AMD Might Be Hopping Back On The Crypto Mining Hype Train

Monday 26 October 2020, 7:00 AM AEST - 4 weeks ago

It’s been quite a week for cryptocurrency miners and investors alike. A new bullish trend focusing on Bitcoin has taken the main cryptocurrency to its highest point in almost a year — it’s passed $18,400 AUD so far. 

The bombshell that started the growth trend was PayPal announcing that they are getting into cryptocurrencies, launching the payment option in the USA, and planning to roll it out to Europe and Australia — among other locations — starting in 2021. 

Just 2 days later, a source that requested to remain anonymous revealed that PayPal is in talks with Bitcoin custodian BitGo —  a company valued at USD 178 million — backed by world-renowned financiers such as Goldman Sachs, Valor Equity Partners, and Founders Fund. 

The source also revealed that PayPal seems intent on buying another crypto custodian if the deal can’t be hashed out, indicating that this wasn’t a decision made on a whim. 

Interest In Mining Picks Up Again

Meanwhile, Ebang International Holdings — a company specializing in professional crypto mining rigs — just established a subsidiary in Australia, and are currently waiting for a financial license from the authorities before opening up. 

Cryptocurrency mining rigs can be prohibitively expensive for the budding crypto enthusiast — and the reason why many turn to online mining platform solutions.

A few years back, however, the majority of cryptocurrency enthusiasts mined digital currency using the graphics card in their own desktop. Although they weren’t able to keep up with the higher cost of electricity needed to mine, some continued the practice —  and for them, AMD might have an ace up the sleeve. 

Next week, the AMD Radeon RX 6000 “Big Navi” graphics cards tech specs should be unveiled. 

Data mining has revealed a “navi10 blockchain SKU” while looking through the Linux drivers for the new graphics card, hinting at a dedicated cryptocurrency mining GPU for personal use —  or at least support for this use of hardware generally reserved for gaming. 

With the emergence of a world-class mining rig producer on the Australian market, the renewed interest by payment-processing juggernauts, and more, crypto investors will probably be coming into the spotlight far more than previously.

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