The American multinational technology company Nvidia which designs graphics processing units for the gaming and professional markets has announced it will design for mining Ethereum.
Ethereum or Ether is an open-source blockchain featuring smart contract functionality.
The new type of chip will be called Cryptocurrency Mining Processor or CPM and it is the latest product of Nividia, it aims to address specific needs of Ether mining.
The process in which computers solve complicated math problems to help run the Ethereum cryptocurrency network is called Ether mining. In return miners get Ether the digital coin that runs on Ethereum network.
The algorithms done by Ether mining are best run on graphics cards, which is the kind of chip Nvidia is known for,
To maximize the return miners frequently purchase several graphics cards and put them in a single machine.
The Vice President of Global GeForce Marketing of Nvidia Matt Wuebbling said in a blog:
That Cryptocurrency Mining Processor products which don’t do graphics are sold through authorized partners and optimized for the best mining performance and efficiency.
Nvidia said that, the RTX 3060 is the latest chip in its gaming graphics card series which would be modified when it will released later this year so it won’t mine Ether effectively.
Cards like RTX 3080 or RTX 3070 won’t have the same limitations a representative of Nvidia said.
Nvidia said in a blog:
“RTX 3060 software drivers are designed to detect specific attributes of the Ethereum cryptocurrency mining algorithm, and limit the hash rate, or cryptocurrency mining efficiency, by around 50 percent.”
Nvidia mentioned that it had made millions of dollars per quarter selling its chips to cryptocurrency miners. Like1:22 pm.
