Chinese cryptocurrency miners are buying Nvidia‘s new laptops to mine Ether (ETH) amidst the altcoin hitting new all-time highs (ATH).
It has been reported according to several sources that Nvidia’s latest GeForce RTX 30 laptops have become increasingly popular in China as a tool for mining cryptocurrency.
However, a Weibo user known as BTCer posted a bunch of images showing off GeForce RTX 30 series gaming laptops making up a solid crypto mining farm. “A laptop mine is up,” BTCer noted in the post depicting dozens of laptops stacked up on shelves.
The report said that several tech media outlets including VideoCardz and Wccftech subsequently suggested that the mining farm was set up specifically for mining Ether.
A recent fun video by Bilibili user Fish Pond F2pool showing how easy it is to mine crypto on a laptop equipped with a new RTX 3060 graphics card. Using a laptop plugged into the wall socket at Starbucks, the user mined 0.00053 ETH (worth an estimated $0.89) in around two hours.
Chinese GPU miners are reportedly buying up new @NVIDIAGeForce laptops to mine #Ether as the asset hits all-time highs https://t.co/IdrpGqJXd2 — Cointelegraph (@Cointelegraph) February 8, 2021
Likewise, according to some estimations, one GeForce RTX 3060 laptop can potentially generate up to around 2.3 ETH per year ($3,900) at the current prices, apparently being able to cover up the cost of the laptop and energy costs in China. Having arrived in the market on January 26, different GeForce RTX 30 series laptops are priced between $1,000 and $2,000.
Chinese GPU miners are apparently driving more demand to the already shortaged market, should the latest reports be true.
In January 2021, Colette Kress, the Chief Financial Officer of Nvidia, said that the company’s supply “will likely remain lean throughout Q1” by stating that gaming demand was “off the charts,” and the firm has not been able to keep up.
Thus, Ether price spikes have historically been associated with higher miner rewards, particularly generated through abnormally high gas fees.
Source: Cointelegraph