April 1, 2023

Following the broader cryptocurrency market crash a few weeks ago, cheap graphics cards may once again be at risk of inflation, as popular cryptocurrencies such as ethereum and bitcoin began to appreciate rapidly again this weekend.

According to reports Currency Taiwan (opens in new tab)both Bitcoin and Ethereum posted their first gains this weekend since the June market crash, with Bitcoin climbing as high as 5% (though it’s worth remembering that the crash dropped its value by 34%), while Ethereum was in It has surged 20% over the same period.

While this is good news for anyone still invested in any currency rally, this recovery could indeed mean that if cryptocurrencies become viable again, we could see GPU prices start to surge. Bitcoin is not a problem as it is practically impossible to mine the coin efficiently using a consumer graphics card, but since it is the most valuable and mature cryptocurrency on the market, its health usually has a knock-on effect with other coins.

On the other hand, Ethereum is a potential threat to our relatively affordable period in the GPU market. Although commitments move to the same “proof-of-stake” verification that Bitcoin uses (a system that uses randomly selected miners to verify transactions), the currency still uses “proof-of-work” (a competing verification method that can be exploited by miners).

GPU Shortage 2: Electric Boogaloo

People in New York City line up to buy new graphics cards from Best Buy

At the height of the shortage, people in New York City were lining up to buy new graphics cards from Best Buy. (Image credit: Twitter/Matt Swade)

A simpler idea is that proof-of-work allows miners around the world to try and be the first to solve a “mathematical puzzle”, and the first to do so can update the blockchain and be rewarded with a fraction of the cryptocurrency . Someone with access to hardware with a higher hash rate (the amount of computations that can be done per second) is more likely to solve the puzzle first.

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