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Ethereum Miners Opt for Leasing Boeing 747s to Ship Critical Amount of GPUS
Genesis Mining is among those companies among the miners of cryptocurrencies that have started leasing aircraft to be able to ship AMDs or Advanced Micro Devices as well as Graphics Processing Units as quickly as possible. Nvidia and AMD sold the graphic processing units for profit. Miners will be issued a limited supply of Ether every day as long as they are able to afford the costs of electricity and labor. Both - electricity and labor costs are necessary to cover the running up GPUs if the power of processing is sufficient enough.
The amount of power involved in mining Ethereum gets measured in what is known as hash rate. The number of possible mining resources has increased dramatically and people started acquiring GPUs to be able to start mining. This resulted in a shortage within the market. Marco Streng, CEO of Genesis Mining has said that time is crucial and the company is renting Boeing 747 planes to be able to cope with the shipments. It is more cost effective than shipping by sea.
Strength also said that the priority is on time when the data centers are constructed, and there is always the risk of losing the opportunity, so they have to act quickly. AMD has also been able to receive the first rewards of their action and their revenues have shot up. It simply happened because of the cryptocurrency mining became more popular and the prices were raising. It is a competitive market influenced by supply and demands the same way any other market it. But with the rise of cryptocurrencies, it is becoming fiercer.
The shares alone went up by 11 percent after the earning were announced in July. This means they are now fourth on the best performer's list on the S&P 500. The management at AMD has said that the forecasts will not include the demand of crypto minders for graphic cards. Lisa Su, the Chief Executive of AMD has said that at the moment the company doesn't look at cryptocurrencies as a long-term growth opportunity for profit. At the moment AMD is focusing on the market of gamers which is their primary source of revenues.
Different cryptocurrencies have been becoming more and more popular ever since they were invented, and to investors’ delight, they are also becoming more readily available for mining. More and more retailers are starting to accept different cryptocurrencies as a legitimate method of payment as well.