In line with an official ‘press release‘ published, Sapphire – A Hong Kong-based tech manufacturer has revealed its new graphics card for mining the recently-launched GRIN token.
The new equipment named SAPPHIRE RX 570 16GB HDMI Blockchain Graphics Card is one among the primary of a “new family” which will support mining of the new GRIN Coin.
GRIN, that was launched earlier this month, is a privacy-oriented token that’s touted as a totally decentralised and democratized crypto asset. The token relies on mimblewimble technology, that within the theory grants users in the network with solid anonymity, by encrypting the worth of the transaction employing the “blinding factors.”
The new GPU [graphics processing unit] from Sapphire would supposedly be ready to solve the Cuckoo Cycle algorithmic program that forms the premise of Grin’s PoW [proof-of-work]. In line with Sapphire, the RX 570 is “one of the few solutions that can efficiently mine Cuckatoo 31+, as a result there’ll be fewer users on the network resulting in higher rewards for early miners.”
‘Adrian Thompson’ – Sapphire’s Vice-President of Marketing stated that, “Future products can embody new 16GB Graphic Add-on” to SAPPHIRE’s line of INCA and MGI Series of dedicated blockchain systems.”
As per the release, the GPU isn’t presently available for sale, however further information would eventually be revealed on the company’s official web-site page.
Earlier within this week, ‘analysis‘ revealed by the BIS [Bank for International Settlement] added that Bitcoin’s [BTC] issues are solely resolvable by departing from a proof-of-work system. In step with the BIS once Bitcoin’s block rewards fall to zero within the upcoming future — as only a restricted number of new bitcoins are created — solely transaction fees is expected to sustain the mining expenses.
BIS’s argument added that the Bitcoin [BTC] network would become very slow in the upcoming years that it’d be ‘unusable‘. The report explains as:
“Simple calculations explain that after block rewards are zero, it may take months before a Bitcoin [BTC] payment is processed, unless new technologies are deployed to quicken up the payment definiteness.”