Nvidia Again Drops a Sad News for Cryptocurrency Miners 0 229

In the cryptocurrency mining industry, the most demanded and key-role playing company is none other than Nvidia. For almost three decades, Nvidia has been at the top of its game for manufacturing high-end graphics cards.

The GPUs manufactured by Nvidia are top-notch and have no other competitor than Radeon. Even Radeon was not able to compete with Nvidia for long as Nvidia made a comeback and made its presence known once again.

Ever since the cryptocurrency industry was founded and mining was introduced, the majority of the miners adopted Nvidia graphics cards. It was mainly because the hashrate generated by Nvidia’s GPUs was phenomenal and efficient for mining cryptocurrencies.

Ever since 2010, the major reason behind Nvidia graphics cards becoming expensive was mainly high demand. Several companies and minor businesses started mining cryptocurrencies as much as they could. The majority of the miners were focused on Bitcoin (BTC) that demanded high hashrates in order to be mined.

As the cryptocurrency industry grows larger and Ethereum (ETH) hit the floor in 2015, the demand for Nvidia GPUs grew even higher. With time, Bitcoin (BTC) has become almost impossible for an individual to mine, but Ethereum (ETH) and other cryptocurrencies are still within their reach.

Therefore, even the low-scale miners purchased Nvidia’s graphics cards to mine Ethereum (ETH) and altcoins, and do it to this day. For several years, the miners have made huge profits mining cryptocurrencies through Nvidia graphics cards.

However, now it seems that the situation is going to change from good to not so good for the cryptocurrency miners. According to reports, Nvidia is in the process of reintroducing the limiter feature in the graphics cards.

The limiter feature tends to limit hashrate generated by a graphics card during the mining (transaction authentication) process. The reports suggest that Nvidia is doing this quietly and the graphics cards it is targeting are RTX3060.

The news has spread like a wildfire throughout the cryptocurrency mining sector. According to the observers, Nvidia is doing this to disincentives miners performing cryptocurrency mining.

It was back in February 2021, when Nvidia had launched the new RTX3060 for gaming and mining enthusiasts. At that time, the company had announced it had introduced a limiter feature in the new RTX3060 cards for the said purpose.

The company later went ahead and revoked the feature without providing any clear explanation on the matter. However, the company has gone ahead and reintroduced the feature through a new software update for the graphics card.

The sources have confirmed that the GeForce 466.27 driver version will have the new feature added to it. Nvidia made the announcement on the launch of the new driver on Thursday, April 29.

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IMF Says Russia and Iran May Use Crypto Mining for Monetizing Energy 0 42

The April 2022Global Financial Stability Report of the IMF has highlighted the consequences of the ongoing Russian invasion of Ukraine. The document said that the role of the US dollar was bound to be affected because of the conflict, as it would lead to the introduction of central bank digital currencies (CBDCs) and the global financial system’s resiliency would also be put to a test. The climate transition goals could also be put at risk because of the priorities associated with energy security. Another issue that would have to be dealt with in the coming years by lawmakers is the ‘cryptoization’ which is likely to occur because emerging markets are experiencing a widespread use of crypto.

IMF cited an increase in crypto trading volumes seen after the introduction of sanctions on Russia to back their statement. This included the financial penalties that had been imposed by Western nations on Russia because of its military invasion. The report said that such cross-border transactions were increasing in the long-term, which means that there would be challenges when it comes to imposing sanctions and managing capital flow. The IMF noted that crypto transactions have increased in both Russia and Ukraine because of the capital restrictions that have been imposed.

However, it is important to note that there has been a fall in liquidity in centralized exchanges where the hryvnia and ruble trading pairs are concerned. Therefore, using crypto exchanges for making large transfers has become rather impractical due to reduced liquidity. But, the IMF admitted that users do have the option of evading some measures via the crypto ecosystem because the identity verification requirements are quite lax in this industry. Hence, the international organization said that blocking new deposits of ruble and freezing crypto assets meant that users could have shifted to non-complying or less transparent crypto platforms and service providers.

Experts at IMF believe that both Russia and Iran could circumvent their respective sanctions via crypto mining. The nations could use their energy resources for generating revenue via crypto mining outside of the traditional financial system. Currently, the countries have a limited share of crypto mining activities, but there is a possibility that it could be increased, considering the size of the mining industry. The IMF quoted estimates showing that almost 11% of the mining revenues of bitcoin could have gone to Russia, which was around $1.4 billion per month, while Iran’s share had been 3%.

Bank of England Says Crypto Assets have Financial Stability Risks 0 81

On Thursday, the Financial Policy Committee of the Bank of England disclosed that they are working on developing a regulatory framework for digital assets. The central bank also made a reference to the sanctions that have been imposed because of the war between Russia and Ukraine in the statements. Bureaucrats and financial regulatory authorities all over the world have become increasingly concerned in recent times that Russia could take advantage of crypto assets to bypass the economic sanctions that have been imposed. The press statement of the BOE said that it was unlikely for crypto assets to provide Russia with a feasible way to get around sanctions at a large scale for now, but there was a possibility they could do so.

Therefore, it is a must to ensure that there are effective public policy frameworksthat can accompany innovation in crypto assets for maintaining the integrity and trust in the financial system. The crypto economy has been highly criticized by some members of the Bank of England for quite a while. Last year in mid-November, Andrew Bailey, the Governor of the Bank of England, had expressed his concerns about the adoption of bitcoin as legal tender in El Salvador. Sir Jon Cunliffe, the deputy governor for financial stability for the central bank, said in the following month that prices of crypto assets could drop to zero.

On Thursday, the report of the FPC talked about financial stability. The committee of the central bank noted that the FPC is assessing the risks to the financial system’s stability and it has concluded that these are currently limited. This is because their size remains limited for now and they are not that connected with the wider financial system. However, the FPC said that if they continue to grow at the same pace, and if they become interconnected with the overall financial system, then these crypto assets could pose a risk to the stability of the financial system.

Since the conflict between Russia and Ukraine began, politicians and lawmakers all over the globe have been discussing, developing, or even proposing laws aimed at regulating and researching digital currencies. The FPC’s statements on Thursday show that the BOE wants to classify crypto assets in the same category as it does traditional financial assets. Not only does the FPC plan on developing a regulatory framework that would govern digital assets, it has also mentioned stablecoins.

The FPC said that a major stablecoin that does not have a reliable deposit guarantee could turn out to be a risk to the UK’s financial system. According to the committee, if they introduce a systemic stablecoin, which is backed through a deposit mad with a commercial bank, it would result in significant risks to the stability of the financial system. All of this talk about crypto has been brought forward because of the Russian-Ukraine conflict and the possibility of the former using cryptocurrencies to evade the tough economic sanctions that have been imposed by Western nations due to its actions.

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