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China Supreme Court Sides With Mining Operator in Battle Over 485,000 GPUs

China Supreme Court Sides With Mining Operator in Battle Over 485,000 GPUs

Anyone looking for a five-year-old GPU might be in luck soon. The Block reported that China’s Supreme Court has ordered the return of 485,681 AMD Radeon RX470 8GB graphics cards to Genesis Mining, which calls itself the "largest cloud Bitcoin mining company," following a legal dispute with its former hosting provider.

Genesis Mining filed its lawsuit in 2019 after the hosting provider, Chuangshiji Technology Limited, allegedly refused to return the graphics cards, as well as 60,580 AntMiner S9 mining rigs, after the companies had a payment-related spat in 2018.

Now the conflict has finally been resolved… just in time for Genesis Mining to figure out what it’s going to do with nearly half a million graphics cards after China’s decision to shut down mining operations throughout many of its provinces.

The Block said that Genesis Mining CEO Marco Streng “declined to specify the current status of the equipment and whether the hardware is in transit to Genesis Mining’s facilities.” It could mine in another country; it could also sell the GPUs.

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Both options could prove lucrative. The Block estimated that Genesis Mining could see gross profits of nearly $1 million per day if the rigs hit their potential 14 TH/s hashrate on the Ethash algorithm to mine Ethereum at its current price.

Established in early 2018, BeMine provides its services in Russia and CIS countries. They were pioneers of cloudsharing of ASIC-miners. BeMine operates more than ~70,000Th/s placed in Irkutsk, Moscow, and Chelyabinsk region, in Siberia, even in Almaty, Kazakhstan and they keep scaling. BeMine unites Russian data-centers, as well as miners and individuals who want to participate in cryptocurrency around the world.

The graphics cards might also fetch a decent price on the secondary market despite their age. It’s nearly impossible to find a modern GPU, let alone one of the best graphics cards, in stock, especially at MSRP, which has forced manufacturers and enthusiasts alike to settle for older models.

A quick eBay search revealed one pre-owned MSI RX 470 8GB with a leading bid of $315. Another pre-owned unit was listed at $500. Even the lower of those two figures would net Genesis Mining nearly $153 million if it were to sell its entire inventory.

The earnings also depend on the cryptocurrency being mined. For instance, last year, an ASIC mining machine like Whatsminer M20s generated around $8 in BTC every day. Now this will naturally be a lot more than the profits produced from mining Ethereum, which is mined using high-end GPUs.

In this review, we will break down the importance of bitcoin mining software and list the best free bitcoin mining software available for you to mine bitcoin in 2021.

In addition, bitcoin mining software oversees the input and output of your mining hardware while also displaying statistics such as hash rate, temperature, fan speed and tempo of your miner.

Bitcoin Mining software is a specialized tool that uses computing power in order to mine cryptocurrency. In exchange for mining operations, you can receive a monetary reward in the form of digital currency. Bitcoin mining software provides detailed reports based on your earnings. Most of these tools are automated, so it does not require technical skills.

The bitcoin mining software is a command line application that is fast and efficient with full monitoring, remote interface capabilities and fan speed control. It has a scalable networking scheduler that can adjust to a hash rate of any size without network hold-ups. Other unique features include configuration files, logging and API monitoring. Users can also access a number of different proxy methods for mining.

It might not be wise to buy one of those graphics cards. But at this point many people are willing to settle for pretty much anything, so it wouldn’t be a surprise if Genesis Mining decided to flood the market with these RX 470s.