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According to TASS, Kremlin spokesman Dmitry Peskov said that there is still a long way to go to reach a peace agreement (with Ukraine).On May 9, it was announced that, in order to strengthen the rule of law in the financial sector and improve the legal and regulatory system of the central bank, the Peoples Bank of China plans to formulate the "Business Processing Measures for the National Unified Centralized Account Management System" and is now soliciting public opinions.On May 9th, according to Spanish national television, European Central Bank President Christine Lagarde stated that the ECB is carefully weighing its response to the war with Iran and its impact on inflation to ensure it doesnt act too soon or too late. In an interview, Lagarde said policymakers face "enormous uncertainty" and need "more data" to understand the impact of the conflict. She declined to comment on whether the ECB would raise interest rates next month as many expect. She said, "We have been torn between the risks of acting too quickly and acting too late, and we must find the right path to guide our economy toward our 2% medium-term inflation target – that is our goal."On May 9th, the Peoples Bank of China announced that, in order to strengthen the rule of law in the financial sector and improve the legal and regulatory system of the central bank, it has revised four normative documents, including the "Measures for Handling Bank Draft Business of Urban Commercial Banks Relying on the Large-Value Payment System" (issued as Yinbanfa [2004] No. 206), resulting in draft documents for public comment. The deadline for feedback is June 9th, 2026.On May 9th, the State Administration for Market Regulation issued the "Implementation Plan for the Special Action to Raise the Threshold for Certification Bodies," deciding to organize a nationwide special action to raise the threshold for certification bodies from now until December. According to the plan, the special action deploys 15 specific measures in four aspects: strictly controlling institutional access, standardizing certification activities, improving certification capabilities, and strengthening supervision. These measures include: strictly controlling access and licensing in accordance with the law through measures such as improving the certification body qualification licensing review system, strictly reviewing certification body qualifications, strengthening expert technical review support, and implementing on-site verification of qualification compliance; standardizing certification activities through measures such as improving certification management methods, improving nationally unified certification rules, strengthening the filing and review of certification rules, and reinforcing the main responsibilities of institutions and personnel; promoting certification capabilities through measures such as increasing efforts to cultivate brand certification bodies, strengthening special supervision of accreditation, and enhancing the innovation capabilities of certification bodies; and strengthening supervision to promote the healthy and orderly development of the certification service industry through measures such as strengthening risk monitoring and early warning of certification activities, strengthening "random inspections and public disclosure," improving the effectiveness of intelligent supervision, and improving the institutional exit mechanism.

End of GPU Mining? Crypto Crash Forces Miners To Sell Graphic Cards

Jimmy Khan

Jun 23, 2022 14:36

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With gross margins as high as 90%, mining bitcoin (BTC) has been an incredibly profitable business for many years.


The price of BTC, high power expenses, and processing gear are three major elements that affect mining profitability. Currently, all three of these causes significantly increase miner distress.


For instance, the value of BTC and Ethereum (ETH) is declining quickly. Before succumbing to the general market slump, the biggest cryptocurrency by market cap had traded at $67,000. As at the time of publication, BTC is only worth $20,430.


The worst-hit cryptocurrency, though, is ETH, which has lost 70% of its value in a single month and is currently trading at $1087.


Similar to data centers, these mining operations demand a lot of electricity. The Cambridge Center for Alternative Finance (CCAF) estimates that the current annual energy consumption of Bitcoin is about 110 Terawatt Hours, or nearly equal to that of Malaysia or Sweden.


In some regions of Europe, the cost of electricity has increased to the point where mining one bitcoin may cost up to $25,000, said Daniel Jogg, CEO of Enerhash, a business that operates blockchain data centers.


These reasons have led to the abandonment of GPU mining by miners. They are compelled to sell graphic cards on internet auction sites for less than the price of the GPUs.


Crypto miners and operators of internet cafes who purchased large quantities of graphic cards for mining are left with no choice but to sell their GPUs for as little as $300–350 or dump them.


Over 50% of the real cost of AMD and NVIDIA graphics cards was charged for sale. For instance, the well-known NVIDIA GeForce RTX 3060 Ti graphics card is currently being auctioned down for $300 although it was originally around $700-$800.


Because these GPUs were "abusively utilized for mining," users on Twitter and other forums advised consumers not to purchase them.


"With the breakdown of the crypto market (Bitcoin, Ethereum, and other cryptocurrencies), a lot of graphics cards are currently being sold by some of the most significant crypto miners (Chinese GPU miners, scalpers, and Internet cafés) for low rates, below MSRP," one user on the Geeks 3D forum observed. It is not advised to purchase one of these graphics cards because they were illegally used for mining for months.


However, avid gamers would still find use for these overused graphic cards and purchase them at a discount. Ethereum miners have reportedly spent almost $15 billion on GPUs since 2021, according to a Bloomberg article.

For mining, GPUs are no longer useful

Many miners are unhappy that Ethereum is switching from its proof-of-work to proof-of-stake system, pushing them to look for an alternative.


According to Top1markets, ETH declared that in the third and fourth quarters of this year, it will switch to POS. It is a big milestone since it cuts energy use by more than 99 percent, which is excellent news for opponents of cryptocurrency and environmentalists.


However, ETH has repeatedly delayed this merging, frustrating hopeful parties. The likelihood of it not occurring this year is "extremely low," according to computer scientist and Ethereum developer Tim Beiko. The scenario he wanted to avoid was someone purchasing a mining GPU today, and the Merge occurs this summer, therefore rendering it useless.

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