Chinese GPU miners are reportedly buying Nvidia laptops in bulk to mine ether

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According to reports, Chinese cryptocurrency miners are buying Nvidia’s new laptops to mine Ether (ETH) as the altcoin hits new all-time highs.

According to multiple sources, Nvidia’s latest GeForce RTX 30 laptops have become increasingly popular in China as a tool for mining cryptocurrency.

On February 6, a Weibo user named BTCer posted a series of images showing GeForce RTX 30 series gaming laptops forming a solid crypto mining farm. “A laptop mine is up and running,” noted BTCer in the post, which had dozens of laptops piled on shelves.

Source: Weibo

Several technical media, including VideoCardz and Wccftech, then suggested setting up the mining farm specifically for the extraction of ether. The reports also cited a recently released funny video by Bilibili user Fish Pond F2pool, showing how easy it is to mine crypto on a laptop equipped with a new RTX 3060 graphics card. With a laptop plugged into a Starbucks outlet, the user is said to have mined 0.00053 ETH (valued at an estimated $ 0.89) in about two hours.

By some estimates, at current prices, a GeForce RTX 3060 laptop could potentially generate up to 2.3 ETH per year ($ 3,900) and apparently cover the cost of the laptop and energy costs in China. Various GeForce RTX 30-series laptops launched on January 26th cost between $ 1,000 and $ 2,000.

Chinese GPU miners appear to be driving demand into the already scarce market, should the latest reports be true. In January 2021, Colette Kress, Nvidia’s chief financial officer, said the company’s supply “is likely to remain meager through the first quarter,” explaining that game demand was “off the charts” and the company couldn’t keep up.

Ether price spikes have historically been associated with higher rewards for miners, particularly through unusually high gas charges. On February 5, average gas fees peaked at $ 25.2 as Ethereum broke above $ 1,700.

With Ethereum set to become a proof-of-stake blockchain one day, the Ethereum mining community will have to find other options to generate rewards. As previously reported, the first phase of the Ethereum PoS upgrade started at the end of 2020.