China is spreading its cryptocurrency regulatory tentacles everywhere it can, but now China's Supreme Court has sided with cloud mining company Genesis Mining, and will return 485,681 Radeon RX 470 8GB GPUs.
The dispute between Chinese hosting provider Chuangshiji Technology Limited and Iceland-based Genesis Mining started over charging disagreements and payment-related. Genesis filed a suit against Chuangshiji that requested the return of its graphics cards, as well as 60,000+ ASIC miners after it terminated the hosting agreement with the Chinese cloud mining company.
Once Genesis had terminated its contract with Chuangshiji, the company started liquidating the GPUs and ASIC miners without Genesis' consent. Genesis has now won that court case, but now has 485,000 Radeon RX 470 8GB GPUs that it needs to find new crypto mining homes for.
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That's a lot of hashing power that will be re-inserted onto the crypto mining market, with around 14.5 TH/s (Terhash per second) of crypto mining muscle with 485,000+ Radeon RX 470 8GB GPUs.
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