Crypto-Mining: Nvidia remains sitting on its hardware

Good times for all buyers of graphics cards, bad times for manufacturers: Prices for graphics cards are falling, demand is in the basement. One of the leading original equipment manufacturers from Taiwan returned 300,000 chips to Nvidia. These could not be obstructed due to the slump in sales. Apparently Nvidia has overestimated the demand from gamers as well as people who use GPUs for crypto mining. In recent years, management has been able to rely on constantly rising prices

But the Bitcoin secret is now history

At Computex in early June, the CEO of Nvidia announced to the astonished audience that the company would not be producing new Bitcoin secret graphics cards “for a long time”. The latest graphics cards, the GeForce 10 series, came onto the market about two years ago. The announcement by Jen-Hsun Huang came as a surprise. But according to a scam report about the Bitcoin secret by the technology portal SemiAccurate, Nvidia is currently sitting on its hardware. Before new series can be produced, the old hardware must first be sold and thus turned into money.

Apparently, both the gaming and the crypto market have been rated too positive for the current year. According to SemiAccurate, Nvidia’s management recently agreed to take back 300,000 chips from one of Taiwan’s three leading hardware manufacturers. According to industry observers, this move is very remarkable because the company does not normally take into account the manufacturers of its components. If the company had agreed to take back so many new chips, it would speak its own language.

Difficult times for cryptosoft: 300,000 chips stored, lecture cancelled

In addition, Nvidia has once again removed a submitted presentation by onlinebetrug about cryptosoft about its upcoming graphics card generation from its program. The trade fair “Hot Chips 30” will therefore have to get along without an announcement of the company. The reason for the drop in sales is probably also the cryptosoft hardware specialized in mining, which makes graphics cards a big competitor. Meanwhile one hopes that the demand could possibly increase again in the late summer of this year, when the fair “Asian Games 2018” takes place. Whether Nvidia will then be ready again for new announcements will depend first and foremost on the sales revenues that have been achieved in the meantime. One thing is certain: the time for a new GPU series would be more than ripe after two years. The competition is not asleep.

It is highly probable that in the future they will again focus more on the needs of game fans. Also because the turnover trees in mining have not been growing into the sky for a long time. In addition, it is becoming increasingly difficult to prevail against the more effective hardware from Bitmain and other manufacturers that specializes in mining. According to Nvidia’s own figures, in the first quarter of this year the share of sales for the cryptographic market was almost 10 percent, or 289 million US dollars in three months. At a press conference, the company’s managers estimated that the share would decrease dramatically in the second quarter. It remains difficult to make money in this sector.

BIK wants to manage customer data with blockchain software BIK wants to manage customer data with blockchain software

The Polish credit bureau BIK wants to be the first in the world to manage its customers’ bank data using a blockchain. The largest financial institution in Eastern Europe, which is supported by the banks operating in the country, has obtained help from the British start-up Billion for this purpose. This was announced by the organisation in a press release this Monday. In future, the data of up to 24 million customers will be transparently backed up and deleted. The latter provides for an EU regulation to be implemented this month.

One million companies, 24 million customers, 140 million creditworthiness data – the figures alone suggest how ambitious the step that the Polish credit bureau BIK is taking this week is. Together with the British start-up Billion, Eastern Europe’s largest financial institution wants to use a blockchain solution to manage all of its members’ customer data. The technology will be used to transparently collect, secure and delete the data of almost all banks active in Poland.

This is what the corresponding press release says

“Billion’s blockchain technology will support BIK’s work with maximum security, integrity and immutability of the data. The solution guarantees absolute visibility, traceability and full data integrity for all customer-related documents.”

In addition to the usual bank data, these also included credit agreements, insurance claims and telephone bills. If it goes after the conceptions of the BIK, should not be however here conclusion. Rather the Blockchain data system promotes a “true revolution”, according to the press release.

“We believe that blockchain technology will transform how the financial sector communicates sensitive data with its customers. Our solution will soon be extended to electronic data transmission with automatic confirmation and signing of online agreements”,

BIK President Mariusz Cholewa describes his institute’s future plans

EU regulation prescribes “right to forget
As stated in the press release, particular attention will be paid to ensuring that the initiative is also legally sound. The project is to be coordinated with the EU General Data Protection Regulation, which will start this year. This provides possibilities for customers to control their own data. This includes, among other things, the “right to forget” – i.e. the deletion of data.

As early as 2017, the EU’s innovation fund had provided trillions of euros worth of two million, thus setting the pilot for the BIK blockchain in motion.

Poland, on the other hand, is currently in a difficult relationship with Brussels. This recently reached its lowest point with the introduction of Article 7 in the rule of law procedure. In the course of this process, EU funding, among other things, had recently been suspended.

The banking union BIK, in which PKO Bank Polski and the Polish subsidiaries of ING, BNP Paribas and Citigroup are involved, seems to want to avoid future confrontation by fulfilling the EU requirements.

While BIK and Billion insist on being the first in the world to launch a corresponding blockchain solution for customer data in banking, the Dutch Ministry of Economic Affairs is currently testing a similar approach. Part of the “Blockchain Research Agenda” launched last week, for example, is to be technology-based data management. As with the BIK project, this should grant the “right to forget” as required by the EU regulation.