Nvidia Crypto Mining Technology was A Waste of Time

Nvidia crypto mining technology was a waste of time. Following the company’s announcement, the American multinational technology business. Nvidia Corporation has set an upper limit on the hashrate of its graphics processor units. In order to prohibit the use of the company’s graphics processor units. For cryptocurrency mining. Until the middle of May in 2021. There will be a limit on the amount of food. That may be exported from the United States. (GPUs).

The hashrate limitation mechanism adopted by Nvidia, according to mining businesses . Such as Nicehash, “didn’t deter miners in the least bit.” Bitcoin miners. On the other hand, are now arguing that the decision was a complete waste of their time and effort.

Nvidia Crypto Mining Hashrate Limiter Didn’t Stop Crypto Miners

When Nvidia attempted to prevent crypto miners from using its graphics cards. To mine digital assets, the company’s “Lite Hash Rate” (LHR) technology. It was the subject of a Bitcoin.com News story last year. The graphics card maker attempted to prevent crypto miners. From using its graphics cards to mine digital assets with its graphics cards. 

The LHR feature was added to three distinct GPU models by Nvidia. When it came to GPU products. A spokesperson for the company indicated that their goal. This was to get their cards back into the hands of gamers. It has been eight months since the LHR technology was introduced. And sources suggest that it has had no effect on crypto miners’. Decision to use these specific Nvidia GPUs for their operations.

PC Magazine reports that the cryptocurrency mining site Nicehash. Declared that the LHR technology “didn’t deter miners in the least.” Blake Teeter, a crypto miner from Colorado who prefers to remain anonymous. Told Michael Kan of pcmag.com that the LHR technology did not dissuade him. From purchasing graphics processing units (GPUs) for the purpose of crypto mining. 

Teeter revealed that he has expanded his GPU farm to include LHR-based Nvidia GPUs. Which earns $4.5K in ethereum (ETH) revenue each month, according to the announcement.

In his opinion, LHR was a waste of effort, and the deployment of LHR-based. Nvidia GPUs “isn’t a deal-breaker for miners,” Teeter said in an interview.

Ethereum Hashrate Hits Record Highs as LHR-based GPU Miners Sell at Same Rates

Meanwhile, the week after Nvidia unveiled its new Lite Hash Rate devices. The business revealed that it made $155 million in revenue. From cryptocurrency mining chips in the first quarter of 2021. However, the business emphasized that it was working hard to discourage bitcoin miners. From using specific Nvidia products at the time of the announcement. The owner of 30 LHR RTX 3060 Nvidia GPUs, Tim Tarshis. Told Kan that he purchased the GPUs because “everyone was flipping them.” Tarshis is a digital currency miner that mines bitcoin and other digital currencies.

The LHR technology, according to Tarshis. Did not lower the cost of graphics processing units (GPUs). And he acknowledged that the Lite Hash Rate products “did nothing” to deter individuals. From using these devices to mine for digital assets. “A large number of people, including miners and scalpers. Were still purchasing cards at the same rates as previously,” Tarshis continued.

Ether (ETH) is currently up more than 95 percent year-to-date. While the network’s hashrate has reached new all-time highs this year, according to CoinMarketCap. Currently, the Ethereum hashrate is greater than 1 petahash per second (PH/s). Which is equal to 1,038,957,431,086,586 hashes per second (H/s) at the time of writing.

Until Ethereum converts from a proof-of-work (PoW) chain to a full proof-of-stake (PoS) paradigm. It appears that miners will take use of every gadget they can find. In order to reap the benefits of the cryptocurrency. They will almost certainly be employed for this purpose. If Nvidia’s LHR products continue to produce ETH. And other GPU-mineable crypto currencies.

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