Crypto Industry News:

Chinese cryptocurrency miners are reportedly buying out the latest Nvidia laptops to mine Ether.

According to several sources, Nvidia’s latest GeForce RTX 30 laptops are becoming increasingly popular in China as a cryptocurrency mining tool. A Weibo user known as BTCer has posted several images of the GeForce RTX 30 series gaming laptops making up a solid cryptocurrency farm. “Laptop mine is ready,” BTCer noted in a post featuring dozens of laptops stacked on shelves.

Several technical media, including VideoCardz and Wccftech, subsequently suggested that the mining farm was set up specifically for Ethereum mining. Reports also cited a recent amusing video by Bilibili Fish Pond user F2pool showing how easy it is to mine cryptocurrencies on a laptop equipped with the new RTX 3060 graphics card. Using a laptop plugged into a Starbucks wall outlet, the user reportedly mined 0.00053 ETH (o estimate of $ 0.89) in about two hours.

According to some estimates, a single GeForce RTX 3060 laptop has the potential to generate up to around 2.3 ETH per year ($ 3,900) at current prices, apparently being able to cover the cost of the laptop and energy costs in China. The various GeForce RTX 30 series laptops, which hit the market on January 26, cost anywhere from $ 1,000 to $ 2,000.

If the latest reports are true, Chinese GPU miners are apparently increasing demand in an already defective market. In January 2021, Nvidia’s chief financial officer Colette Kress said the company’s supply “is likely to remain tight throughout the first quarter,” stating that demand for gaming was “off-scale” and the company was unable to keep up with it.

Technical Market Outlook:

The ETH/USD pair has hit the level of $1,745 and $1,755 which were the projected target levels for ETH after the triangle pattern breakout. The local high was made at the level of $1,782 in form of a Pin Bar candlestick pattern. After those levels were hit, the market reversed quickly towards the technical support located around the level of $1,478 and bounced. Despite the deep pull-back the up trend is being continued and the level of $1,755 might be hit again soon. The momentum is positive and market conditions are now bouncing from the oversold levels on the H4 time frame chart.

Weekly Pivot Points:

WR3 – $2,306

WR2 – $2,035

WR1 – $1,838

Weekly Pivot – $1,545

WS1 – $1,349

WS2 – $1,062

WS3 – $860

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $2,000, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.

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The material has been provided by InstaForex Company – www.instaforex.com

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