Chinese GPU miners reportedly buy Nvidia laptops in bulk to mine ether

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Chinese cryptocurrency miners would buy Nvidia’s new laptops to mine Ether (ETH) amid altcoin reaching all-time highs.

Nvidia’s latest GeForce RTX 30 laptops have become increasingly popular in China as a cryptocurrency mining tool, according to multiple sources.

On February 6, a Weibo user known as BTCer posted a bunch of images showing GeForce RTX 30 gaming laptops forming a solid crypto mining farm. “A mine of laptops is in place,” BTCer noted in the post describing dozens of laptops stacked on shelves.

Source: Weibo

Several tech media outlets, including VideoCardz and Wccftech, subsequently suggested that the mining farm was created specifically for the extraction of Ether. The reports also cited a recent amusing video from Bilibili user Fish Pond F2pool showing how easy it is to mine crypto on a laptop with a new RTX 3060 graphics card. a laptop plugged into the Starbucks wall outlet, the user would have extracted 0.00053 ETH (estimated to be worth $ 0.89) in about two hours.

By some estimates, a GeForce RTX 3060 laptop can potentially generate up to around 2.3 ETH per year ($ 3,900) at current prices, apparently being able to cover the cost of the laptop and power costs in China. . Arriving on the market on January 26, the various laptops of the GeForce RTX 30 series are priced between 1,000 and 2,000 dollars.

Chinese GPU miners are apparently driving more demand in the already tight market, if the latest reports are true. In January 2021, Nvidia CFO Colette Kress said the company’s supply “will likely remain meager throughout the first quarter,” saying demand for games was “out of the ordinary” and the company hadn’t been able to keep pace.

Spikes in ether prices have always been associated with higher rewards for miners, especially generated by unusually high gas costs. On February 5, average gas charges peaked at an all-time high of $ 25.2 as Ethereum surpassed $ 1,700.

As Ethereum is set to someday become a Proof-of-Stake blockchain, the Ethereum mining community will need to find other options to generate rewards. As reported, the first phase of Ethereum’s PoS upgrade was launched in late 2020.