A new release by AMD, which boasts of being the world’s first 7 nanometer GPU with 1 Terabyte of memory bandwidth, has become the best ethereum miner, beating competition at a far lower cost.
AMD Radeon VII can apparently reach 90 megahashes per second, quite a bit more than Nvidia’s Titan V which goes up to only 70 MH/s.
AMD Radeon VII can apparently reach these speeds before any tweaking according to a miner with the trick here being its 1 TB/s memory bandwidth, significantly higher than the 484 GB/s for RX Vega 64.
Not only is this GPU faster, but it is also a lot cheaper than the Titan. The latter comes at a hefty price of circa $3,000, while Radeon VII is “only” $700.
Electricity is also a consideration and there too this seems to be more efficient than Titan, but at current prices it still might not be profitable for months or years.
Ethereum’s hashrate has halved since summer 2018 with it not recovering at all, unlike bitcoin where hash is seeing a V of sorts.
The reason is probably because ethereum lowered block rewards from about 20,000 eth a day to a current circa ◊13,000, while bitcoin has not yet had a halving since 2016.
The other reason might be because the hash hasn’t fallen that much. Eth’s price has dropped by circa 90% and still is at around -85% from the all-time high, while hash has only halved.
Any little efficiency in mining however can turn loses into profits. That’s because mining is a zero sum game. For anyone to gain, all others have to lose proportionally.
That can make it the most brutal business in this point in time because miners have to constantly keep up with new gear, new innovations, new efficiencies.
This need for better in order to survive is now probably affecting the development of raw hardware capabilities as competition has been fierce in China and now in USA too.
AMD and Nvidia, for example, have been competing for some time in the gaming space, but that’s nothing compared to the mining industry where keeping up is not a luxury.
This battle of titans will eventually be replaced by Proof of Stake where it is no longer quite a zero sum game or as brutal as the hardware based Proof of Work, but for now every megahash counts.