According to the latest reports, there might be a sudden surge in the availability of almost five years old graphics cards in the china market. As reports flood in, it’s official that China’s Supreme Court has ordered the return of 485,681 AMD Radeon RX 470 8GB graphics cards to Genesis Mining.
Genesis Mining is the company that calls itself the “largest cloud Bitcoin mining company,” and this decision has come after the company’s recent legal dispute against its former hosting provider. The lawsuit was filed by Genesis Mining in 2019 after the hosting provider, Chuangshiji Technology Limited, refused to return the graphics cards, as well as 60,580 AntMiner S9 mining rigs, after the companies had a payment-related spat in 2018.
however, now that it’s official that the conflict has finally been resolved, but, Genesis Mining has to figure out what it’s going to do with nearly half a million graphics cards after China decides to shut down mining operations throughout many of its provinces.
We have seen the recent crackdowns on mining farms in most of china’s provinces due to the pressure from Beijing. Genesis Mining CEO Marco Streng “declined to specify the current status of the equipment and whether the hardware is in transit to Genesis Mining’s facilities.” It could mine in another country or could simply sell those GPUs.
Both options are liable and it’s also estimated that Genesis Mining could see gross profits of nearly $1 million per day if the rigs hit their potential 14 TH/s hash rate on the Ethash algorithm to mine Ethereum at its current price.
However, if the company decides to sell these graphics cards they could easily fetch a decent price on the secondary market despite their age. On eBay, we can easily see a second-hand MSI RX 470 8GB with a leading bid of $315. some of the listings even go as high as $500. Even the lower of those two figures would net Genesis Mining nearly $153 million if it were to sell its entire inventory.
