Company could earn up to $1 million a day if it uses the plates again for mining
The company Genesis Mining is known for calling itself the “largest Bitcoin cloud mining company” and could gain even more strength for its mining farm. That’s because the company had been fighting in Chinese courts against its former hosting provider receiving a total of 485,681 8GB AMD Radeon RX 470 graphics cards, cause now she won, but she may have to sell the equipment.
The process, which began in 2019, takes place because the provider Chuangshiji Technology Limited had refused to return the GPUs to the mining company, which alsoi get back a total of 60,580 AntMiner S9 mining rigs. This problem between the companies had already started in 2018, supposedly with a discussion between them about the payment for the service.
But for the Genesis Mining this court decision may have happened a little too late, that’s because China is beginning to ban and close mining operations in several of its provinces. With that, the company will have to choose what to do with nearly half a million AMD Radeon RX 470 that you will finally be receiving.
Credits: Genesis Mining Disclosure
As reported by the portal The Block, who first reported the dispute resolution, Genesis Mining CEO Marco Streng “refused to specify the current status of the equipment and whether the hardware is in transit to the facility’s facilities. Genesis Mining.” However, the Chinese Court’s decision points out that these video cards are functional for operation and in “good condition to be returned.”
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It is not known if the Genesis Mining will still use the plates to carry out the mining, but if the company intends to do this, she will have to move all the boards to another country. As pointed out by the portal, if all AMD Radeon RX 470 8GB go back to mine and manage to reach your theoretical power of 14 TH / s hashing in the Ethash algorithm to extract Ethereum, they can bring in a gross profit of nearly $1 million a day.
But the sale of the models would also make an absurd profit for the mining company, because with the lack of new boards on the market because of global shortages of chips and miners, a lot of people are desperate to have any GPU. Thus, using as a basis the quotes of second-hand plates in the eBay, The Block website suggests that the company can make up to $200 million by selling its RX 470.
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Via: Tom’s Hardware Source: The Block