Nvidia will release a new ETH-dedicated mining graphic chip as it was overwhelmed by the huge use of its chips by Ethereum and bitcoin miners back in 2017. This time, the company is prepared so let’s read more about the chips in today’s Ethereum news.
The Graphics chipmaker Nvidia said that it will release a new series of semiconductors for mining Ethereum specifically and the company saw huge success with the sector back in 2017 when it claimed that it made hundreds of millions of dollars per quarter by selling chips to mines. The company designs graphics processing units for gaming and professional markets as well as systems on chip units for the mobile computing and automotive market. the new chips are of strong importance to the crypto miners that utilize massive computing powers to mine blocks on PoW networks like Bitcoin and Ethereum in turn of rewards.
Nvidia said the software for its forthcoming GeForce RTX 3060 card will limit how efficiently it can process #Ethereum transactions by about 50%.https://t.co/CeDe02da4b #fintech #blockchain #cryptocurrency pic.twitter.com/BSsxk1kyZp
— Chris Gledhill (@cgledhill) February 18, 2021
Nvidia was quite overwhelmed by the demand for chips in 2017 when the crypto market picked up and prices started increasing beyond the budgets of the average gamers and PC enthusiasts which led to criticism from customers. however, this time around, Nvidia will release the chips since it is already preparing for the next bull run. The new chip type is called CMP or Cryptocurrency mining processor and will go on sale in March. This is the first-ever dedicated mining chip released by the company.
Nvidia announces dedicated crypto mining GPUs and says RTX 3060 GPU will detect the Ethereum cryptocurrency mining algorithm and limit the hash rate by 50% https://t.co/L3jEoits1T
— Dmitry Buterin (@BlockGeekDima) February 18, 2021
The company noted that the huge demand for graphic chips came from crypto miners as Matt Wuebbling who is the head of Geforce marketing at the company said:
CMP products — which don’t do graphics — are sold through authorized partners and optimized for the best mining performance and efficiency. RTX 3060 software drivers are designed to detect specific attributes of the Ethereum cryptocurrency mining algorithm, and limit the hash rate, or cryptocurrency mining efficiency, by around 50 percent.”
RTX 3060 is the latest chip released by Nvidia but unlike other products, this was modified to prevent users from using it to mine ETH which will drive demand for CMP while preventing a shortage of suppliers for gamers. Nvidia had a great year in 2017 after the crypto mining sector started heating up. CEO Jensen Huang said that crypto and blockchain are here to stay and the market needs will grow and over time it will become large.
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