485,000 x Radeon RX 470s returned to cloud mining company by China

As an Amazon Associate, we earn from qualifying purchases. TweakTown may also earn commissions from other affiliate partners at no extra cost to you.

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.

• Read more: China's crackdown on crypto sees market crash, 2021 gains wiped
• Read more: Anonymous announces own crypto: Anon Inu to fight China and Elon Musk
• Read more: Crypto crackdown: GeForce RTX 3060 now costs $270 second hand in China
• Read more: China arrests 1100+ in crypto-related money laundering crackdown

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.