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Nvidia Redesigns Graphics Cards to Limit Their Use in Ethereum Mining
Nvidia is also launching Cryptocurrency Mining Processors (CMP) specifically for Ethereum miners.
By Zack Voell
Updated Sep 14, 2021, 12:13 p.m. Published Feb 18, 2021, 3:30 p.m.
Nvidia has announced new efforts to ensure its graphics cards "end up in the hands of gamers" instead of cryptocurrency miners.
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- Nvidia's RTX 3060 software drivers are "designed to detect specific attributes of the Ethereum cryptocurrency mining algorithm," per a blog post by Nvidia's VP of global GeForce marketing, Matt Wuebbling.
- "Users are constantly discovering new applications for [Nvidia GPUs]," the post says. "Mining cryptocurrency is one of them."
- But Ethereum miners' strong demand for new GPUs has caused a shortage in supply, and gamers are not happy.
- The news comes as Nvidia RTX 30-series GPUs, first released last fall, were spotted in mining farms.
- If it detects mining activity, RTX 3060 drivers will limit its hashrate by around 50%.
- The technology giant still plans to serve Ethereum miners, though. With the new Cryptocurrency Mining Processor (CMP), Nvidia is offering a professional mining-specific product that doesn't "do graphics," per the post, a move it first announced last month.
- Thus, CMPs will not impact the availability of GPUs for gamers, Nvidia says.
- Much of the company's GPU revenue during the last bull market may have also come from crypto miners, rather than gamers.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
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- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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