Nvidia announces new chips designed for mining Ethereum as the cryptocurrency hits record highs

Jensen Huang, president and CEO of Nvidia, speaks all around the firm’s event on the 2019 User Electronics Display in Las Vegas on Jan. 6, 2019.

David Paul Morris | Bloomberg | Getty Photos

Nvidia on Thursday presented this might well well launch a new series of semiconductors specifically for mining ether, the 2nd-largest digital cryptocurrency.

The new chip kind is legendary as CMP, or Cryptocurrency Mining Processor. The principle playing cards will go on sale in March, an Nvidia spokesperson said.

Ether mining is a job wherein laptop systems solve anxious math programs to assist the Ethereum cryptocurrency network speed. In trade, miners catch ether, the digital coin that runs on the Ethereum network. Ether hit a file high on Thursday, up over 160% one year-to-date to over $1,914.

Ether’s mining algorithms speed greatest on graphics playing cards, which is the more or much less chip that Nvidia is legendary for. Miners typically opt several graphics playing cards and put them in a single machine to maximize their return.

Final fall, Nvidia launched a new series of graphics playing cards marketed at PC gamers which were repeatedly sold out. The semiconductor industry shall be going through a shortage across the board.

Thursday’s announcement suggests that on the least some of the famous demand for Nvidia’s chips came from cryptocurrency miners, no longer beautiful gamers.

CMP merchandise — which originate no longer attain graphics — are sold through licensed partners and optimized for the explicit mining performance and efficiency,” Matt Wuebbling, head of GeForce marketing at Nvidia wrote in a blog post.

Nvidia said that the most contemporary chip in its gaming graphics playing cards series, the RTX 3060, would perhaps perhaps be modified when or no longer it’s launched later this one year so it would perhaps no longer mine ether effectively. Cards which own already been sold, deal with the RTX 3070 or RTX 3080, attain no longer own the same barriers, the Nvidia manual said.

“RTX 3060 software drivers are designed to detect particular attributes of the Ethereum cryptocurrency mining algorithm, and limit the hash price, or cryptocurrency mining efficiency, by spherical 50 percent,” Nvidia’s said in a blog post.

Graphics playing cards were first developed to enable high-definition laptop games nevertheless they’re increasingly more needed for unique technologies deal with man made intelligence. Their usefulness in mining ether is rarely really new, both — in 2017, Nvidia said it made a full bunch of millions of greenbacks per quarter selling chips to cryptocurrency miners.

“Cryptocurrency and blockchain is here to keep. The market want for it will grow, and over time this might well well change into somewhat gargantuan,” Nvidia CEO Jensen Huang said in 2017.

PC gaming shall be rising strongly. User spending on PC gaming hardware used to be up 62% in 2020, in step with an NPD Crew estimate. A graphics card is typically essentially the most costly share of a gaming PC.

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