American technology major Nvidia is all set to roll-out GeForce RTX 3060, the company's latest and most powerful Graphics Processing Unit later this month.
This is designed primarily for delivering the best user experience for gaming and professional work, but the GPU can also be used for other power-intense tasks including gene sequencing, weather simulations, and cryptocurrency mining.
With Bitcoin, Etherium, and other digital currency gaining a lot of value, there is an increased interest among tech enthusiasts to mine cryptocurrency and this has led to a lot of demand for powerful graphics cards.
Apparently, Nvidia is struggling to meet the demand for its GPUs in the market and expects the new GeForce RTX 3060 series may not reach the pro-gamers. It is worrying that cryptocurrency miners may create a shortage of computer peripherals.
"We designed GeForce GPUs for gamers, and gamers are clamoring for more. Yet NVIDIA GPUs are programmable. And users are constantly discovering new applications for them, from weather simulation and gene sequencing to deep learning and robotics. Mining cryptocurrency is one of them. With the launch of GeForce RTX 3060 on February 25, we’re taking an important step to help ensure GeForce GPUs end up in the hands of gamers," said Matt Wuebbling, VP of Global GeForce Marketing, Nvidia.
In the coming days, Nvidia is slated to release RTX 3060 software drivers. It is designed to detect specific attributes of the Ethereum cryptocurrency mining algorithm, and limit the hash rate, or cryptocurrency mining efficiency by up to 50% on the PCs.
On the bright side, Nvidia is bringing a new line of processors specially designed for professional Ethereum mining, dubbed as NVIDIA CMP (Cryptocurrency Mining Processor).
The company says that the CMP products won't be able to process any graphics, but offer the best mining performance and efficiency.
Must read | Bitcoin breaches $56k, ether up 12%
What is cryptocurrency mining?
In simple terms, cryptocurrency mining is a transactional procedure that involves the use of computers and cryptographic algorithm to solve complex operations and record data in a blockchain (a decentralized distributed ledger). For the work, a developer is rewarded with a bitcoin or any other cryptocurrency.
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