Why does Ethereum use graphics cards for mining (Ethereum cannot mine with graphics cards anymore)?

08/15/2023 03:12 • AI & Tech Insights • 82 views

Why does Ethereum use graphics cards for mining? What is the purpose of using graphics cards to mine Ethereum?

Why does Ethereum need graphics card mining? Firstly, what is graphics card mining (GPU mining)?

The mining principle of graphics cards mainly involves three points: (1) CPUs are used as the basic resource for mining Ethereum; (2) Memory is also one of the main units used for Ethereum mining.

Currently, the mainstream cryptocurrency market has been on a downturn, leading to a significant increase in the cost of graphics cards, while the price of Ethereum has remained at a high level.

Therefore, if you want to purchase dedicated graphics cards for mining and trading encrypted digital assets, you must invest in high-end products, especially gaming products. (Note: In the “new” byte code, “英” refers to RTX3060 or X16Pro). Both are different from the mining method of ASIC devices used in other hardware types. Three, the letter “x” represents the value information of the storage space; four, “new” indicates storage space.

So what exactly is Ethereum? In simple terms, it is using Bitcoin as a virtual commodity.

Therefore, Ethereum is a blockchain technology network that can be widely used, but it is not a true public chain in the true sense. The biggest value of Ethereum lies in realizing the circulation of encrypted digital currency through this novel type of computer. However, the success of this technology will not change the development direction and trend of the Ethereum ecosystem.

2. “Old” glyph image explanation:

From the table above, it can be seen that Ethereum is actually a new distributed database system solution, whose design concept is similar to the current cloud computing platform provided by cloud service providers. It introduces the consensus mechanism into DApps after transforming from PoW to PoS.

3. Strong graphics processing capability. Although Ethereum can do many things, it does not have any particular advantages in terms of performance because it has a very high TPS and efficiency.

4. High computing power. Although Ethereum itself does not have enough subjective economic attributes to support these applications, its scalability and expandability are poor, and even now it is still considered a niche area.

5. “Old”. This word first appeared in the Ethereum White Paper in 2017, where people generally believed that Ethereum was a fully open-source project and it gained recognition from many developers. In December 2018, the well-known software company SilkRoad launched a new app named EthCC, aiming to help more users understand the operation of Ethereum and how to participate in the blockchain industry. At the end of 2017, the world’s first Ethereum client EthereumCore 1.8.0 was released.

In the first quarter of 2018, the Ethereum Foundation released a scalability initiative proposal, hoping to solve the current congestion problem of Ethereum and accelerate the progress of ETH 2.0 upgrade to improve the stability of the entire system.

In July this year, after the release of Ether Cat, many people raised a question.

Ethereum can no longer mine with graphics cards

Editor’s note: This article is from Odaily Star Daily and is authorized to be reproduced.

According to Coindesk, Ethereum mining is no longer an issue of ASIC graphics cards. According to the latest information from the Ethereum Foundation, due to the increase in the price of ETH and the increased demand for GPUs, some manufacturers have stopped supporting mining equipment using the Ethash algorithm (Ethereum). In the past few months, more and more graphics cards have started to use Ethereum for cryptocurrency mining, which has forced graphics card manufacturers and sellers to give up their dedicated hardware products to provide higher performance, availability, and security for their users. Ethereum mining has also become a trend, as these new technologies will become more expensive and difficult to maintain over time. Although the price of graphics cards has decreased, the Ethereum hashrate continues to steadily increase.

According to previous reports, it is predicted that by the end of this year, there will be over 2 trillion ETH blocks mined, and the total market value of Ethereum has increased five times since the beginning of 2020.

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Why does Ethereum use graphics cards for mining (Ethereum cannot mine with graphics cards anymore)?

Ethereum can no longer mine with graphics cards

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