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August 27 - The China Earthquake Networks Center officially measured a 5.3-magnitude earthquake in Colombia (6.75 degrees north latitude, 73.08 degrees west longitude) at 00:45 on August 27, with a focal depth of 150 kilometers.On August 27th, Anthropic reported that it has agreed to pay Nscale $45 billion over the next six years to lease approximately 460 megawatts of AI computing power from Nscales Monarch data center in West Virginia. According to sources, Nscale will use NVIDIAs (NVDA.O.) Vera Rubin chips, with deployment expected by the end of next year. The entire Monarch campus has a planned capacity of approximately 1.35 gigawatts and a total investment of approximately $71 billion, with about $47 billion allocated to AI chips. The remaining buildings will begin providing computing power in 2028. The project was originally planned to be leased by Microsoft, but Microsoft withdrew this summer, and Anthropic subsequently became the tenant. In recent months, Anthropic has also reached computing power agreements with Fluidstack, Volta Infra, and SpaceX for $50 billion, $10 billion, and $45 billion respectively, further securing computing resources ahead of its IPO.The Russian Ministry of Defense stated that Russian air defense systems shot down 51 Ukrainian drones in a single day over multiple regions of Russia and the Black Sea.On August 27, US President Trump confirmed on the 26th that CIA Director Ratcliffe had recently visited Russia, saying the visit "may have some results," but did not elaborate further. In a radio interview that day, Trump called Ratcliffes visit "somewhat routine." He then hinted that Ratcliffes visit was related to the Russia-Ukraine conflict, saying, "We are working to bring an end to the war, and both sides want to see it end."On August 27th, IDC reported that Apples (AAPL.O) first foldable iPhone, launching in September, is expected to ship over 10 million units in its first year, despite a potential price tag of $2,500, driving renewed growth in the foldable phone market. IDC projects global foldable phone shipments will grow by 12.6% this year and 18% next year, with Apple accounting for 40% of global foldable phone shipments by 2027. Meanwhile, due to rising prices and supply constraints of components such as memory chips, IDC predicts a record 16.7% contraction in the global smartphone market this year, stating that "the era of cheap smartphones is over."

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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