Litecoin Mining is Causing Global Shortages of AMD Graphics Cards


 

With the prices of Bitcoins hovering around $1000 per coin, the hardware market for this industry is taking off, not unlike the shovel and pickax industry during the gold rush. Unfortunately the difficulty of mining Bitcoins is too high for any AMD or Nvidia graphics card to mine at a hash rate that can make a return on the investment, but Litecoin [LTC] is quickly becoming silver to Bitcoins gold.

Litecoin is an online virtual currency similar to Bitcoins, but they haven’t been around long and there are more Litecoins available for mining. The Litecoin network aims to process a block every 2.5 minutes, rather than Bitcoin’s 10 minutes. Since Litecoins are easier to mine you don’t need a ASIC miner to make money, in fact with the current value of a Litecoin at $35.6 you can make a return in just a few days depending on your graphics cards and like Bitcoins, AMD graphics cards are more effect at mining for this new virtual currency.

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Due to the ease of mining this is actually causing AMD graphics cards to sell out across the globe according the team at Bright Side of the News who have talked to various retailers about their AMD stock:

“Because of this fact, If you go online and try to buy an R9 280X or an R9 290 your options are severely limited. Heck, even the $550 R9 290X is difficult to come by for the very same reasons. We’ve spoken to some people involved with the retailers and some retailers themselves and we’ve been finding that most retailers simply have very little to no stock of cards. And this is not for having enough cards coming in, but rather that in some cases back orders are outstripping the incoming stock. If you head on over to Newegg, you can see that only 4 out of 17 models of the R9 280X are available for sale, the rest are completely sold out. In addition to that, only 2 of the 16 models of the R9 290X are available for sale as well. The story is the same with the R9 290 as well, with only two of the 7 models of the card available for sale.”

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