Nvidia launches new chips (Cryptocurrency) designed for mining Ethereum.

Key Highlights

  • Nvidia proclaimed on Thursday that it would issue a new series of semiconductors, especially for mining ether, which is a cryptocurrency.
  • The new chip is called a CMP, or Cryptocurrency Mining Processor.
  • Recently Ether hit a record high on Thursday, up over 160% year-to-date.

If you want to send money to someone, you do it via a bank that acts as an intermediate. People introduced Cryptocurrencies to avoid this decentralisation of the bank. To decentralise Cryptocurrency’s authority, a specific code or, we say, the algorithm needs to run on the computers of many people called miners of Cryptocurrency. So to mine or run the algorithm, miners need a good processor and a sound graphics card. Graphics Card helps in the better display of graphics when you play games or do some graphical job. Its contemporary usage is in the mining of Cryptocurrency.

 

Nvidia CMP or Cryptocurrency Mining Processor (CMP) product line has been announced for professional miners. The new range of GPUs has been designed and optimised for optimum mining performance and efficiency. Nvidia also says that the software drivers of its upcoming Nvidia GeForce RTX 3060 GPUs are designed to dig up specific parts of the Ethereum cryptocurrency mining algorithm. And improve cryptocurrency mining efficiency by around 50 per cent. Introducing a new series of chips is done so that people don’t use Nvidia GeForce GPUs for cryptocurrency mining. To address the shortage of GPUs for gamers.

 

Nvidia on Thursday stated that it would release a new series of semiconductors specifically for mining ether, the second-largest digital Cryptocurrency. The first graphics cards will be available by March, an Nvidia spokesperson said.

Ether mining is how computers solve hi-tech math programs to enable the Ethereum cryptocurrency network to run correctly. In exchange, miners get Ether, which is the digital coin that runs on the Ethereum network as a reward.

Ether’s mining algorithms use graphics cards, which is the kind of chip that Nvidia is famous for in the market. Miners often purchase several graphics cards and put them in a single machine to maximise their outcome.

Last year, Nvidia released a new set of graphics cards for PC gamers, repeatedly selling out. 

 

People first introduced graphics cards to enable high-definition computer games. Still, they’re becoming essential for new technologies like artificial intelligence. Their usage in mining ether isn’t contemporary. Either — in 2017, Nvidia announced it made hundreds of millions of dollars every quarter by selling graphics chips to cryptocurrency miners.

“Cryptocurrency and blockchain are going to stay with us. Market need is going to grow a lot, and over time it will become quite huge,” Nvidia CEO Jensen Huang said in 2017.