Henetminer.com is up and running for business

It is no secret that the world has been hit by a global chip shortage. The global pandemic that many believed was a passing cloud for a couple of months has persisted. It has adversely affected world economies. A few months into the pandemic manufacturing companies, assuming orders will slow down reduced production. However, the demand for chip gadgets increased exponentially.

With the advancement in technology, the use of computer chips has increased from cars and computers to several products. It includes smart TVs, toothbrushes, washing machines, mobile phones, or toys.

The surge in global shortage has further been caused by restricted movement. People have been forced to work from home, and school shifted online. Companies set up IT systems to ensure employees could work from home. People started gaming and either upgraded old GPU’s or bought new ones. The unprecedented spending contributed to the already increasing demand.

Within a short time, the demand for computer chips sky-rocked and surpassed supply. Several industries have been affected by the chip shortage. The car industry is advancing, requiring more semiconductors to run the vehicle’s computer systems such as power steering. The demand for modern cars that rely on technology has increased.  
In addition, manufacturing of the computer chips has been dominated by a few companies that have not been able to meet the current demand.

Demand for graphics cards has further increased due to cryptocurrency mining. Crypto mining requires a graphics card also known as a graphics processing unit (GPU) as an essential component. Mining for crypto requires multiple graphic cards and can range from two to eight in a mining rig.

One may wonder between gamers and miners who bought the graphics card more. Usage by both industries is very similar. By the second wave of COVID-19, restrictions and lockdowns were reinforced. Many people were forced to stay indoors. Demand for gaming consoles drove up the prices. Gamers heavily rely on graphics cards to experience 3D graphics and lighting effects in their games. On the other hand, crypto miners require graphics cards for digital currency harvesting.

The GPUs used in crypto mining are used to their maximum, due to the extended use that causes wear and tear causing them to have very little resale value. In comparison to graphics cards used for gaming which can be used for other products. Chip manufacturing companies have hinted at introducing special graphics cards to be used specifically for mining. The recent rise in Bitcoin and Ethereum prices has seen an increase in crypto mining. More people are building mining farms to cash in on the profits. This has also caused a further shortage of graphics cards as the demand continues rising.

No one knows how long the chip shortage will last. Crypto mining has no signs of slowing down. If anything the price of cryptocurrencies has shot up in the last year. The current trends in crypto mining show that a price increase in cryptocurrencies will continue to overwhelm the supply of computer chips. Henetminer.com was able to secure a contract to be one of the only mining companies with consistent supply of mining chips