Anyone looking for a GPU five years ago may soon be lucky.Block Report The Supreme Court of China has ordered the return of 485,681 AMD Radeon RX 470 8GB After a legal dispute with the former hosting service provider, Genesis Mining called itself “the largest cloud bitcoin mining company.”
Genesis Mining filed a lawsuit in 2019 after the two companies had a payment-related dispute in 2018. It is said that the hosting service provider Genesis Technology Co., Ltd. refused to return the graphics card and 60,580 AntMiner S9 mining machines.
Now the conflict is finally resolved… just in time for Genesis Mining to figure out what China decided to do with nearly 500,000 graphics cards. Shut down mining operations In many of its provinces.
The Block stated that Genesis Mining CEO Marco Streng “refused to state the current state of the equipment and whether the hardware is being shipped to Genesis Mining’s facilities.” It can be mined in another country; it can also sell GPUs.
Both options can be profitable. The Block estimates that if the rig reaches a potential 14 TH/s hash rate on the Ethash algorithm, Genesis Mining’s daily gross profit will be close to 1 million U.S. dollars. My ethereum At the current price.
Despite the age, these graphics cards may also get good prices in the secondary market.It’s almost impossible to find a modern GPU, let alone one of them The best graphics card, In stock, Especially in MSRP, Which forces manufacturer And enthusiasts like the old model.
A quick search on eBay revealed a second-hand MSI RX 470 8GB with a maximum bid of $315. The list price of another second-hand unit is $500. If it were to sell all of its inventory, even if it was the lower of these two figures, Genesis Mining would make a net profit of nearly $153 million.
it May not be wise arrive Purchase one of the graphics cardsBut at this point, many people are willing to accept almost anything, so it would be no surprise if Genesis Mining decides to flood the market with these RX 470s.