485,681 graphics cards were returned to the owner after a Chinese court ruling

According to the latest information, the Supreme Court in China decided to take the side of Genesis Mining, which once considered itself the largest Bitcoin mining company in the world, and to return the seized equipment Speech to it, among others. by almost half a million graphics cards.

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1 Equipment worth over a billion zlotys already in the hands of the owner. Among it were almost half a million graphics cards

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Equipment worth over a billion zlotys already in the hands of the owner. Among it were almost half a million graphics cards

Going into detail, Genesis Mining filed a lawsuit in 2019 against Chuangshiji Technology Limited, which it cooperated with after it allegedly refused to return the equipment after a payment dispute in 2018. Finally, the case was resolved and the accuser returned 60 580 copies of AISC AntMiner S9 and as many as 485 681 Radeon RX 470 8 GB graphics cards. These numbers aren’t a typo.

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So now Genesis Mining has got back cryptocurrency mining equipment that can be turned into hefty millions of dollars. The problem is that China has recently banned it in many provinces, which is probably why Genesis Mining CEO Marco Streng “refused to provide the current state of the equipment and whether the equipment is on its way to Genesis Mining facilities.”

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This amount of cryptocurrency mining equipment may already be on its way to countries where mining is not banned or slowly introduced to the secondary market. According to The Block’s estimates, Genesis Mining can earn a huge profit in both cases, because this equipment translates into a potential performance of 14 TH / s on the Ethash algorithm, which means that in one day it can “mine” almost a million dollars at the current valuation cryptocurrencies.

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In addition, although the RX 470 are cards from two generations, they can still be sold for $ 315-500 due to the current market situation, because it would give the company over $ 150 million.

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