AMD Enjoys Huge Profit Boost As CryptoMining Surges

Graphics cards were the ideal piece of mining equipment especially for the likes of Ethereum, which had measures to prevent ASIC, Technology developed specifically for mining coins, miners from joining the network. AMD, a leading graphics card manufacturer, has also revealed how the activity has contributed to significant increase in sales for the company.

AMD Graphics

Cryptocurrency mining has been the lifeline of cryptocurrency development since the inception of the likes of Bitcoin. Allowing electricity to be converted into cryptocurrency, the process allows users to generate Bitcoin and other currency by running a program on user’s devices. AMD has reaped the profits as it reported revenue increasing to $1.22 Billion this quarter which is a whopping increase of well over 19% from last year. With products such as the RX 580 being released recently, their effectiveness mining was exploited in the recent months. With Ethereum prices reaching their peak last month, many could afford to gain a return on investment within 30 days making huge profit.

 “Relative to cryptocurrency, we have seen some elevated demand. But it’s important to say we didn’t have cryptocurrency in our forecast, and we’re not looking at it as a long-term growth driver. But we’ll certainly continue to watch the developments around the blockchain technologies as they go forward.”

To conclude, chipmakers like AMD and even Intel have been having huge success contributed by the increasing demand for graphics cards and mining equipment. However, as the Ethereum network readies itself for change, the interest and viability of such consumer technology is dropping so while many markets have experienced shortages of computer parts, we are seeing a trend of rigs being sold much cheaper on platforms like eBay as many can’t justify running costs as rewards are diminishing.

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Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.