Friday, May 27, 2022

AMD’s Upcoming VEGA GPU Could Prolong Ethereum Mining Craze

AMD’s Upcoming VEGA GPU Could Prolong Ethereum Mining Craze

Recent rumors claim AMD’s VEGA line of GPUs has an Ethereum mining hashrate of roughly 70 MH/s – far above any other single card in its price range. This could mean the current GPU mining craze is only just beginning.

Also read: Overstock Now Accepts Dozens of Cryptocurrencies as Payment

Mining Performance Rumors Validated

The news media last week circulated a rumor, started by user Gibbo on the OCUK forums, stating the upcoming RX Vega series of GPUs may be able to achieve 70-100 MH/s mining Ethereum. Normally this kind of speculation would be par for the course so close to the launch of a new GPU.

However the rumor has now been validated and independently verified by tech journalists Eric Hamilton and Steve Burke through their industry contacts, giving its implications more weight. The fact that the early-adopter version of the card, Vega FE, is outperforming the 1080 Ti in CryptoNight mining, may also lend credence to this theory.

What This Means for Vega

The cheapest RX Vega GPU is set to retail for $399 USD. That’s only ~30 percent more than an RX 580 and slightly less than Nvidia’s GTX 1070 in the current market. These cards mine at about a third of the hashrate and only consume 30 percent less power than the Vega 56. That’s a massive leap forward in efficiency for the Ethereum miners quick enough to acquire a few.

For those looking to purchase one of these cards for more casual purposes at launch – keep your expectations low. Assuming the quoted hash rate is anywhere near real world performance — and taking into consideration with how difficult to produce large die GPUs tend to be — reference GPUs are going to be scarce, and highly marked up when available.

As for the mining landscape, we’re almost guaranteed to see a short term difficulty spike for home miners, and possibly an overall month-to-month increase that outpaces the current 30 percent figure as these cards find their way into larger scale rigs.

Have you ever mined Ethereum? What do you think of this news? Let us know in the comments.

Images courtesy AMD

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