Bitcoin Bulls Cash In On ‘Rare’ Dip Below 100 Daily SMA; Retail Getting Out?

While the latest correction liquidated $4 billion to test weekly bull market support, BTC moves from weak to strong hands. Amidst this, today, Bitcoin mining difficulty increased by 21.5%, the largest positive difficulty adjustment in almost 7 years.

While Ethereum co-founder Vitalik Buterin wrecked the dog meme coins, Tesla CEO Elon Musk wrecked Bitcoin, and by extension majority of the cryptocurrency market.

This resulted in liquidating 393,593 traders for $4 billion in the past 24 hours, as per Bybt.

Crypto stocks from Coinbase Global Inc., Marathon Digital Holdings, Riot Blockchain Inc. to Microstrategy Jack Dorsey’s Square Inc., and Tesla, everything slipped.

Crashing to $46,000, Bitcoin price had managed to recover to $52,500 only to tumble back down to $48,420 today. As Bitcoin dips, Grayscale Bitcoin Trust (GBTC) rips, hitting a record discount of under 20% to net asset value (NAV).

While BTC was working on developing a range in 60K-46.5K, the actual range is currently 59.5K-46K.

However, nothing goes up in a straight line, and pullbacks are part of bull runs.

With the latest correction, the price has dipped below 100 daily SMA, which is rare and has historically identified major bottoms, noted Charles Edwards, founder of Capriole Investments. “Any sustained time under the MA100 would be very concerning,” he added.

What’s interesting is that while some people panic sold their BTC after Musk said Tesla wouldn’t be accepting Bitcoin as payment anymore, citing environmental concerns and saying Bitcoin’s “energy usage trend over past few months is insane,” many took advantage of this buy the dip opportunity.

As usual, Michael Saylor’s MicroStrategy announced the purchase of 271 BTC for $15 million at an average price of ~$55,387 per bitcoin and now holds a total of 91,850 bitcoins.

Jason A. Williams also went deep into the bitcoin buying spree and urged Dave Portnoy to join him on this dip and double his BTC holdings to 2 BTC.

10,000 Bitcoin has actually just flowed out from Coinbase as BTC moves from weak hands to strong hands.

SoftBank Group Corp. founder Masayoshi Son might not be one of them as he said on the company’s earnings news conference,

“There’s a lot of discussion over if it’s a good thing or a bad thing, what’s the true value or is it in a bubble — honestly speaking, I don’t know.”

But at the same time, he said cryptos popularity “can’t be ignored” like bonds or diamonds. “There’s no need to reject” the cryptocurrency either, he said. “We are always having such internal discussions.”

Amidst this price action, today, Bitcoin mining difficulty has increased by 21.5%, the largest positive difficulty adjustment in almost 7 years.

“Over a longer-term time horizon we definitely think this is the beginning phase of what’s going to be the birth of an entirely new asset class that we think will be in the trillions of dollars,” said Yassine Elmandjra, a crypto analyst at Cathie Wood’s Ark Investment Management LLC.

With much of the value “speculative,” Elmandjra said, ultimately, washout will happen, which is exactly what we experienced.

Meanwhile, Vanda’s Onatibia and Pierantoni wrote that “The short squeezes in GME and AMC were the prelude to the explosion of another Bitcoin bubble,” as retail investors poured their money into the crypto asset. According to them, a correction in crypto would push them back into equities, which are trading at a significant discount from the February highs.

Read Original/a>
Author: AnTy

Why Ethereum has a Chance to Blow Up Even Bigger & May Even Trump Bitcoin

ETH’s latest ATH came at $4,175, up 194% from the 2017 peak and nearly 0.07150 BTC.

Ether is simply refusing to take a breather as the price surpasses $4,000 to hit yet another all-time high at $4,175 on Coinbase.

US-based cryptocurrency exchange Coinbase has been recording a premium on ETH prices ever since December 2020, when the parabolic run of ETH first started taking place and reached an ATH of $110 last week. This suggests it is the US institutional investors behind this ETH rally, says Ki Young Ju of CryptoQuant.

“Every single investor I have spoken to is shifting allocation to ETH over BTC. All our mutual friends and that billionaire finance circle,” shared Raoul Pal, founder, and CEO of Global Macro Investor and Real Vision Group.

The same interest can be seen with several Ethereum vehicles coming to market institutions. As we reported, VanEck has filed for the first Ether ETF in the US while many are already trading on TSX.

With this latest move, about 56% of traders are now short on ETH, as per Bybt data. While the funding has started to pick up too finally, the highest Ether perpetual futures is still only 0.15% on BitMEX.

The search volume for Ethereum on Google has also been running hot to new highs showing increasing retail interest in the cryptocurrency so much so that Binance has “temporarily suspended” the withdrawals.

image1

The ETH balance of exchanges continues to dwindle, hitting a two-year low in favor of moving the coins to cold storage or putting them to work — 10.2 million ETH are currently locked in DeFi, and almost 4.43 million ETH are in ETH 2.0 deposit contracts.

Bigger than Bitcoin?

While in USD terms, there is clear space above to run for Ether, in terms of BTC, reaching 0.07150 BTC, ETH is nearing resistance in the range 0.07 and 0.085, so we might see a pullback here.

ETH may encounter some resistance around current levels, but the market is increasingly getting bullish on the digital asset and believe it can turn out to be more beneficial for the masses than Bitcoin and flip BTC while at it.

“As a liquidity bloodline powering other crypto assets, ETH is what BTC used to be,” said Chris Burniske of Placeholder VC. “Through the commodity theory of money lens, ETH is #1,” he added.

He notes how in the early days, crypto-assets were traded in BTC terms, but with the rise of stablecoins and more regulated exchanges, BTC has lost its share in this use case. Now, it is Ethereum that is powering financial and creative economies, settling twice the daily value as BTC.

“The primary reason: it’s where transitions happen, and therefore it’s the asset in which other stuff is denominated. It’s one side of almost every pair trade. It’s what you use to buy NFTs. It’s the asset which is locked fuel for Defi applications,” agrees Patrick O’Shaughnessy.

At its current valuation of about $472 billion, Ethereum has reached the level Bitcoin saw at the peak of the 2017 bull run. Currently, with $690 billion in total assets stored on Ethereum, it has reached 60% of the way to surpassing Bitcoin.

“The reason eth has a chance to blow up even bigger is that we have yet to really see business applications built on eth Smart Contracts start to happen. When they do, every company will be eth literate which will change the game. But L2s will have an important role to play too,” is Mark Cuban’s opinion on Ethereum becoming much bigger.

Read Original/a>
Author: AnTy

Market Experts View Cryptocurrencies As Major Risk, Fed Survey Reveals

Market Experts View Cryptocurrencies As Major Risk, Fed Survey Reveals

The latest version of the US Federal Reserve’s Financial Stability Report has highlighted cryptocurrency as one of the threats to financial stability. The survey polled responses from market experts, including investors and academics, political advisers, and brokerage firms.

Fear of Cryptocurrency Replaces Coronavirus Pandemic Worries

Cryptocurrencies like Bitcoin and stablecoins were seen as a potential risk to the financial stability of the existing financial system, according to about 20% of the 24 professionals contacted by the Fed in the report.

Recall that the Feds had not included cryptocurrencies or stablecoins as a threat in a previous analysis of the risks. Instead, the coronavirus pandemic was mentioned in the previous report published in November.

The top risks or vulnerabilities in the Thursday report were all associated with the pandemic and its effects on the US and global economies. “Vaccine-resistant variants” ranked the highest, with 60% of respondents earmarking it as a potential threat to the continued stability of the economy.

This was followed by a “sharp rise in real interest rates,” which took 50%.

Inflation surge” came next, with 45% of respondents stating this may adversely impact the economy. “US-China tensions” and “risky asset valuations/corrections” both saw 35% of participants tapping them as probable threats, among other concerns.

Fed Reserve, A Potential Threat Not Crypto

The Federal Reserve has been seen as a potential threat to financial stability in the past due to the alleged printing of trillions of dollars by the Central bank, which sprung worries of inflation.

The Fed was said to have pushed the printing of dollars agenda as one of the many tools to help prop up the ailing economy during the coronavirus pandemic.

It also said that it could allow inflation to exceed its 2% target to escape the pandemic-induced recession; it won’t rush to raise rates to head off inflation.

Although Bitcoiners and crypto enthusiasts have argued that the Feds money printing practices could threaten financial stability and cause inflation, some economists do not believe so.

These concerns come at a time where cryptocurrencies have gotten a worldwide embrace from mainstream markets and institutional investors. Companies like Tesla, PayPal, Microsoft, Etsy, VISA, MasterCard, among others, have increasingly adopted cryptocurrencies for payments and services.

MasterCard recently signed a partnership with crypto exchange Gemini to help launch its cryptocurrency rewards credit card. The credit card would offer crypto cashback to Gemini customers every time they shop with it.

In the same vein, VISA partnered with Fintech firm Tala to push the use of the USD Coin (USDC). The collaboration involved Circle, the company behind USDC, and the Stellar Development Foundation that oversees the XLM cryptocurrency coming together to provide access to USDC via its digital wallet.

Read Original/a>
Author: Jimmy Aki

UBS’s Latest Argument Against BTC: “Bitcoin Is Denied to Minority Groups With Reduced Online Access”

UBS’s Latest Argument Against BTC: “Bitcoin Is Denied to Minority Groups With Reduced Online Access”

UBS just can’t seem to get Bitcoin, and time and again, it tries to come up with some arguments to support their opinion.

Earlier this year, UBS’s chief economist said crypto had a fundamental flaw, and it was Bitcoin’s fixed supply. Then a couple of months later, they pointed to Bitcoin’s lack of real-world use and volatility to categorize it as a speculative bubble.

Now, they have found “something weird about Bitcoin.”

Yet again, UBS chief economist can’t help but point out how “Bitcoin seems to specifically defy the spirit of the age, in a way other cryptos do not.”

Paul Donovan argues that while some suggest Bitcoin as a safe haven from runaway inflation, not only does controlling supply not guarantee value, but major economies’ inflation has been low and stable for two decades and “Hyperinflation concerns for developed economy fiat currency seem to belong in a different era.”

He then notes that the trillion-dollar asset is increasingly destructive to the environment, which isn’t supported by data, and companies like Twitter CEO’s Square and Cathie Wood’s Ark are arguing for “bitcoin as a key driver of renewable energy’s future.”

In fact, according to Donovan, while politicians and economists increasingly value inclusion, “Bitcoin is denied to those minority groups who have reduced online access,” yeah, they went there.

He further says, Bitcoin warrants its miners to be rich, and the holdings are concentrated amongst a tiny number of people. “Its governance is more plutocratic than democratic,” he added.

The only modern trend, according to Donovan, bitcoin embraces is the power of narrative which he says matters hugely to the largest cryptocurrency’s evolution, “Otherwise, Bitcoin seems opposed to the modern Zeitgeist,” he wrote.

Read Original/a>
Author: AnTy

Liquidity Mining Comes to Lending Protocol Aave V2

Liquidity Mining Comes to Lending Protocol Aave V2

This latest feature in Aave, which currently accounts for 17% of the crypto lending sector with Compound in the lead with 53% share followed by MakerDAO at 30%, could be expected to “kickstart DeFi Summer 2.0.”

Liquidity mining is officially coming to lending protocol AAVE as Aave Improvement Proposal 16 gets passed with 62% support.

Introduced last week, the AIP introduces liquidity mining rewards for Aave V2. As per this proposal, 2,200 Staked AAVE (stkAAVE) will be distributed per day, representing around $1 million in rewards distributed daily to lenders and borrowers.

stkAAVE are rewarded instead of AAVE in order to align long-term incentives, disincentivize speculative farmers, and allow users to earn an underlying yield on top of the AAVE they earn.

According to the proposal, this will give LPs more governance weight up front and secure the protocol by increasing the amount of AAVE staked in the Safety Module.

These rewards will be allocated on a pro-rata basis across the markets based on the dollar value of the borrowing activity in the underlying market.

Estimated APR is, for DAI 12.67% – 37.6% on supply and borrowing respectively, on USDT 14.25% – 41.7%, on USDC 15.87% – 43.2%, on ETH 5.65% – 1.65%, and on BTC 6.25% – 1.85% ETH 11.54% Ethereum / USD ETHUSD $ 2,534.69
$292.5011.54%
Volume 34.96 b Change $292.50 Open $2,534.69 Circulating 115.63 m Market Cap 293.09 b
5 h Tether Surpasses $50 Billion Market Cap As Coinbase Pro Adds USDt 7 h Ethereum Targeting October for The Merge through Scaling Project ‘Rayonism’ 8 h Liquidity Mining Comes to Lending Protocol Aave V2
BTC 10.90% Bitcoin / USD BTCUSD $ 53,972.62
$5,883.0210.90%
Volume 58.08 b Change $5,883.02 Open $53,972.62 Circulating 18.69 m Market Cap 1.01 t
5 h Social Investment Network, eToro, Adds ‘Bitcoin Value Chain’ Stock Portfolio Tracking 5 h Tether Surpasses $50 Billion Market Cap As Coinbase Pro Adds USDt 8 h Liquidity Mining Comes to Lending Protocol Aave V2

The motivation behind introducing liquidity mining rewards is to grow lending and borrowing activity in targeted markets, now that almost every major DeFi protocol is launching a liquidity mining program.

Rewarding AAVE to users also leads to broader distribution and protocol decentralization, ti said.

In response to this, the price of AAVE surged more than 20% to $387. The $4.86 billion market cap coin is currently up 330% YTD.

According to some, this AIP could turn out to be “monumental” for DeFi and very well be the “catalyst to kickstart DeFi Summer 2.0,” just like Compound Finance’s liquidity did the original DeFi summer.

“This comes together to form a reasonable narrative for why ETH-based DeFi apps are due a re-rating,” said Wangarian, Capital allocator at DeFiance Capital.

Aave currently accounts for 17% of the lending sector in the crypto market, with Compound in the lead, having captured 53% of the market share, followed by 30% by MakerDAO. COMP 1.66% Compound Coin / USD COMPUSD $ 0.00
$0.001.66%
Volume 49 Change $0.00 Open $0.00 Circulating 53.73 b Market Cap 48.71 K
8 h Liquidity Mining Comes to Lending Protocol Aave V2 1 w Citibank Covers DeFi, says Open Financial Platform Enables ‘Greater Innovation and Competition’ 2 w Total Value Locked (TVL) in DeFi Surpasses $100 Billion; Revenue is Ready to Hit $1 Bln
MKR 6.02% Maker / USD MKRUSD $ 4,016.19
$241.776.02%
Volume 297.03 m Change $241.77 Open $4,016.19 Circulating 995.24 K Market Cap 4 b
8 h Liquidity Mining Comes to Lending Protocol Aave V2 1 w Citibank Covers DeFi, says Open Financial Platform Enables ‘Greater Innovation and Competition’ 2 w MakerDao Proposes D3M to Integrate with AAVE & Expand Stablecoin DAI Across DeFi

The number of outstanding loans has reached ATH of ~ $10b across Aave, Compound, and MakerDAO.

The lending sector went parabolic during Q1 2021, with DeFi’s most popular lending platforms reaching the highest ever $25 billion.

Read Original/a>
Author: AnTy

Billionaire Investor Daniel Loeb’s Third Point “Outed as a HODLr”

Billionaire investor Daniel Loeb’s Third Point LLC is the latest firm to own cryptocurrency.

Last month, Loeb took to Twitter to share that he has been “doing a deep dive into crypto.” On the reports of Third Point owning crypto, Loeb tweeted, “Outed as a hodlr.”

The $17.6 billion hedge fund holds an unknown amount of cryptocurrency through crypto exchange Coinbase’s custody arm.

The biggest crypto exchange in the US is all set to go public through a direct listing on Nasdaq next week. The company had said that it expects “meaningful growth” thanks to custody in part, driven by the increased institutional interest in the crypto asset class.

In its earnings call, Coinbase revealed that out of the $223 billion held by the exchange, $122 billion belongs to institutions.

Additionally, in Q4 of 2020, 64% of its volume came from institutions which is a drastic change from Q1 of 2018 when retail accounted for 80% of the volume.

Coinbase helped several big names accumulate Bitcoin, including Tesla, MicroStrategy, Meitu, Ruffer Investments, and Paul Tudor Jones.

Three Point’s crypto exposure, it had said, could be direct or indirect through derivatives contracts and is also open to staking and lending cryptos.

The company is also backing crypto and stock exchange eToro, which announced that it is going public through a merger with FinTech Acquisition Corp. V ( FTCV).

Read Original/a>
Author: AnTy

Anthony Scaramucci’s SkyBridge Files for a Bitcoin ETF

The Bitcoin bull is the latest to rush in with a Bitcoin ETF who defended Tesla’s BTC investment and said Elon Musk owns over $5 billion in the cryptocurrency.

SkyBridge Capital founder Anthony Scaramucci has filed for the Bitcoin exchange-traded fund (ETF).

As per the Form S-1 filed with the US Securities and Exchange Commission (SEC) on Friday, the company applied to offer the First Trust SkyBridge Bitcoin ETF Trust (the “Trust”). The document reads,

“The Trust seeks to purchase and sell such number of bitcoin so that the total value of the bitcoin held by the Trust is as close to 100% of the net assets of the Trust.”

First Advisor would be serving as the advisor to the ETF and SkyBridge as the sub-advisor. The shares of the fund would trade on NYSE Arca.

SkyBridge is the latest one to file for an ETF with many others already in this race, including WisdomTree, NYDIG, and Valkyrie. VanEck’s filing from December has officially put the SEC on the clock for approval or disapproval.

According to the SEC commissioner aka ‘Crypto Mom,’ Hester Pierce, the agency has “dug ourselves into a little bit of a hole” by refusing to approve a single bitcoin ETF.

The world’s largest digital asset manager, Grayscale Investments meanwhile is also working on its own ETF product as it begins hiring for several ETF executives. In the meantime, GBTC premium remains negative for the 17th day in a row.

Three Bitcoin ETFs have already been launched in Canada, while one was approved just this week in Brazil. The first-ever Bitcoin ETF (BTCC) by Purpose Investments has now amassed $1 billion in assets in one month on the market.

The dominant store of value

As we reported, Scaramucci is a bitcoin bull who recently likened his outlook on the crypto asset to the shares of Amazon, which provided massive gains in the first 12 years and, after that, a 64x return.

The former White House Communications director concluded that Bitcoin is in a transitory phase and “Once it fully scales, … you’re going to be looking at that situation and saying, ‘OK, it’s way less speculative.’”

He also took to Twitter to defend Elon Musk’s decision to invest $1.5 billion of Tesla’s funds in Bitcoin.

“Idea Elon Musk would invest in “dirty asset” is absurd. Future of bitcoin mining is renewable energy,” said Scaramucci. According to him, Musk sees the future is renewables replacing fossil fuels and that Bitcoin demonetized gold, equities & art to become the “dominant” store of value.

Scaramucci also believes that Musk didn’t stop with just Tesla and that SpaceX also owns Bitcoin on its balance sheet.

“Elon Musk owns over $5 billion in bitcoin via Tesla, SpaceX, and personally. No living person has done more to protect the planet against climate change,” he said.

Read Original/a>
Author: AnTy

Chinese DEX Platform DODO Loses $2.1 Million In Latest DeFi Attack

Chinese DEX Platform DODO Loses $2.1 Million In Latest DeFi Attack

In a tweet published in the early hours of today, DODO decentralized exchange said a number of its liquidity pools were attacked yesterday, March 8, 2021.

DODO’s V2 CrowdPool Funds Stolen

The attacks which drained a reported $2.1 million from the Chinese auto market maker (AMM) wallet saw its v2 crowdpools compromised.

According to a company update, several of its V2 crowdpools were adversely impacted. Listing them, the liquidity provider said its WSZO, WCRES, ETHA, and FUSI pools were the most affected. However, its V1 and non-crowdpool v2 pools were still relatively safe, while its AC pool funds have been fully recovered.

As a further precaution, the company said it was disabling the protocol’s pool creation portal to limit the level of damage to the network. The company went further to reassure users that it was working closely with its security provider to recover lost funds from the affected pools.

Reactions on Twitter trailed the announcement with many predicting that the funds have already been siphoned through privacy networks like Monero.

Rising Spate of Attacks in DeFi

The decentralized finance (DeFi) space has become target practice for cybercriminals since the sector gained mainstream acceptance in 2020. Cyber thieves continue to cash out in the billions, per a report released by data analytics firm Chainalysis. DODO’s attack is just the latest in a long series of thefts that have rocked the DeFi space for some time now.

Saddle Finance, a DeFi protocol, reportedly got hacked by whales arbitrating for profits within a few hours of its launch. The decentralized platform, which is a spin-off from Curve Finance, saw a large amount of its stablecoin sBTC swapped for other digital assets. Many investors reportedly lost a large chunk of their investments.

Another DeFi protocol PAID Network was also attacked in March. 5. The report released by the company on Medium showed that the attacker used a compromised private key to take advantage of the smart contract upgrade.

The attacker reportedly upgraded to a new smart contract protocol which allowed him to burn and re-mint tokens. He then proceeded to mint a mouth-watering 59,471,745.71 PAID tokens and sold them. 2.5 million of the loot was sold on decentralized protocol Uniswap. The attacker also made away with 2 million ETH before the security team noticed the fraudulent activities.

Industry Experts Tout DODO To Bounce Back

The DeFi project which was launched in August 2020 by Diane Dai, Radar Bear and an anonymous development team raised a seed fund of $600K in a round led by Framework Ventures. The protocol also saw investments coming in from prominent crypto-facing companies like Coinbase Ventures, Galaxy Digital, and Alameda Research and is highly regarded in the DeFi community.

Industry experts have expressed their belief that the DEX platform would rise from the ashes. Jerry Zhou, the managing partner at Puzzle Ventures, took to his Twitter account to express support for the embattled DeFi project.

According to Zhou, he understands how investors may feel about the news but he said they should know that nothing is ever perfect. Zhou explained,

“I can understand some investors and crowdpooling projects feel frustrated about DODO, but you should know the road is never smooth. As far as I know, they have made significant progress in recovering the funds. I believe they will show a good result in the end.”

Read Original/a>
Author: Jimmy Aki

Compound Rolls Out Cross-Chain DeFi Platform, ‘Gateway’ on Testnet

Decentralized finance (DeFi) protocol Compound has announced its latest addition to the blockchain network called Gateway on testnet. The new blockchain is built on a Substrate blockchain, and it would enable users to access cross-chain interest rates and collateralized markets.

Gateway Built On Substrate Blockchain

Initially announced in a Dec. 18 whitepaper, Compound had revealed that its latest upgrade would come with a multi-asset platform that enables the transfer of value and liquidity between peer ledgers.

Decentralized protocols have varying asset value on their platform, making it difficult for DeFi to really grow.

Compound aims to address this issue with its Gateway launch. Gateway would allow users to borrow assets native to one network with collateral from another. That means borrow Ether, provide collateral in CELO.

Gateway is said to run on a more modern programming language called Rust. This will see the multi-paradigm programming language increase performance and safety of the blockchain.

The substrate blockchain will also eliminate the consensus algorithms which has plagued older generation blockchains like Bitcoin. Instead, the team settled on building its own application code, enabling it to bring to developers only features that matter the most.

Compound says Gateway is fully upgradeable, which will enable governance token holders to vote on code upgrades without worrying about forks or downtimes.

Gateway would be powered by a dollar-pegged stablecoin called CASH, which would be used to settle interest payments on collateralized deposits.

Network validators (nodes) have also been considered in the upgrade. Compound says validators will earn a portion of all interest in every market in addition to transaction fees.

Gateway is currently running a testnet on Ethereum’s Ropsten testnet and will go live in the coming months.

Compound Reaching For The Stars

Compound says its goal does not end with Gateway. The DeFi platform could evolve into the backbone of a global interest rate market with the capacity to support any asset, including future currencies, assets, and tokens.

In the coming months, it has set clear goalposts for the Gateway project. Stress tests will be conducted before the mainnet launch. Gateway would also be integrated into its Compound protocol currently running on Ethereum’s blockchain network. Compound Finance is a big player in the DeFi space with around $5 billion in locked funds, according to DeFi Pulse.

Compound’s token rallied 15% following the announcement. This surge has seen it climb one step higher to rank as the 40th most valuable crypto by market cap, according to coinmarketcap. It currently trades at $510 at press time; the asset has come a long way from its ATH of $535 on Feb.13. The crypto-asset now has over $2.3 billion market valuation and is projected to rise further before the year runs out.

Read Original/a>
Author: Jimmy Aki

Nvidia’s Latest RTX 3060 Limits Ether Hash Rate by 50%, Introduces CMP for Professional Mining

Nvidia’s Latest RTX 3060 Limits Ether Hash Rate by 50%, Introduces CMP for Professional Mining

Nvidia is limiting the Ethereum hash rate by 50% with its latest RTX 3060 software drivers, shared by the company on Thursday. It noted,

“RTX 3060 software drivers are designed to detect specific attributes of the Ethereum cryptocurrency mining algorithm and limit the hash rate, or cryptocurrency mining efficiency, by around 50 percent.”

The company that designs graphics processing units for the gaming and professional market said they took this decision because GeForce GPUs were designed for gamers and,

“We are gamers, through and through. We obsess about new gaming features, new architectures, new games, and tech.”

As such, to ensure GeForce RTX 3060, to be launched on Feb. 25th ends up in the hands of gamers, their mining efficiency has been limited.

GeForce RTX GPUs introduce RTX real-time ray-tracing, DLSS AI-accelerated image upscaling technology, Reflex super-fast response rendering for the best system latency, and other cutting-edge technology tailored to meet the needs of gamers.

However, it doesn’t mean they won’t cater to the cryptocurrency miners. To meet the specific needs of Ethereum mining, the company has announced NVIDIA CMP or Cryptocurrency Mining Processor, a product line for professional mining.

image1

CMP products are optimized for the best mining performance and efficiency but don’t do graphics and do not meet the specifications required of a GeForce GPU.

These products lack display outputs and enabling improved airflow while mining means they can be packed more densely. Furthermore, they have a lower peak core voltage and frequency, improving mining power efficiency.

Read Original/a>
Author: AnTy