How popular is Ethereum mining? Rich Ethereum miners charter a Boeing 747 to transport mining chips

Ethereum miners’ purchases of AMD chips are boosting the company’s stock price, with some miners even renting Boeing 747s to transport equipment so they can quickly put the mining chips into use.

AMD CEO Lisa Su said that demand for AMD chips from cryptocurrency miners has increased significantly.

“Although management was unclear as to how much demand increased, cryptocurrency applications drove GPU revenue growth.”

Ethereum, the digital currency with the second largest market value after Bitcoin ($18.3 billion), has attracted a large number of traders, especially the popular ICO based on Ethereum. However, the market value of Ethereum has fallen recently due to various reasons.

Still, many investors are eager to take advantage of the Ethereum gold rush. So much so that Ethereum miners are leasing Boeing 747s to transport AMD and Nvidia mining chips for faster delivery.

Marco Streng, CEO of Genesis Mining, a large Ethereum mining operator, said:

“Time is very, very critical. For example, we are renting an entire plane, a Boeing 747, in order to transport the mining chips on time. Other modes of transportation, such as sea transportation, will miss the opportunity.”

According to CoinMarketCap data, the current ETH price is fluctuating between $195 and $200.

Increase your potential profit 40 times

By using GPUs obtained from AMD or Nvidia, miners can make a profit. However, in order to maintain the daily supply of ETH, miners need to pay labor and electricity costs to keep running.

However, as Quartz points out, the cost of mining ETH has remained low, while the price of ETH has grown from $8 at the beginning of the year to $400 in June, meaning that potential profits for miners have increased 40-fold.

Streng added:

“Everyone has realized this and now wants to get GPUs to mine. The rewards from mining have increased 40 times, but the cost of mining has remained the same. This is a huge incentive for people to start mining.

Interestingly, it was recently reported that small-scale Ethereum miners are selling their AMD and Nvidia GPUs. According to a report from MotherBoard, the sellers claim that mining is no longer profitable.