return.Last fall, Nvidia released a brand-new series of graphics cards marketed at PC gamers that have actually been regularly offered out. The semiconductor market is likewise facing a shortage throughout the board.Thursdays statement suggests that at least a few of the demand for Nvidias chips originated from cryptocurrency miners, not just gamers.”CMP items– which dont do graphics– are offered through authorized partners and enhanced for the very best mining performance and efficiency,” Matt Wuebbling, head of GeForce marketing at Nvidia wrote in a blog site post.Nvidia said that the most recent chip in its gaming graphics cards series, the RTX 3060, would be customized when its released later this year so it will not mine ether effectively. Cards that have actually already been sold, like the RTX 3070 or RTX 3080, do not have the exact same constraints, the Nvidia agent stated.”RTX 3060 software drivers are created to identify specific qualities of the Ethereum cryptocurrency mining algorithm, and limit the hash rate, or cryptocurrency mining performance, by around 50 percent,” Nvidias stated in a blog site post.Graphics cards were very first developed to allow high-definition video game however theyre progressively necessary for new technologies like expert system. Their usefulness in mining ether isnt brand-new, either– in 2017, Nvidia said it made numerous millions of dollars per quarter selling chips to cryptocurrency miners.”Cryptocurrency and blockchain is here to stay. The market need for it is going to grow, and with time it will end up being rather large,” Nvidia CEO Jensen Huang said in 2017. PC gaming is likewise growing highly. Customer spending on PC video gaming hardware was up 62% in 2020, according to an NPD Group price quote. A graphics card is often the most costly part of a video gaming PC.

The first cards will go on sale in March, an Nvidia spokesperson said.Ether mining is a process in which computer systems solve complex mathematics programs to help the Ethereum cryptocurrency network run.”CMP products– which do not do graphics– are sold through authorized partners and optimized for the finest mining efficiency and effectiveness,” Matt Wuebbling, head of GeForce marketing at Nvidia composed in a blog site post.Nvidia said that the latest chip in its gaming graphics cards series, the RTX 3060, would be customized when its launched later on this year so it wont mine ether effectively.”RTX 3060 software motorists are developed to find particular qualities of the Ethereum cryptocurrency mining algorithm, and limit the hash rate, or cryptocurrency mining performance, by around 50 percent,” Nvidias said in a blog post.Graphics cards were very first established to make it possible for high-definition computer system video games however theyre significantly essential for brand-new innovations like artificial intelligence.

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