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On Thursday, an American technology company, Nvidia has announced its financial results which were remarkable. The company has revenues of $3.2 billion from January to April. But what’s the reason behind this profit?

gpu makers

Well, the value of ether and other cryptos recently soared up and created lots of demand for graphics cards – to mine them. Due to the upsurge in the demand, the price of few high-end graphics got doubled between the mid of 2017 to February 2018. It’s a matter of concern for the GPU makers of major graphics-card, as the most important market for them is eventually the gamers, not the miners.

The idea of graphics-card makers collecting hefty profits from the high prices, due to the mining demand doesn’t seem to be liked by the gamers. However, Nvidia accredited that cryptos have played an important role in boosting the financial outlook of the company.

What does Nvidia’s CFO have to say about it?

CFO of Nvidia, Colette Kress said:

Cryptocurrency demand was again stronger than expected, but we were able to fulfil most of it with crypto-specific GPUs, which are included in our OEM business at $289 million.”

The $298 million figure is around 10% of the revenue of Nvidia and it seems like it lessens the cryptocurrency influence on the bottom line of Nvidia. If a customer buys a graphics card at retail, Nvidia won’t be able to know if it’s being used for mining, gaming or something else. The same story goes for the main graphics-card of a rival, AMD, which released first-quarter results a few weeks ago. According to AMD, the sales related to cryptocurrency accounted for almost 10% of total revenue, which could be again understating its influence on the profits of AMD.

GPUs Value

It has been observed that the value of cryptocurrencies has been falling for the past few months. Also, the value of GPUs has also gotten a lot cheaper than it was before. AMD didn’t provide any specific projection for revenues related to blockchain in the second quarter, however, the spokesman of the company suggested that the rest of the year 2018, is going to be significantly below the first quarter sales.

If the price of cryptocurrencies still keeps dropping, it will end up in the form of awful results for the GPU makers. But if the price of cryptocurrencies falls really low, it’s clear that we won’t only see miners halting to buy new GPUs but, we would also see them selling the graphic-cards that they already had on the secondary market. The resulting graphics card surplus could exhort the value of graphics-card below MSRP — MSRP would be good news for gamers though it might be bad news for the companies that are trying to sell new GPUs.

The president of AMD, Lisa Su said that she wasn’t really anxious about the scenario.

“There are multiple currencies being used — People who are mining do go from one currency to another depending on what’s happening.”

She also added that customers can buy graphics-cards for both purposes; gaming and mining. They will be able to hold onto the graphics-card for the gaming purposes — in the case of mining becoming unprofitable. On the other hand, this analysis seems to be debatable. There’s no doubt that there are profusions of cryptos, but at the same time, there are some of them which are economically significant.

Ethereum’s ether is the most important and significant GPU-mineable so far, and the prices of cryptocurrency are strongly linked to it. So, if the value of ether drops, there’s a possibility that the value of other cryptocurrencies might also fall with it. There are many people who want to buy graphics-card for various applications, and there are a lot of those as well that have many of them (graphics-card). These individuals might hold onto one or two cards for the gaming purpose, however, if the price of cryptocurrencies falls quite low, lots of those cards will end up in the used GPU market. This will also make it hard for both AMD and Nvidia in selling their new cards.

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How Does Bitcoin Exchange Work and What Are Some Ways to Earn Bitcoin?

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Ways to Earn Bitcoin

Bitcoin is a notoriously volatile digital currency, yet a number of investors trying to exploit this currency keeps on growing each day. As with speculative market and extreme volatility, investing in Bitcoin can be a risky move and can cost you huge sums of real money. The best advice for those looking to invest in Bitcoin is to proceed with caution.

How Do Bitcoin Exchanges Work?

Bitcoin exchanges work the same way physical currency exchanges do. It’s like buying one currency with another.

The value of a country’s physical currency is a reflection of the economic and financial well-being of that country.

For example, the US dollar is worth more than that of Mexican peso due to disparities between the two economies. Therefore, a US dollar can buy plenty of Mexican pesos.

And same rules apply for Bitcoin. The only difference here is that the value of Bitcoin is not economy based but the work performed by your computer.

Bitcoin exchanges act as intermediaries for a transaction, converting bitcoins to dollars/other currencies, and then converting those currencies back to Bitcoin or dollars. These constantly shifting values provide savvy investors with the golden opportunity to capitalize on these trends. However, the money can be lost as easily as earned due to the extreme Bitcoin volatility.

How to Make Your Way into Bitcoin?

After knowing all the risks involved, if you still want to take a dive and make your way into Bitcoin, here are some of the ways to start your Bitcoin venture.

Bitcoin Mining:

The easiest way into Bitcoin is mining, but it’s also the slowest. The miners are required to:

  • Setup a computer that is dedicated to bitcoin decryption (Learn how to set up a Bitcoin miner)
  • Install a bitcoin mining software like BitcoinCore
  • Wait until it completes the decryption

All this can take up to a few weeks to more than a year to decrypt a single block. If you want the coins faster, you will be required to buy a purpose-built mining rig. But sadly, these rigs are unbelievably expensive. A 128 GHs rig costs around $2,400 and the prices only go up from there. The more advanced the rig, the costlier it is.

Join Mining Pools:

Another way to earn Bitcoin is by joining a mining pool. A mining pool is a cluster of internet-connected computers that breaks the work of a block into smaller blocks. These blocks are then shared among the participating computers.

As soon as the decryption completed, the coins are awarded to the miners based on their contribution.

Want Faster Coins? Play the Markets:

The quickest way to make Bitcoin is going straight to the markets. All you have to do is to sign up on a reputed Bitcoin exchange such as Mt. Gox and respond to a confirmation mail to verify your mail address.

The system then asks you to confirm your residence address of last six months and provide a photo ID.

Once you have gone through the verification process, then it’s just a matter of depositing money and waiting for the market to offer a perfect opportunity to make money.

Just like every other Bitcoin exchange Mt. Gox charges a fee of .25% to .60% per transaction.

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Last Time to Buy Bitcoin as “Unreliable Sources” from China Spook Markets

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A Chinese journalist published a new article saying that China is banning ICOs and exchanges. The news was a Google translated article from a Chinese Journalist who claimed to have spoken to some official. Since there is no confirmation from a government official and no formal statement of any sort has been released, we can say that this news is possibly fake.
As we all know, the last time China banned Bitcoin, they took it back just a few months after.

However, this news might just be doing everyone a favor as this is probably the last time you can buy bitcoin at such levels.

Don’t Forget…

Bitcoin will survive with or without China, they’ve changed their mind before and they can do it again.

 

News Credits: cointelegraph.com

Image Credits: bitcoinist.com

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New Tool! Make Almost 3X PROFIT in Bitcoin Buying BURSTCoin Today?

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How To Use Tor Browser On iPhone?

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This brief guide teaches you how to use Tor-enabled internet browser on your iPhone device to put a stop to ad services, ISP, or cookies tracking your online activities.

Tor prevents these entities from tracking your use by encrypting the route to your iPhone’s IP address through different servers all across the world. This ultimately makes it virtually impossible for anyone to track your IP address without advanced knowledge or software.

Remember that there are several sites on Tor that do not show up during usual browsing. Some of the sites may contain harmful or illicit content. Visit them at your own discretion.

Steps Involved In Using Tor on iPhone:

  1. Go to App Store
  2. Tap Search
  3. In the search bar, type Tor
  4. Choose a Tor-enabled browser
  5. Tap Get
  6. Tap Install
  7. Open the Application
  8. Tap Connect to Tor
  9. Start browsing

Related: A beginner’s guide to Tor Browser

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Buying bitcoins with bank transfer

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Bitcoin users that are looking to purchase large sums of bitcoin would probably opt for buying bitcoins with their bank account. Fortunately, it is also a less risky option and the fees for this process is much lower. Bank transfers are considered irreversible and unlike credit card payments, they reduce the risk of chargeback. Also, bank transfer offers much higher bitcoin buying limits than a credit card or debit card.

Depending on where you live in the world there are different exchanges that will be best suited for you. In this post, we will cover the main reputable exchanges that supply bank wire services.

Buying bitcoins with bank transfer

Coinbase

Coinbase is the world’s largest bitcoin vault. In the US, you can buy bitcoin with a connected bank account via ACH bank transfer and, in Europe you can, via SEPA transfer. Purchases with ACH takes around 5 days whereas, with SEPA it’s just two working days. A 1.49% fee is charged on all Coinbase transactions. For instant payments, Americans may add a Visa or MasterCard as a backup to carry out instant payments.

PROS

  • High liquidity and buying limits
  • User-friendly for newcomers wanting to buy bitcoin
  • “Instant Buy” option available with credit card or debit card

CONS

  • Purchases can take up to 5 days
  • Coinbase can track how and where you spend your bitcoins
User-friendlyEasy
PrivacyLow
SpeedAverage
Transaction FeesAverage
ReputationTrusted
Buying LimitsHigh

 

BitPanda

BitPanda accepts bank transfer payments from Online Bank Transfer, SEPA, and SOFORT.

PROS

  • Very low fees for buying bitcoins with credit/debit card
  • Reliable & a trusted locker

CONS

  • Fees aren’t shown openly on the site but instead included in the buying site
User-friendlyEasy
PrivacyLow
SpeedFast
Transaction FeesLow
ReputationTrusted
Buying LimitsHigh

GDAX

US customers can fund their Coinbase Exchange trading accounts via ACH or bank wire. Europe and the UK Residents can desposit their accounts with SEPA transfer.

PROS

  • Very low fees for EU and US customers
  • Possible to buy bitcoins without any fees

CONS

  • User interface might seem confusing for first-time buyers
  • Sending bitcoins directly from GDAX to any legally-questionable site may result in closure of your account
User-friendlyHard
PrivacyLow
SpeedAverage
Transaction FeesLow
ReputationTrusted
Buying LimitsHigh

 

CEX.io

CEX.io allows for purchases of bitcoins using ACH in the US or SEPA transfer for European countries.

PROS

  • Supported by many countries and regions
  • Very low transaction fees
  • Established and trusted exchange

CONS

  • Verification process is extensive, requiring much personal information (including a photo) and incurring a long delay
  • GBP market lacks liquidity
User-friendlyAverage
PrivacyLow
SpeedAverage
Transaction FeesAverage
ReputationTrusted
Buying LimitsAverage

 

Gemini

US customers can purchase bitcoins on Gemini by funding their account with ACH transfer.

PROS

  • Trustworthy and regulated exchange
  • Instant deposit lets you buy coins quickly (but not withdraw them)
  • Some of the lowest fees in the US and Canada

CONS

  • Might confusing to use for new buyers
  • Not available in all of the US states
User-friendlyHard
PrivacyLow
SpeedSlow
Transaction FeesLow
ReputationTrusted
Buying LimitsHigh

Bittylicious

UK residents can purchase bitcoins in a matter of 15 minutes via online bank transfer.

PROS

  • One of the fastest ways to buy bitcoins in the UK
  • Refund guaranteed in the event of delayed payment

CONS

  • SEPA transfer not available as payment method
  • RBS/NatWest PYC payment method unavailable
User-friendlyEasy
PrivacyLow
SpeedFast
Transaction FeesLow
ReputationTrusted
Buying LimitsHigh

 

Coinfloor

UK residents can fund their Coinfloor exchange account with SEPA or online bank transfer, while EU residents can use SEPA. Note that there is a minimum deposit amount of 1,000 currency units (i.e. 1,000 euros or 1,000 pounds).

PROS

  • Trustworthy and regulated exchange
  • Offers a sophisticated bitcoin storage service, Coinfloor vaults

CONS

  • Coinfloor has a high minimum deposit amount, must deposit at least 1000 units of currency.
  • Coinfloor market only accepts GBP bank transfers
User-friendlyHard
PrivacyLow
SpeedAverage
Transaction FeesHigh
ReputationTrusted
Buying LimitsAverage

 

Confinity

Residents of Austria can purchase bitcoins online using SOFORT transfer.

PROS

  • Trusted and established exchange

CONS

  • ID verification is asked, so privacy is low
  • Limited payment methods available
User-friendlyAverage
PrivacyLow
SpeedFast
Transaction FeesLow
ReputationTrusted
Buying LimitsHigh

 

Paymium

A bitcoin exchange based in France. It’s very user-friendly so anyone can get bitcoins with Paymium.

PROS

  • Mobile app available
  • Established and trustworthy exchange

CONS

  • ID verification required for any amount above €2,500
User-friendlyEasy
PrivacyLow
SpeedFast
Transaction FeesLow
ReputationTrusted
Buying LimitsHigh

 

Bity

It’s a Bitcoin broker that lets all Europeans purchase bitcoins with SEPA transfer. It only requires verification using a mobile phone in the start.

PROS

  • Easy to buy bitcoins after mobile number verification
  • Payment limit is very high. Up to €100,000, after intensive verification

CONS

  • Not a private way to buy since ID verification is required.
  • Low annual limit of only €4,000, with no verification required.
User-friendlyAverage
PrivacyLow
SpeedFast
Transaction FeesLow
ReputationTrusted
Buying LimitsHigh

Safello

PROS

  • Available in 32 countries
  • Offers a wide variety of payment methods
  • Deep liquidity ensures prices near the fair market rate
  • Customer service available on weekdays from 8 AM to 10 PM

CONS

  • Not a private way to buy since ID verification is required
  • Only Swish payments will confirm over weekends
  • Fees isn’t mentioned but included in your buying price
User-friendlyAverage
PrivacyLow
SpeedFast
Transaction FeesLow
ReputationTrusted
Buying LimitsHigh

 

Bitstamp

It is one of the largest bitcoin exchanges. Europeans are able to easily purchase bitcoins using SEPA bank transfer. Bitstamp allows anyone in the world to use their bank account and send a wire transfer. However, there will be some fees charged.

PROS

  • One of the longest-running Bitcoin exchanges
  • Very low fees, ranging from 0.1% to 0.25%
  • Good range of deposit and withdrawal options
  • Deep liquidity promotes a price close to fair market rate
  • Offers a wide range of altcoins

CONS

  • Has been hacked before, users should not avoid storing their funds on the exchange at all times
  • High 8% fee on small credit card purchases, falling to 5% with sufficient trading volume
  • Aimed towards traders; slightly confusing for first-time buyers
User-friendlyHard
PrivacyLow
SpeedSlow
Transaction FeesAverage
ReputationTrusted
Buying LimitsHigh

 

Kraken

Kraken is known the world’s largest euro-denominated Bitcoin exchange based on daily average trading rates. It supports bank transfer deposits from the US, European, Canadian, British, and Japanese customers. Deposits can even be made via international bank transfer, SEPA transfer, and Interac.

PROS

  • Well-financed and reliable exchange
  • Very low taker fee
  • Very low maker fee
  • Deep liquidity for large volume buyers in European markets ensures a price close to fair market fare
  • Highly secured
  • Publishes proof of reserve audits

CONS

  • Difficult for first-time buyers
  • Requires ID verification so, not private
User-friendlyHard
PrivacyLow
SpeedAverage
Transaction FeesLow
ReputationTrusted
Buying LimitsHigh

 

CoinCorner

It’s a bitcoin exchange based in the Isle of Man. Buyers from UK and Europe can purchase bitcoins with credit/debit card, SEPA, and GBP bank transfer.

PROS

  • Trusted company
  • Variety of options for payment
  • Customer service is very helpful
  • Instant credit card purchases
  • Available in a wide range of countries
  • Offers video tutorials covering the basics of Bitcoin, buying and selling, MultiSig escrow features

CONS

  • There is a 5% fee on purchasing with credit card
  • Requires ID verification, so not private
  • Slightly confusing for first-time buyers
  • Doesn’t provide exchange prices to compare without signing up
User-friendlyEasy
PrivacyLow
SpeedAverage
Transaction FeesAverage
ReputationTrusted
Buying LimitsAverage

 

Cubits

Cubits accepts SWIFT transfers, as well as other local bank transfer methods like SOFORT and Online Bank Transfer.

PROS

  • Fair 0.9% trading fee
  • Wide range of payment methods offered
  • Supports 20 fiat currencies
  • Super clean design makes the buying process easy

CONS

  • Offers a wallet that should not be used to store bitcoins
  • Requires ID verification, so not private
User-friendlyEasy
PrivacyLow
SpeedFast
Transaction FeesLow
ReputationTrusted
Buying LimitsLow

 

Bitfinex

Customers can deposit large amounts into their accounts using SWIFT.

PROS

  • Low fees for buyers, market makers and takers
  • One of best ways to buy large sums of bitcoin
  • Allows lending of fiat or bitcoin to margin traders at interest
  • Deep liquidity promotes price close to the fair market rate
  • Supports various altcoins as well

CONS

  • Was hacked recently and has yet to compensate most users for their loss
  • Quite confusing for first-time buyers
  • Single payment option
User-friendlyHard
PrivacyLow
SpeedVaries
Transaction FeesAverage
ReputationLow trust
Buying LimitsHigh

 

Xapo

Xapo is known to accept account deposits via international wire transfer.

PROS

  • Originally started off as a vaulting service. Claimed security investment above $20 million
  • User-friendly for first-time buyers
  • Deep liquidity which promotes a price close to fair market rate

CONS

  • ID verification required
  • Trading fees not stated on website
User-friendlyEasy
PrivacyLow
SpeedVaries
Transaction FeesAverage
ReputationTrusted
Buying LimitsHigh

HappyCoins

HappyCoins offers bank-related instant payment methods such as iDEAL, GiroPay, myBank, Sofort, and SEPA.

PROS

  • Long term and trusted exchange
  • Wide range of payment methods available
  • Occasional “Happy Hour” with 0% fee on purchases
  • Privacy maintained, only email and bank account number required

CONS

  • Fees are only included during checkout.
User-friendlyEasy
PrivacyLow
SpeedAverage
Transaction FeesAverage
ReputationTrusted
Buying LimitsAverage

 

To conclude, if you’re planning on buying large amounts of bitcoins and do not have any credit card on hand, the above-mentioned options are good enough. However, keep in mind that some of these banks might require additional information to confirm a transaction.

If you’re looking to sell your bitcoins, check out our how to sell Bitcoin article.

Good Luck!

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