crypto mining

Despite Decline in Mining Business, a Company Is Set to Launch a Mining Rig!

At a time when several mining products companies are trying to move away from the mining market, Sapphire is making a move in the opposite direction by jumping straight in. The company is all set to launch its new mining rig.

The move comes as a surprise to most crypto enthusiasts as it was just two weeks ago when California-based technology firm Nvidia made an announcement that it anticipated a drop in its revenue owing to the declining demand in crypto mining.

While Nvidia may have signalled that it will be leaving the crypto mining game, Sapphire has just announced that it will be launching its first-ever mining rig. Sapphire Technology is famous for  its video cards which are based on AMD chipsets.

The mining rig by Sapphire goes by the name of ‘INCA CS 14 Block-Chain Compute System’ and it features a Linux-based operating system and as much as 14 Central Processing Units. The mining rig will eat up to 1950W to offer a hash power of 410 MH/s.

Most of the mining rig manufacturers are finding themselves with excess inventory in light of the decreased demand which has also led to a dip in crypto related revenues of these companies. It will be very interesting to see how Sapphire plans to establish its mining business in such a scenario.

The decline in interest in crypto mining is owing to the the drop in the prices of digital currencies over the past year. The plummeting value of the world’s first cryptocurrency, Bitcoin has led to decreased returns from investments in mining equipment.

Even though mining is a major aspect of cryptocurrencies, however the bear market has caused many to lose interest in the game. It will be interesting to see how Sapphire’s new mining rig fares in the market. Please note that the price of the same has not been announced yet.