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February 7th - US President Trump tweeted: "We need more competition to fight our enemies—the national television networks that spread fake news. Facilitating a good deal like Nexstar-Tegna will help combat fake news because it will bring more, higher-level, and more sophisticated competition. Those who oppose it dont fully understand the benefits for them, but they will in the future. Get this deal done!"February 7th - Ukrainian President Volodymyr Zelenskyy posted a message on the 7th local time, stating that he received a briefing from the Ukrainian negotiating team following their talks with the US and Russia. The Ukrainian negotiating team provided him with a detailed overview of the progress of the negotiations. He stated that Ukraine needs to achieve substantial results, and one of the most important foundations for a peaceful resolution is effective security guarantees.February 7th - While the control dispute at Nexperia remains unresolved, another Chinese acquisition of a British chip company is attracting increasing attention. February 7th was the deadline set by the UK government for the mandatory sale of the FTDI acquisition, subject to national security review. This overseas acquisition by China, completed in 2021, is now entering its final countdown to mandatory sale. Back in November 2024, the UK government formally notified the Chinese consortium that it must transfer all its shares in Future Technology Devices International Limited (FTDI), a UK USB bridge chip company, by the stipulated time. The UK cited the National Security and Investments Act (NSIA), which came into effect in 2022, citing "potential threats to national security." An industry insider stated that the Chinese consortium has been trying to secure more time. The latest extension application is still awaiting a response from the UK, and based on past experience, there is still a certain probability of the extension being approved.February 7th - It was learned from the Ministry of Water Resources that, in order to further improve the construction, operation, and management mechanisms of major water conservancy projects, the Ministry of Water Resources and the National Development and Reform Commission recently issued the "Implementation Opinions on Improving the Construction, Operation, and Management Mechanisms of Major Water Conservancy Projects." Major water conservancy projects are important infrastructure for promoting high-quality economic and social development, playing a crucial supporting role in ensuring flood control, water supply, food security, and ecological security. The opinions are divided into four parts: general requirements, improving the high-quality construction mechanism, improving the high-level operation mechanism, and improving the high-efficiency management mechanism. The opinions require that, focusing on the national water network construction goals of "complete systems, safety and reliability, intensive and efficient, green and intelligent, smooth circulation, and orderly regulation," the government should guide and the market should participate, coordinating "hard investment" and "soft construction," improving the construction and operation mechanism of projects with clear responsibilities, diversified investment, and a focus on both quality and efficiency, and forming a comprehensive, data-driven, and efficient management and guarantee system to achieve high-quality construction, high-level operation, and high-efficiency management of major water conservancy projects.Algeria plans to cancel its air services agreement with the United Arab Emirates.

End of GPU Mining? Crypto Crash Forces Miners To Sell Graphic Cards

Jimmy Khan

Jun 23, 2022 14:36

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With gross margins as high as 90%, mining bitcoin (BTC) has been an incredibly profitable business for many years.


The price of BTC, high power expenses, and processing gear are three major elements that affect mining profitability. Currently, all three of these causes significantly increase miner distress.


For instance, the value of BTC and Ethereum (ETH) is declining quickly. Before succumbing to the general market slump, the biggest cryptocurrency by market cap had traded at $67,000. As at the time of publication, BTC is only worth $20,430.


The worst-hit cryptocurrency, though, is ETH, which has lost 70% of its value in a single month and is currently trading at $1087.


Similar to data centers, these mining operations demand a lot of electricity. The Cambridge Center for Alternative Finance (CCAF) estimates that the current annual energy consumption of Bitcoin is about 110 Terawatt Hours, or nearly equal to that of Malaysia or Sweden.


In some regions of Europe, the cost of electricity has increased to the point where mining one bitcoin may cost up to $25,000, said Daniel Jogg, CEO of Enerhash, a business that operates blockchain data centers.


These reasons have led to the abandonment of GPU mining by miners. They are compelled to sell graphic cards on internet auction sites for less than the price of the GPUs.


Crypto miners and operators of internet cafes who purchased large quantities of graphic cards for mining are left with no choice but to sell their GPUs for as little as $300–350 or dump them.


Over 50% of the real cost of AMD and NVIDIA graphics cards was charged for sale. For instance, the well-known NVIDIA GeForce RTX 3060 Ti graphics card is currently being auctioned down for $300 although it was originally around $700-$800.


Because these GPUs were "abusively utilized for mining," users on Twitter and other forums advised consumers not to purchase them.


"With the breakdown of the crypto market (Bitcoin, Ethereum, and other cryptocurrencies), a lot of graphics cards are currently being sold by some of the most significant crypto miners (Chinese GPU miners, scalpers, and Internet cafés) for low rates, below MSRP," one user on the Geeks 3D forum observed. It is not advised to purchase one of these graphics cards because they were illegally used for mining for months.


However, avid gamers would still find use for these overused graphic cards and purchase them at a discount. Ethereum miners have reportedly spent almost $15 billion on GPUs since 2021, according to a Bloomberg article.

For mining, GPUs are no longer useful

Many miners are unhappy that Ethereum is switching from its proof-of-work to proof-of-stake system, pushing them to look for an alternative.


According to Top1markets, ETH declared that in the third and fourth quarters of this year, it will switch to POS. It is a big milestone since it cuts energy use by more than 99 percent, which is excellent news for opponents of cryptocurrency and environmentalists.


However, ETH has repeatedly delayed this merging, frustrating hopeful parties. The likelihood of it not occurring this year is "extremely low," according to computer scientist and Ethereum developer Tim Beiko. The scenario he wanted to avoid was someone purchasing a mining GPU today, and the Merge occurs this summer, therefore rendering it useless.

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