Good support at 570$
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The battle for chips (the semiconductor kind, not the tasty snack) between cryptobulls and videogamers is heating up: and this week Nvidia took sides, placing a limiter on more of its graphic cards to prevent crypto mining. Prices initially dropped but rebounded later in the day.
Nvidia has a dedicated gamer customer base, but many of them are struggling to get hold of the company’s newest graphic card because all of its chips are being bought up and used for cryptocurrency mining. Nvidia has made its feelings clear on this, making a moves to ease the current shortage. The company first acted earlier this year, when it began to limit how efficiently one of its graphics cards, the RTX 3060, could process Ethereum transactions; and it announced on Tuesday that it would start limiting almost all of its chips, including the ones that are used by the most serious gamers.
We believe this additional step will get more GeForce cards at better prices into the hands of gamers everywhere
the company said in a statement.
However, crypto miners don’t need panic just yet, because earlier this year Nvidia announced a new product just for them – a cryptocurrency mining processor (CMP), specifically designed for crypto mining on the Ethereum network.
Video gaming cards are more easily adaptable for Ether mining than Bitcoin, and the Ethereum network makes up around 90% of crypto rewards that can be won on repurposed video game chips. Though it’s currently the second largest cryptocurrency, Ether’s value has soared this year and its gains have outpaced the OG Bitcoin. In fact, because Bitcoin’s volume is limited to 21 million, there are far fewer tokens left to be mined, making Ethereum a more profitable long-term road for Nvidia’s chips.
Separating these two avenues also means that Nvidia investors can rest a bit easier, hoping that there won't be a repeat of the company’s dismal fiscal 2019 performance, when a steep decline in cryptomining demand led to an excess in inventory, a decline in shipping rates, and a 24% drop in revenue. The latest move creates a bit more of a separation of power between the two worlds, which could provide some financial stability.
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See my profile to follow me on Twitter and Tradingview
Check out some tools for full and part-time trading on my Website, , link to my Website on Twitter.
_____________________
The battle for chips (the semiconductor kind, not the tasty snack) between cryptobulls and videogamers is heating up: and this week Nvidia took sides, placing a limiter on more of its graphic cards to prevent crypto mining. Prices initially dropped but rebounded later in the day.
Nvidia has a dedicated gamer customer base, but many of them are struggling to get hold of the company’s newest graphic card because all of its chips are being bought up and used for cryptocurrency mining. Nvidia has made its feelings clear on this, making a moves to ease the current shortage. The company first acted earlier this year, when it began to limit how efficiently one of its graphics cards, the RTX 3060, could process Ethereum transactions; and it announced on Tuesday that it would start limiting almost all of its chips, including the ones that are used by the most serious gamers.
We believe this additional step will get more GeForce cards at better prices into the hands of gamers everywhere
the company said in a statement.
However, crypto miners don’t need panic just yet, because earlier this year Nvidia announced a new product just for them – a cryptocurrency mining processor (CMP), specifically designed for crypto mining on the Ethereum network.
Video gaming cards are more easily adaptable for Ether mining than Bitcoin, and the Ethereum network makes up around 90% of crypto rewards that can be won on repurposed video game chips. Though it’s currently the second largest cryptocurrency, Ether’s value has soared this year and its gains have outpaced the OG Bitcoin. In fact, because Bitcoin’s volume is limited to 21 million, there are far fewer tokens left to be mined, making Ethereum a more profitable long-term road for Nvidia’s chips.
Separating these two avenues also means that Nvidia investors can rest a bit easier, hoping that there won't be a repeat of the company’s dismal fiscal 2019 performance, when a steep decline in cryptomining demand led to an excess in inventory, a decline in shipping rates, and a 24% drop in revenue. The latest move creates a bit more of a separation of power between the two worlds, which could provide some financial stability.
________________________
_____________________________________________________________________________________
See my profile to follow me on Twitter and Tradingview
Check out some tools for full and part-time trading on my Website, , link to my Website on Twitter.
