Ethereum Miners Opt for Leasing Boeing 747s to Ship Critical Amount of GPUS

2 months ago

Several cryptocurrency miners, including Genesis Mining, have resorted to leasing Boeing 747s to ship Advanced Micro Devices’ (AMD) graphic processing units (GPUS) as quickly as possible.

GPUS were bought by crypto miners from AMD or Nvidia to make money. Miners will get a supply of Ether each day if they are able to pay the costs of electricity and labor to run the GPUS and if they possess sufficient processing power.

The amount of processing power devoted to mining Ethereum is measured in “hash rate.” With a sudden explosion in mining resources, everyone began to get GPUS to get mining thus creating a shortage in the market.

Genesis Mining Chief Executive Officer Marco Streng says:

“Time is critical, very critical...For example, we are renting entire airplanes, Boeing 747s, to ship on time. Anything else, like shipping by sea, loses so much opportunity.”

Streng said that they have the highest priority on time when building their data centers. Moreover, he said that they are using the fastest delivery to avoid the risk of losing the opportunity to mine for the days that the shipment of graphic processors is delayed.

How does this affect AMD?

AMD reaped the rewards from the cryptocurrency miners as its price jumped after it beats the revenue estimates. The shares rose 11 percent after the chip company announced earnings on July 25, making it the fourth best performer on the S&P 500.

However, AMD management said that despite the demand of crypto miners for graphics cards, they are not going to include these demands in their forecasts. AMD’s Chief Executive Lisa Su said that they are not looking at cryptocurrency as a long term growth driver. Instead, AMD will focus on its core market of gamers.

@YUVI

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  trending

Not indicating that the content you copy/paste is not your original work could be seen as plagiarism.

Some tips to share content and add value:

  • Using a few sentences from your source in “quotes.” Use HTML tags or Markdown.
  • Linking to your source
  • Include your own original thoughts and ideas on what you have shared.

Repeated plagiarized posts are considered spam. Spam is discouraged by the community, and may result in action from the cheetah bot.

Creative Commons: If you are posting content under a Creative Commons license, please attribute and link according to the specific license. If you are posting content under CC0 or Public Domain please consider noting that at the end of your post.

If you are actually the original author, please do reply to let us know!

Thank You!

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://cointelegraph.com/news/ethereum-miners-opt-for-leasing-boeing-747s-to-ship-critical-amount-of-gpus