Bitcoin Forum
March 29, 2024, 04:41:32 AM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: [2017-06-20] Russia faces shortage of PC graphics cards due to Bitcoin mining  (Read 3426 times)
elite3000 (OP)
Legendary
*
Offline Offline

Activity: 1073
Merit: 1000


View Profile
June 21, 2017, 12:33:56 AM
 #1

 An ordinary Russian consumer may face difficulty buying a video card for his home PC, Vedomosti newspaper reports. The recent surge in the value of bitcoin has caused a jump in demand for video cards, which are used in cryptocurrency mining.


People buy up to 600 video cards at once, sources in the industry told the media, causing a nearly 80 percent price surge since the spring.

Over the past two months, video card shipments have tripled, said IT-distributor Treolan. Market demand exceeds supply, it added.

Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the blockchain. It is also the means through which new bitcoins are created.

Anyone with access to the internet and suitable hardware can participate in cryptocurrency mining. Graphics or video cards are more efficient at mining than CPUs.

Since the end of March, the value of bitcoin against the US dollar has skyrocketed by 200 percent (from approximately $1,000 to $3,000 peak on June 12). Bitcoin rival etherium has risen 2,400 percent since March.

It has become easy for any PC owner to participate in bitcoin mining. It takes up to 45 days for a home computer to mine one bitcoin (worth about $2562). One etherium is worth about $375 but is easier to mine.

As specialists note, after you have generated your first bitcoin, further mining becomes more difficult. It requires better computers with better video cards, and electricity bills surge dramatically.

So, miners are forced to unite in groups to make mining more profitable. Russia has about 5-7 percent of the mining sources, mining business owner Dmitry Marinichev told Vedomosti.


https://www.rt.com/business/393179-russia-bitcoin-mining-video-card/
1711687292
Hero Member
*
Offline Offline

Posts: 1711687292

View Profile Personal Message (Offline)

Ignore
1711687292
Reply with quote  #2

1711687292
Report to moderator
1711687292
Hero Member
*
Offline Offline

Posts: 1711687292

View Profile Personal Message (Offline)

Ignore
1711687292
Reply with quote  #2

1711687292
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1711687292
Hero Member
*
Offline Offline

Posts: 1711687292

View Profile Personal Message (Offline)

Ignore
1711687292
Reply with quote  #2

1711687292
Report to moderator
mistanama
Sr. Member
****
Offline Offline

Activity: 327
Merit: 250


View Profile
June 21, 2017, 12:01:52 PM
 #2

An ordinary Russian consumer may face difficulty buying a video card for his home PC, Vedomosti newspaper reports. The recent surge in the value of bitcoin has caused a jump in demand for video cards, which are used in cryptocurrency mining.


I think it is more to do with the altcoin mining such as the ETH or ZEC.
Kprawn
Legendary
*
Offline Offline

Activity: 1904
Merit: 1073


View Profile
June 21, 2017, 04:30:27 PM
 #3

"  It takes up to 45 days for a home computer to mine one bitcoin (worth about $2562).  " <--- What "home" computer is this guy using? You

might be able to mine a bunch of Shitcoins and then SELL that and then BUY bitcoins, but mining that with a desktop computer. Nah, I call BS.  Roll Eyes

The title should read " Russia faces shortage of PC graphics cards due to Crypto currency mining. "


THE FIRST DECENTRALIZED & PLAYER-OWNED CASINO
.EARNBET..EARN BITCOIN: DIVIDENDS
FOR-LIFETIME & MUCH MORE.
. BET WITH: BTCETHEOSLTCBCHWAXXRPBNB
.JOIN US: GITLABTWITTERTELEGRAM
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!