Sapphire, a graphics card manufacturer based in Hong Kong, has released a new graphics card supporting the newly created privacy crypto coin – GRIN.
Decentralized, Democratized, Anonymous
The new coin was born in December 2018 after being in development since 2016. GRIN is using the mimblewimble protocol. The coin’s developers indicated that it is completely decentralized, democratized and offers full anonymity of transactions.
The Hong Kong-based hardware manufacturer released the SAPPHIRE RX 570 16GB HDMI Blockchain Graphics card to help mine GRIN.
The company’s Global VP of Marketing, Adrian Thompson said that:
“The launch of the RX 570 16GB HDMI Card presents an exciting opportunity not just for SAPPHIRE but early Grin Coin miners and the cryptocurrency market as a whole. Future products will include new 16GB Graphics additions’ to SAPPHIRE’s line of INCA and MGI Series of dedicated blockchain systems. We’re thrilled to be bringing this and future blockchain products to market.”
Sapphire’s new crypto mining hardware is meant to interface with the proof of work which uses the GRIN’s Cuckoo Cycle algorithm. Sapphire has indicated that their newly released graphics card is among the few in the market that can comfortably handle this type of an algorithm.
The availability of the RX 570 16GB HDMI Card will be later announced on Sapphire’s website.
Recently a working paper titled ‘Beyond the doomsday economics of proof of work in cryptocurrencies’ was released by the Bank for International Settlement. The paper pointed out that the only way to overcome scalability and other issues associated with Bitcoin is by departing from proof of work algorithms.
According to the paper, Bitcoin and other cryptocurrencies using proof of work are limited by two factors. i.e. “The extreme cost of ensuring payment finality in a reasonable space of time” and failure to “generate transaction fees that are adequate to guarantee payment security in future.”
As Bitcoin continues to lower the amount paid to miners after verifying transactions, the BIS paper observes that it may take forever before a transaction on the Bitcoin blockchain is validated when the miners start getting zero rewards for each new block.