Nvidia’s Attempts To Deter Crypto Miners Was Actually Pointless: Report

Nvidia’s attempts to deter crypto miners from getting their graphic cards had almost no effect and many don’t even mind it as per the latest reports that we have in our latest crypto news.

Nivida has been battling between the gaming community and miners sent the price of the graphic cards soaring. The company took the side of gamers because it is a more lucrative market. Nvidia announced that it will be throttling the hash power for its line of RTX 3000 graphic cards with the idea to make them less desirable for the crypto miners. The Lite Hash RAte made mining Ethereum 50% less efficient according to the company but according to the news reports by PC Gamer, Nvidia’s attempts didn’t result in what they were expecting to.

NiceHash, a mining pool provider noted that the introduction of the new hash rate didn’t discourage the miners. Another solo miner said that LHR was pointless and that the update is not a deal-breaker for the miners and even with the mix of GPUs, the miner earns about $4500 in ETH each month. The reasons for the failure are quite funny actually, for one, throttled GPUs can be unlocked and can make them up to 74% as efficient as non-LHR GPUs. The miners can also mine lesser-known cryptocurrencies. Oen miner even said that there’s a coin better than ETH to mine for different purposes of monthly withdrawals rather than holding.

The focus on smaller cryptocurrencies will play a huge role in the battle over graphic cards once the ETH network switches from proof of work to proof of stake. The PoW algorithm used by Bitcoin means that miners need to run powerful computers every day to verify transactions on the network. They get rewards for it in the native currency.
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The more miners you have, the more rewards you can earn. The PoS algorithm relies on different economic incentives rather than amassing expensive hardware.

The more of a native currency is staked, the more likely is that they will earn the rewards. Failing to do a good job when verifying the network means that you could lose some of the tokens that are staked as a penalty. If Etheruem achieves this transaction, it could spell an end to the arms race for powerful computer chis. GPU manufacturers continue to wrestle with how to satisfy the demands of the competing customer bases so Nvidia’s attempt to get rid of the miners was met with mixed results. The sales revenues for crypto mining processor cards dropped by 60% between Q2 and Q3 to $166 million with the CFO Colette Kress expecting the product to drop in the next quarter