Ethereum price also exceeded the highest level in February and reached around $ 325, causing the demand for video cards for mining of the second largest cryptocurrency to increase.
In addition to the increase in the price of Ethereum, the announcement of important information about ETH 2.0 recently, the popularity of DeFi increased every day, and the gas prices approached the peak in 2018.
Ethereum’s popularity has now reached an unprecedented level in history. The commission fee of the ETH permanent contract reached 0.102 percent and the annual interest rate reached 111 percent. This is an indication of a strong bullish sentiment for Ethereum.
Graphics cards demand is increasing
According to local news outlets, 8BTC, besides all these factors, there is a serious demand for video cards from China, the country where cryptocurrency mining is most common.
“Production is intentionally stopped”
Regarding the issue, a mining machine manufacturer in China said:
“The reason for the price hike in graphics processors was actually two chip suppliers. Production capacity was reduced due to Kovid-19, and order purchases were also reduced. Moreover, they intentionally try to prevent overbought in order to prevent the next period market from getting hit. I think new technology products will come after September ”
An example of this is NVIDIA’s halting production of RTX 20 series as stages. It is stated that NVIDIA will also release the new generation RTX 30 series graphics cards.
Yao Binbin, one of the major miners of Ethereum, said that the graphics card prices did not increase as much as the ETH price. Currently, Ethereum mining difficulty has not jumped up and miners’ income here is satisfactory.
4 times the profit of Bitcoin
Many current ETH miners are reported to be BTC miners in the past. If a Bitcoin miner has a 600 day payback period, this is 200 days in Ethereum. For example, the mining machine ranked first in the Ethereum income list has a daily net profit of about $ 18, which is four times Bitcoin.