PowerColor unveiled the Radeon RX 470 Red Dragon V2 4 GB graphics card (model: AXRX470 4GBD5-3DHDV2/OC). A cost-effective variant of the original RX 470 Red Dragon, this card features a simpler single-fan cooling solution. The cooler features an aluminium fin-heatsink milled from a single chunk of metal; with a copper core, and two copper heat pipes that make direct contact with the GPU, quickly pushing heat to the edges of the heatsink. This heatsink also makes contact with the VRM MOSFETs. A single 100 mm fan ventilates the heatsink.

The PowerColor Radeon RX 470 Red Dragon V2 is factory-overclocked, with engine clocks up to 1206 MHz, and 6.60 GHz (GDDR5-effective) memory; which are the same as the original (dual-fan) RX 470 Red Dragon. The card features 4 GB of GDDR5 memory across the chip's 256-bit wide memory interface. Based on the Polaris 10 "Ellesmere" silicon, the Radeon RX 470 features 2,048 stream processors, 128 TMUs, and 32 ROPs. The card draws power from a single 6-pin PCIe power connector. PowerColor could price this card around the $170 mark.