The PowerColor Hellhound AMD Radeon RX 6700 restock was found selling for a whopping $829.99. Could scalper prices be going down or are they still in the overpriced bubble making it hard for gamers to purchase the GPU at SRP or at least fair price.
Global Chip Shortage
As of the moment, the world is experiencing a lack of chips through the "global chip shortage" which has affected the manufacturing of different electronics especially due to GPU shortages. With the boom of cryptocurrency, more and more individuals have decided to purchase these GPUs in order to mine certain cryptocurrencies.
As of the moment, however, things could change as transitions are being made in the cryptocurrency realm from proof of work to proof of stake. As of the moment, proof of work is still being used as physical hardware is needed in order to validate cryptocurrency transactions.
PowerColor Hellhound AMD Radeon RX 6700
Things, however, could change as cryptocurrency is heading towards proof of stake. This would mean in order to be a validator, there would now be a required proof of stake. This, in turn, would take away one reason for people to hoard GPUs. Learn more about proof of stake that is used by Bitcoin Latinum.
Although mining might still be done with the use of GPUs, becoming a validator is also another initiative to generate income in cryptocurrency through hardware. According to the Tweet by a certain restock tracker Twitter account, a new PowerColor Hellhound AMD Radeon RX 6700 is up for sale for $829.99.
GPU Price Difference
As of the moment, the stock is no longer available. The official SRP for the AMD Radeon RX 6700 is priced at $479 as of CNet. This would mean there is still a whopping $450 price increase from the official SRP which is still a huge bubble for GPUs. Learn more about the difference between AMD and Intel processors.
An article by Investopedia provides a definition of the difference between proof of work and proof of stake. According to the article, proof of work or POW mining requires a large amount of energy consumption in order to fuel computational power. Proof of stake, on the other hand, gives mining power based on the actual percentage of coins that is held by a miner.
Read Also: How Bitcoin Latinum is Changing the Game for Sustainability in the Crypto Space
Proof of Stake for Cryptocurrency Miners
Proof of stake allows cryptocurrency miners to mine or validate block transactions based on how much coins they are holding. Proof of stake was created as an official alternative to proof of work which is technically the original consensus algorithm that is used in blockchain technology in order to confirm new transactions and even add new blocks to the chain itself.
Proof of stake is reportedly seen as less risky when it comes to the potential for miners to attack the network. The structure compensates in a way that would make an attack less advantageous for the said miners.
Related Article: PoW vs PoS vs PoA: Which is Better Consensus Algorithm?
This article is owned by Tech Times
Written by Urian B.
