Ethereum miners are pushing up share prices by purchasing advanced micro devices (AMDs) and even leasing Boeing 747s in order to ship the AMDs out as quickly as possible so that they can be plugged into the network.
Ethereum shares on the up
According to industry reporter, Quartz, AMD share prices increased by 11 per cent on 25 July this year. With increases of over 152 per cent being reported over the last 12 months, this makes Ethereum the fourth best performer on the S&P 500 index.
According to Lisa Su, AMD’s CEO, the organisation had enjoyed an increase in sales from digital currency miners.
Leasing Boeing 747s
Ethereum is the industry’s second largest cryptocurrency behind Bitcoin with a market cap value of in excess of $18 billion. The digital currency has seen a recent influx of interest from traders with a huge number of ICOs currently in circulation. The price of Ethereum is currently around $195, according to CoinMarketCap.
Many investors are keen to join the Ethereum gold rush. Such is the urgency that Ethereum miners are leasing Boeing 747s in order to ship Nvidia and AMD so that they can receive them as quickly as possible.
Any other form of transportation, such as shipping by sea, is simply too slow and opportunities may be lost due to delays.
Potential profits increase 40-fold
Ethereum miners can make their money through the use of GPUs (graphics processing units) acquired from companies such as AMD or Nvidia. However, mining costs labour and electricity, which can prove costly and eat into any potential profits. But whereas the costs of mining cryptocurrencies have remained relatively stable, Ethereum prices have climbed from just $8 at the beginning of 2017 to a little over $400 in June, equating to a 40-fold profits increase.
All things considered, and given the huge potential increase in mining returns, there’s now a huge incentive for people to get into mining.
However, it has been reported recently that smaller-scale Ethereum miners are actually selling their GPUs amid claims that mining on a modest scale is no longer financially viable.