Genesis Mining Gets 485K GPUs Returned by China Supreme Court

[AleksandarK]

Genesis Mining, one of the largest cloud providers of cryptocurrency mining services headquartered in Iceland, has today won a great deal with China's Supreme Court. According to the reports, Genesis is now getting back the 485,000 AMD Radeon RX 470 8 GB graphics cards returned to its mining facilities in hopes of soon usage. What leads to this you might wonder? Previously, Genesis Mining partner, Chuangshiji Technology Limited, which provides hosting services for Genesis, took the company's mining hardware and started listing it without consent from the Iceland-based firm.

As the company filed a lawsuit in China supreme court, the legal disputes were going on for some time and today Genesis has won. According to the report, Genesis is getting back as much as 485,000 AMD Radeon RX 470 8 GB graphics cards with a total mining power of 14.5 TH/s. All these GPUs are now looking for a new home inside Genesis Mining facilities and will be able to provide a bit over a million dollars in mined Ethereum, at today's prices.


View at TechPowerUp Main Site

 

[ZoneDymo]

all of this just makes me sad tbh, honestly what the hell are we doing....

 

[Chomiq]

Future e-waste.

 

[R-T-B]

all of this just makes me sad tbh, honestly what the hell are we doing....

Reading gamer clickbait.

 

[Verpal]

470 8GB is still pretty relevant in 1080P gaming today, considering the ban on crytocurrency mining in China, maybe they will try to liquidate the inventory instead? I mean, RX470 8GB can still be sold for more than $300 in many place.
Guess we will know soon, everyday these gpu not sold or use for mining are lost in potential revenue.

 

[Rithsom]

Slightly off-topic, but I didn't even know that there was an 8 GB version of the RX 470. That's a crazy amount of VRAM for a card of that performance. It reminds me of NVIDIA's Tesla M2090, which had the performance of a 750 Ti, yet came with 6 GB of VRAM.

 

[R-T-B]

Slightly off-topic, but I didn't even know that there was an 8 GB version of the RX 470. That's a crazy amount of VRAM for a card of that performance. It reminds me of NVIDIA's Tesla M2090, which had the performance of a 750 Ti, yet came with 6 GB of VRAM.

These are most likely dedicated mining cards with no display output.

As I said, this is gamer clickbait, with as much relevance to them as agricultural news.

 

[timta2]

All these GPUs are now looking for a new home inside Genesis Mining facilities and will be able to provide a bit over a million dollars in mined Ethereum, at today's prices.

The other articles I've read on this subject have mentioned that they likely won't be able to use these cards in China anymore, due to the bans, and that a lot of these cards will probably be appearing soon on eBay.

For example: https://www.techspot.com/news/91002-chinese-court-returns-over-485000-radeon-gpus-cloud.html

 

[Berfs1]

These are most likely dedicated mining cards with no display output.

Not entirely true, the RX 470, RX 480, RX 570, and RX 580 all had options for 8GB on a normal card.

Only the RX 590 only came in 8GB, and the RX 480 and RX 580 had official AMD spec for 4GB and 8GB, with the RX 470 and RX 570 only having official AMD spec for 4GB, but AIBs were able to put 8GB if they wanted to. As for unofficial stuff, there was a 16GB RX 570, that one is a mining card. Apparently there is also a dual-GPU RX 570.

 

[TheUn4seen]

The other articles I've read on this subject have mentioned that they likely won't be able to use these cards in China anymore, due to the bans, and that a lot of these cards will probably be appearing soon on eBay.

For example: https://www.techspot.com/news/91002-chinese-court-returns-over-485000-radeon-gpus-cloud.html

Depends, if those are mining cards, they are close to useless for consumers. There also are countries far more welcoming than China, I heard Kazakhstan is the prime spot for cryptocurrency mining nowadays.

 

[Franzen4Real]

As I said, this is gamer clickbait, with as much relevance to them as agricultural news.

I dunno RTB... agricultural news has taken my Farming Simulator to levels hitherto undreamt of.

I'm imagining the colossal amount of time and effort needed to take---and then return--- 485,000 video cards... and then having to re-install them all....

 

[ThrashZone]

Hi,
Guess these gpu's weren't flattened by bulldozers... lol

 

[R-T-B]

I'm imagining the colossal amount of time and effort needed to take---and then return--- 485,000 video cards... and then having to re-install them all....

Jobs baby.