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Palit GeForce RTX 3070 GameRock Ethereum Mining Rig

Republished by Plato

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20
Jan
2021

The recent craze on GPU mining for Ethereum and the resulting Nvidia RTX 30 series shortage as well as pretty much anything else wit decent mining performance for Ethash is in full on mode. Still we have managed to get our hands on a few Palit GeForce RTX 3070 GameRock GPUs and built a 6x GPU mining rig using them for ETH mining, so below we share some interesting things including the Ethereum mining hashrate we got and the optimized settings for the RTX 3070 and more specifically the GameRock series from Palit that we have used. As you can see from the photo above the GameRock is a bit flashy in terms of design due to the large RGB lighting surface. A feature which might be of interest for a gamer, but is totally not required by a miner as it makes no different whatsoever in terms of performance. Still, the good news is that the cooler of the GameRock GPUs from Palit is with a large surface area and does a great job in keeping things cool and the fans are also dual ball-bearing ones and perform really well.
An single optimized Palit GeForce RTX 3070 GameRock GPU can do a little over 60 MHS with ease with a little tweaking with the help of the MSI Afterburner software. At TDP of just 55% or almost half of the standard power usage these video cards manage to perform really well as far as Ethereum (ETH) mining is concerned with a bit of overclock for the video memory as well – +1100 MHz. The lowered power usage results in lower GPU performance, but RTX 3070 is more than capable of utilizing the fast GDDR6 memory it has with a 256-bit wide memory bus fully to get you about 60.6 MHS mining the Ethash algorithm. No need to overclock or underclock the GPU, though for further power usage optimizations you can also try lowering the operating voltage of the GPU a bit, though not really required (can probably save up to about 100W of power usage for the whole rig).
So with cooling fans set at 75% and a TDP of 55% with +1100 MHz for the video memory you get extra cool and power efficient GPUs mining at over 60 MHs with a total power consumption a little shy from 1000W at the wall (can depend on the PSU efficiency) or a bit over 360 MHs for a 6x GPU mining rig using Palit GeForce RTX 3070 GameRock video card. The screenshot for the hashrate is with the use of the latest PhoenixMiner 5.4c and mining Ethash on NiceHash…

The only thing that might be better than the RTX 3070 is the RTX 3060 Ti (in that price/performance range), however the 3060 Ti are even harder to obtain due to their slightly lower price and the same mining performance for Ethereum (ETH). The reason being that RTX 3060 Ti features the same GDDR6 memory as the RTX 3070, but has a slightly stripped down GPU. That however does not interfere with Ethereum mining as the GPU on the RTX 3060 Ti still manages really well even with 1000 CUDa cores less. Do note that the RTX 3060 is not that goof of an alternative as unlike the 256-bit memory bus that the Ti has, the regular non-Ti version has just 192-bit memory bus and the hashrate does suffer from that, so no 60 MHs on the non-Ti models!

To get more details and to download the latest PhoenixMiner 5.4c Ethash miner software…

Check Some More Similar Crypto Related Publications:

Source: https://cryptomining-blog.com/12460-palit-geforce-rtx-3070-gamerock-ethereum-mining-rig/

Blockchain

Déjà vu: Ethereum’s First Month of CME Futures Overwhelmingly Bearish

Republished by Plato

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Futures contracts allow institutional investors to hedge against future price movements of an asset with the possibility of shorting them. Just like with Bitcoin, the Chicago Mercantile Exchange launched its products when Ethereum was trading on its way to an all-time high.

It is unsurprising then that the first month of trading futures has been bearish as the asset’s price has retraced heavily and those shorting it on CME would have been correct to do so.

Déjà vu For Crypto Futures

CME launched its Ether futures on Feb. 8, and at the time the asset was trading at around $1,600. As reported by CryptoPotato at the time, a bearish reaction was expected.

Ethereum prices hit an all-time high of $2,050 on Feb. 21, but have corrected by 30% since then to today’s prices of around $1,450 – 10% lower than when the futures were launched.

ETH has underperformed BTC since the CME futures launch but a similar situation occurred with BTC, which underperformed ETH after its CME futures launch.

When Bitcoin futures were first launched in December 2017, the asset hit an all-time high a week or so later then pulled back heavily resulting in a similar effect on futures markets. Exactly the same has happened with Ethereum a little over three years later.

Of course, BTC has recovered and entered a new bull market and the same will happen with Ethereum regardless of how deep this correction goes.

In terms of volumes, the CME is reporting its highest ever day as Feb. 23 with 2,092 contracts traded. That volume has slumped to around 749 contracts on Feb. 26.

Longer-term contracts are likely to be bullish as the rollout of ETH 2.0 and the growth of staking opportunities is likely to push ETH prices to new highs whilst alleviating those epic transaction cost issues.

Ethereum Price Outlook

Currently, Ethereum has gained 4% on the day but has declined almost 30% since its peak last weekend. The asset fell to a monthly low of $1,300 on Feb. 28 but has since recovered a little to trade back over $1,400 again at the time of press.

There is strong support at current levels so ETH needs to remain above it to maintain the current momentum. A fall below could see ETH settle at just over $1,200 but a sustained move higher would need to see resistance at $1,600 broken again.

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Source: https://cryptopotato.com/deja-vu-ethereums-first-month-of-cme-futures-overwhelmingly-bearish/

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Blockchain

Kraken Daily Market Report for February 28 2021

Republished by Plato

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Overview


  • Total spot trading volume at $1.82 billion, down from the 30-day average of $2.06 billion.
  • Total futures notional at $594.6 million.
  • The top five traded coins were, respectively, Bitcoin, Ethereum, Cardano, Tether, and Polkadot.
  • Most coins had losses, but Storj ended +1.9% over USD.

February 28, 2021 
 $1.82B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$44187. 
↓4.0% 
$675.3M
ETH 
$1337.0 
↓8.0% 
$357.2M
ADA 
$1.2216 
↓7.1% 
$266.9M
USDT 
$1.0003 
↓0.06% 
$159.7M
DOT 
$30.816 
↓7.7% 
$76.2M
USDC 
$1.0000 
↑0.0% 
$26.0M
LTC 
$158.32 
↓7.7% 
$24.1M
XRP 
$0.4102 
↓5.8% 
$20.9M
LINK 
$23.667 
↓9.6% 
$19.5M
KSM 
$197.06 
↓14% 
$12.2M
XLM 
$0.3923 
↓10% 
$11.9M
XDG 
$0.0467 
↓6.5% 
$11.1M
BCH 
$445.77 
↓7.7% 
$9.05M
FLOW 
$20.565 
↓0.04% 
$8.9M
ALGO 
$0.9922 
↓9.4% 
$8.41M
GRT 
$1.4982 
↓11% 
$6.79M
UNI 
$21.239 
↓9.5% 
$6.4M
XMR 
$209.91 
↑0.2% 
$6.22M
XTZ 
$3.2894 
↓9.4% 
$5.84M
DAI 
$1.0014 
↓0.0% 
$5.46M
ATOM 
$17.059 
↓10% 
$5.25M
AAVE 
$309.75 
↓6.8% 
$5.13M
DASH 
$190.75 
↓9.4% 
$3.95M
FIL 
$35.897 
↓5.2% 
$3.37M
YFI 
$28850. 
↓8.1% 
$3.26M
EOS 
$3.3847 
↓7.7% 
$2.85M
TRX 
$0.0438 
↓5.6% 
$2.79M
ZEC 
$112.46 
↓6.1% 
$2.5M
SNX 
$16.848 
↓10% 
$2.34M
QTUM 
$4.7348 
↓10% 
$2.19M
ICX 
$1.3552 
↓11% 
$1.9M
BAT 
$0.4747 
↓7.6% 
$1.87M
SC 
$0.0090 
↓9.8% 
$1.74M
NANO 
$4.8697 
↓5.1% 
$1.6M
COMP 
$365.42 
↓8.5% 
$1.42M
CRV 
$1.6987 
↓13% 
$1.4M
WAVES 
$8.6036 
↓10% 
$1.37M
STORJ 
$0.6465 
↑1.9% 
$1.34M
OMG 
$4.0980 
↓8.4% 
$1.16M
OXT 
$0.4319 
↓7.4% 
$1.0M
ETC 
$10.078 
↓9.0% 
$866K
MANA 
$0.2276 
↓9.7% 
$845K
KAVA 
$3.1622 
↓14% 
$787K
LSK 
$2.6988 
↓12% 
$765K
KNC 
$1.5027 
↓11% 
$602K
ANT 
$3.6684 
↓13% 
$590K
GNO 
$117.07 
↓8.3% 
$533K
PAXG 
$1741.7 
↓0.3% 
$498K
KEEP 
$0.2902 
↓7.5% 
$457K
REP 
$29.205 
↓7.2% 
$413K
BAL 
$32.795 
↓11% 
$281K
MLN 
$35.873 
↓1.3% 
$217K
REPV2 
$24.055 
↓11% 
$115K
TBTC 
$47281. 
↓1.8% 
$51.9K


#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (February 28 2021)

Figure 2: Mid-size trading assets: (measured in USD) (February 28 2021)

Figure 3: Smallest trading assets: (measured in USD) (February 28 2021)


#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (February 28 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (February 28 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (February 28 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (February 28 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Source: https://blog.kraken.com/post/8078/kraken-daily-market-report-for-february-28-2021/

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Blockchain

Crypto Exchange Mistakenly Sold Bitcoin for $6,000: Now Requests Users To Return It

Republished by Plato

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What started out as a normal trading day for some PDAX customers led to a favorable turn of fortune, or so it seemed. Their euphoria may have been short-lived by a harsh reality check as the Philippine-based exchange prepares to take legal actions.

Philippine Digital Asset Exchange (PDAX) suffered a flaw that led to bitcoin trading 88% below its actual price. The exchange reported that a surge in trading activity was the cause. At the time, bitcoin was trading north of $50k, but traders were able to scoop some for $6k.

Although PDAX halted operations to fix the glitch, it was a bit too late by then. Some users capitalized on the loophole and withdrew bitcoins out of the exchange.

To avert the massive loss, PDAX has asked traders to return its bitcoin or risk facing legal proceedings. Many users claim to have received messages to this effect.

It remains unclear how the legal proceedings will play for PDAX, with users rightly pointing out that traders’ actions are within the agreed terms and conditions.

Bitcoin Whale Responsible For Glitch?

Large volume transactions have become the order of the day as bitcoin whales step up activity. Their mass transactions often indicate strong bullish signals unless they get hooked while at it.

Reports surfacing on social media led to strong suggestions that the entire fiasco occurred due to an error by a bitcoin whale. who allegedly sold 316,000 BTC for PHP 300k (about $6100) instead of the actual price of PHP 2.3 million ($47,000). This prompted PDAX to cease trading activity and temporarily shut out users.

Users Outraged By Inability To Access Accounts

PDAX’s attempt to control the situation turned out to be counterproductive as it sparked outrage from many users on social media. The downtime, which lasted for 36 hours, left customers furious as they could not access their accounts.

They expressed frustration due to missed trading opportunities and accrued losses from not being able to close positions.

PDAX Clears The Air

PDAX eventually released a comprehensive report addressing the issue. It claimed that an “isolated unfunded order” infiltrated its system and affected the account of its users. It explained further that it had tracked and rectified the glitch and was in the process of fully restoring users’ accounts.

Speaking in a press conference, PDAX CEO Nichel Gaba said:

“It’s very understandable that a lot of users will feel upset they were able to buy what they thought an order was there for Bitcoin at very low prices. But unfortunately, the underlying Bitcoins were never in the possession of the exchange, so there’s never really anything there to be bought or sold, unfortunately.”

The BSP-licensed exchanged assured users that it will continue addressing their concerns and rendering support where necessary.

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Source: https://cryptopotato.com/crypto-exchange-mistakenly-sold-bitcoin-for-6000-now-requests-users-to-return-it/

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