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What Happened: NVIDIA Corporation (NASDAQ: NVDA) announced the creation of a new product offering – the NVIDIA CMP, intended exclusively for cryptocurrency mining in February.
In order to separate its product offerings between gamers and miners, NVIDIA limited the hash rate of its GeForce RTX 3060 mining chip which had become increasingly popular with cryptocurrency miners.
“We are limiting the hash rate of GeForce RTX 3060 GPUs, so they are less desirable for miners and are launching NVIDIA CMP for professional mining,” NVIDIA said in a blog last month.
However, their plans appear to have been short-lived, as the China-based Ethereum (CRYPTO: ETH) miners found a way around this limited hash rate with the help of a custom mod.
Chinese mod dammit pic.twitter.com/dBNjpJQLMl
– I_Leak_VN (@I_Leak_VN) March 10, 2021
Screenshots posted by a Twitter account documenting tech leaks showed a stack of eight RTX 3060 graphics cards performing well above NVIDIA’s 20-25 MH / s mining limit.
A group of Vietnamese miners on Facebook also confirmed the ability of the GPU to accelerate to 50 MH / s.
Why is this important: Recognizing the popularity of cryptocurrency mining, NVIDIA planned to launch cryptocurrency mining processors (CMPs) to meet the specific needs of Ethereum mining.
“With CMP, we can help miners build the most efficient data centers while preserving GeForce RTX GPUs for gamers,” the company said.
However, it appears cryptocurrency miners continued to use GeForce RTX 3060 as their mining chip of choice, bypassing NVIDIA’s deliberate hash rate restrictions.
It seems to be the more economical choice for miners as it brings GPU performance to match the GeForce RTX 3060 at a lower price and power consumption.
Image: Javier Esteban via Unsplash
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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