New AMD Graphics Card Sells Out In Minutes Amid Crypto Mining Boom

AMD's new graphics card is already sold out, a development that comes as cryptocurrency miners seek the latest GPUs to power their mines.

AccessTimeIconAug 30, 2017 at 6:05 p.m. UTC
Updated Sep 13, 2021 at 6:52 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Chip maker AMD rolled out a new graphics card (GPU) earlier this week – and the product swiftly sold out in minutes.

Tech bloggers closely watched the release of the Vega 56, which was released on popular online marketplaces like Newegg and Ebay on August 28. As expected – given huge demand for GPUs by the world's cryptocurrency miners – the vast majority of listings were unavailable after the first five minutes.

Also exacerbating the situation are reports that manufacturing issues have led to a constrain on supplies for the new Vega card (which was sold in two varieties) and rumors that distributors may be jacking up the asking price to boost their revenues amid the huge demand.

CoinDesk previously reported that companies like AMD as well as rival GPU maker Nvidia have been moving to capitalize on the influx of GPU buyers who are looking to use the hardware to mine cryptocurrencies like ethereum. Mining is an energy intensive process by which new transactions are added to a blockchain, creating new tokens as a reward int he process.

Even still, AMD isn't banking on cryptocurrency quite yet, declaring earlier this summer on an earnings call that it didn't view the tech as a long-term opportunity.

That said, the company has perhaps quietly worked to improve conditions for cryptocurrency miners that use its product, as shown by the release of mining-related software derivers earlier this month.

Image Credit: MAX SAYPLAY / Shutterstock.com 

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.