Wednesday, June 7th 2017
Ethereum Mining Wipes Out Radeon Inventory, AMD Stock Rallies
AMD Radeon graphics cards have always been too good at GPGPU for their own good. The new Ethereum block-chain compute network, with the Ethereum crypto-currency, works really really good with AMD Radeon Graphics CoreNext architecture-based GPUs (that's every AMD GPU since Radeon HD 7000 series). As a result, not only have Ethereum prospectors bought out nearly all inventory of AMD Radeon graphics cards from the market, but also forced an inflation of used AMD Radeon graphics cards on online tech-forums, and used-goods stores on eBay and Amazon. Some of these used cards are priced higher than even launch-prices.
Every $1,000 spent on AMD Radeon hardware towards Ethereum mining is recovered within 2 months, and then as long as your hardware lasts and you're paying your power bills, you're swimming in crypto-currency that can be converted to Bitcoin and even US Dollars. One Ethereum (ETH) exchanges to USD $265 at the time of this writing. There's already $330 million worth Ethereum being traded, and that number is only going to grow as people sell USD or BTC to buy ETH and pay for entry into the Ethereum network, and use ETH as a crypto-currency.
AMD is at the receiving end of this mad rush to grab up Radeon graphics cards. The company's stock surged nearly 9 percent on Tuesday (6th June). Those shorting (betting against) the AMD stock have been inflicted with heavy losses. "As of Monday, AMD short-sellers had been up about $15 million for 2017. But Tuesday's share surge left them at a loss of $125 million on paper for the year," writes Reuters, citing S3 Partners, a financial analytics firm. The AMD stock was also bolstered by Apple's announcement of new iMac, iMac Pro, and Macbooks that use AMD Radeon graphics chips.ETH-USD chart by Coingecko, Source: Reuters
Every $1,000 spent on AMD Radeon hardware towards Ethereum mining is recovered within 2 months, and then as long as your hardware lasts and you're paying your power bills, you're swimming in crypto-currency that can be converted to Bitcoin and even US Dollars. One Ethereum (ETH) exchanges to USD $265 at the time of this writing. There's already $330 million worth Ethereum being traded, and that number is only going to grow as people sell USD or BTC to buy ETH and pay for entry into the Ethereum network, and use ETH as a crypto-currency.
106 Comments on Ethereum Mining Wipes Out Radeon Inventory, AMD Stock Rallies
Also it's not exactly "fucking up the graphics market" but providing AMD with much needed money boost for any future R&D.
Tell me what your crypto currency can do today, instead of just fueling speculation & GPU mining? The (large) number of people justifying this craze is hilarious & then they call bankers different names, oh the irony!
About 1/3 of diamonds are used for pointless jewelry.Banksters are to blame for every financial bubble and their bursting. EVERY SINGLE ONE of them! So yeah.