According to a press release dated January 22, Sapphire (A Hong Kong-based computer hardware manufacturer)has come out to announce a newly developed graphics card which will be used for mining GRIN Coin (recently launched). The SAPPHIRE RX 570 16GB HDMI graphics card based on blockchain is the first of its kind that will back the entire process of GRIN Coin mining.
The very recently releases GRIN Coin is basically a privacy-oriented token which is proclaimed as being fully decentralised and a democratised digital asset. Mimblewimble theory drives the token which essentially means that the users present in the network with robust anonymity by encrypting the value of a transaction with the use of ‘blinding factors’.
According to reports, the newly developed (GPU) graphics processing unit from Sapphire will be able to resolve the cuckoo cycle algorithm which essentially contemplates the basis of Grin’s proof of Work (PoW). With this product, “one of the few solutions that can efficiently mine Cuckatoo 31+; as a result, there will be fewer users on the network leading to higher rewards for early miners.’
Adrian Thompson, the Global Vice-President Marketing at Sapphire stated that ‘Future products would include new 16GB Graphics additions’ to SAPPHIRE’s line of INCA and MGI Series of dedicated blockchain systems.’ However, the press release states that GPU not for sale as of now, but will be released on the company’s website soon.
Previously this week, The Bank for International Settlement (BIS) published a report which noted that Bitcoin’s problem is only solvable by departing from the PoW system. BIS suggests that when bitcoin’s block rewards fall to zero in the future since only a limited number of bitcoins will be created – only transaction fees can sustain mining expenses. BIS’s perspective of the argument suggests that the Bitcoin network would become extremely slow and unusable. The report states ‘Simple calculations suggest that once block rewards are zero, it could take months before a Bitcoin payment is final unless new technologies are deployed to speed up payment finality.’