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Chinese court returns 485,681 Radeon RX 470 GPUs to mining company

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Many crypto mining companies are being forced to reassess their assets and operations as China continues to extend restrictions on cryptocurrency mining.

A Chinese court recently teamed up with a major cloud mining provider called Genesis Mining to secure the return of 485,681 8GB Radeon RX 470 GPUs.

Despite the victory, Genesis Mining now has the difficult task of finding homes for a very large batch of old hardware.

Following the ongoing lawsuit against Chinese hosting provider Chuangshiji Technology Limited, China’s Supreme Court backed Genesis Mining and ordered the return of more than 485,000 graphics processing units (GPUs) to the Iceland-based cloud mining company.

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While the decision may seem like a victory for Genesis, China’s recent crackdown on crypto mining leaves the company with the daunting task of finding homes for an extremely large batch of used and aging hardware.

The legal dispute, which originated in 2018 and spanned several years, was based on collection disagreements and payment-related issues between Chuangshiji and Genesis. The ruling orders the former to return more than 485,000 Micro Star International (MSI) RX 470 GPUs to Genesis.

Genesis filed a lawsuit against the hosting provider in 2019, requesting the return of more than 560,000 GPUs and more than 60,000 application-specific integrated circuit (ASIC) miners after terminating the hosting contract with Chuangshiji.

Upon termination, Chuangshiji refused to return the hardware and instead proceeded to liquidate it without Genesis’ consent, prompting Genesis to file a lawsuit.

Crypto Mining

Cloud-based crypto mining companies provide customers with the ability to rent mining hash power, while offloading users from the hardware and infrastructure operations that come with crypto mining.

These companies often offer fixed packages that include a fixed amount of hash power (the computing power used to provide solutions to specific proof-of-work consensus engines) in exchange for a flat fee, associated maintenance fees, etc.

Radeon RX 470s still hold a lot of value in today’s consumer GPU and crypto mining market. With total GPUs returned providing a combined hash power of over 14.5 Terahash per second (TH/s) and relatively low power consumption.

Gamers and PC users looking for older GPU hardware can also score big with AMD’s Polaris-based 8GB GPUs, should Genesis decide to sell them to non-mining buyers and distributors.

Despite their primary use as mining boards, GPUs used in good condition can often be equipped with new thermal grease and thermal pads to deliver a cost-effective 1080p gaming experience.

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