- Tram Ho
Many crypto miners are being forced to reassess their assets and operations in China as the country’s authorities continue to expand restrictions on cryptocurrency mining. But, a local court recently sided with a cryptocurrency cloud mining provider called Genesis Mining, with a ruling that allowed them to get back 485,681 Radeon RX GPU units. 470 8GB.
But despite the victory, Genesis Mining now has the difficult task of finding homes for these nearly half a million rather old hardware components.
Genesis Mining is a cloud mining company that allows customers to mine cryptocurrencies without having to install complicated equipment. The principle of operation is based on the purchase of a service contract with Genesis Mining, then the company uses the available equipment to mine cryptocurrency on behalf of the customer. The amount of coins mined daily, based on the service packages (Hashpower) purchased, will be paid to the customer’s wallet.
And one of the places where the company puts the device is a Chinese storage provider, Chuangshiji Technology Limited.
What would you do if you suddenly received half a million GPUs?
The legal dispute, which originated in 2018 and has lasted several years, is based on disagreements and payment-related issues between Chuangshiji and Genesis. Due to the failure to reach an agreement, Genesis filed a lawsuit against the hosting provider in 2019 and asked the Chinese company to return more than 560,000 Radeon RX 470 GPUs and more than 60,000 integrated circuit (ASIC) miners. is being located at Chuangshiji. But, the company refused to return the hardware and instead began liquidating them without Genesis’ consent, prompting the company to file a lawsuit.
Until recently, China’s Supreme Court sided with Genesis Mining and ordered Chuangshiji to return more than 485,000 graphics processing units (GPUs) to the Iceland-based cloud mining company. While the decision looks like a win for Genesis, the recent policies regarding the cryptocurrency mining situation in China leave Genesis with the challenging new task of figuring out how to deal with it. this huge number of used graphics cards.
The Radeon RX 470 GPU is still pretty good for gaming, or cryptocurrency mining.
Thankfully, the Radeon RX 470 still essentially offers a lot of value in today’s cryptocurrency mining market. Because with a total of nearly half a million GPUs returned, they provide the equivalent of more than 14.5 Terahashes per second (TH/s), while also having relatively low power consumption. Therefore, if they continue to use them, the company will still be able to generate the relevant profits. The problem is that there will be a corresponding cost to move this hardware to a new home, because China is no longer a potential land for cryptocurrency miners.
Meanwhile, the gaming community and PC users are still looking for older GPUs because of their low cost, and 8GB GPUs based on AMD’s Polaris architecture will still be a reasonable choice if Genesis decides to sell them. to the general market. While their primary use used to be for cryptocurrency mining, these GPUs are in good condition and can be slightly refurbished with new thermal paste and heatsinks for a more immersive gaming experience. 1080p games in a cost-effective manner.
Many claims on the net say that used GPUs for cryptocurrency mining are likely to suffer a 10% drop in performance, however, these are often disproved and tests show little or no difference. differentiate between new and used GPUs, especially in situations where the cooling components are intact and working properly.
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Source : Genk