Genesis Mining, one of the largest cloud providers of cryptocurrency mining services headquartered in Iceland, has today won a great deal with China’s Supreme Court. Genesis Mining filed a lawsuit in May 2019 to the Fuzhou Municipal Intermediate People’s Court demanding the return of 560,000 units of its GPUs as well as 60,580 units of the AntMiner S9 bitcoin ASIC miners. The firm accused Chuangshiji of failing at its obligations and embezzling the miners.
Genesis Mining partner, Chuangshiji Technology Limited, which provides hosting services for Genesis, took the company’s mining hardware and started listing for sale it without consent from the Iceland-based firm.
The rulings, made on June 23 and published on July 29, shed light on the details of a dispute that involved a significant amount of hashing power by one of the world’s largest crypto mining operations but went largely unnoticed over the years. In total more than 600,000 RX 470 8GB cards and 60,000 Ant S9 mining machines,
Based on the court judgements, the graphic processor units (GPUs) that are ordered to be returned to Genesis Mining consist of 485,681 RX470 8GB cards made by Micro-Star International. “The devices involved in this case are still in an operating capacity and are in a [good] condition to be returned,” the court added.
The AMD Polaris cards are sill very popular with mining interests. The MSI RX 470 8GB cards in this dispute are exactly as the image shows which are standard gaming cards, The Sapphire Nitro+ RX 480 8GB was acquired when the prices collapsed and it is still a good card. Should the RTX 2080 fail the RX 480 stands ready for action.
As the company filed a lawsuit in China supreme court, the legal disputes were going on for some time and today Genesis has won. According to the report, Genesis is getting back as much as 485,681 AMD Radeon RX 470 8 GB graphics cards with a total mining power of 14.5 TH/s. Its unknown how many cards, if any, were sold before the court ruled.
It seems that mining has brought out the worst in people as everyone scrambles to get a piece of the action. So here is an example of 485,481 gaming rigs screwed for a graphics card. The RX 470 8GB would be better off in a CFX arrangement to provide more performance for higher resolution displays.
Siphoning off 485,000++ video cards of just one model suggest everyone has underestimated the magnitude of bitcoin etc. mining. Then the 60,000 Ant S9 miners add more complexity to the operation. So excuse me of ranting about the bitcoin bubble.
NB: Much of this was machine translated from Chinese from the court papers sent to me. The person knows the pile of video cards is profound. 600K video cards is well past the $10 million mark.