NVIDIA
NVIDIA probably thought it had finally put an end to Ethereum mining on its GeForce RTX 30 series graphics cards (based on the Ampere architecture) with the introduction of the Lite Hash Rate (LHR) line. However, recently the well-known NBMiner software has been updated and its creators have found a partial solution to the advanced limiter implemented by NVIDIA.Credit: Pixabay As reported by colleagues at VideoCardz, the latest version of the program features a hack very interesting. According to the changelog, the application restores up to 70% of the performance inherent in mining on GeForce RTX 30 LHR video cards. This is only a partial workaround, but we cannot dismiss the arrival of a future evolution of the software capable of fully unlocking the potential of GPUs. Unfortunately, miners will return to interest in the LHR series with this new development and this could be bad news for gamers, as another shortage may be on the horizon.
NBMiner's solution is currently in “ work in progress ". The developer recommends miners to use 68% performance as this is the most stable value according to tests. The software works on both Linux and Windows operating systems and with the latest GeForce drivers from NVIDIA without any problems. However, the hack only supports the ethash algorithm at the moment, but others may be supported in the near future. The GeForce RTX 3060 Ti was one of the best GPUs for mining prior to the release of the LHR series. The video card in fact provided a hash rate of around 60 MH / s, practically halved following the introduction of the limiter. Thanks to NBMiner, miners could potentially get up to 41MH / s.
Ethereum's pending transition from a Proof of Work (PoW) to a Proof of Stake (PoS) model aims to reduce energy consumption by up to 99.95%, according to the Ethereum Foundation, and eliminate the addiction to graphics cards. The update could take place by late 2021 or early 2022, so miners may have their days numbered.
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Nvidia Stock Is Not a Name to Trade, It’s One To Hold Forever
© Source: Sundry Photography / Shutterstock.com Scorching Hot, Overvalued Nvda Stock Still Looks Like a BuyThat’s right, I’m borrowing Jim Cramer’s famed line on Apple (NASDAQ:AAPL): “Don’t trade Apple, just own it.” That’s how I view Nvidia (NASDAQ:NVDA), although NVDA stock does tend to be a bit more volatile than Apple.
© Provided by InvestorPlace Scorching Hot, Overvalued Nvda Stock Still Looks Like a BuyApple is the largest tech company in the world, but it was prone to wide swoons and big shifts in sentiment when Cramer coined the phrase several years ago.
For Nvidia though, I simply see too much long-term runway with this company to ignore it.
CONSTELLATION BRANDS, INC.
The swoons in the stock price and sentiment have come, and will continue to come, with Nvidia too. While skillful investors can trade around it, I look at Nvidia as a core position just like many looked at Apple as a core position several years ago.
Apple now sports a $2.5 trillion market capitalization. That may be a bit high of expectations for Nvidia, but even with its $500 billion market cap, I think it still has upside.
Backbone of TechnologyNvidia might be known for its GPUs and for its impact on the gaming industry. Obviously, gaming is a big part of Nvidia’s business and it’s what helped put it on the map. Similar things can be said of Advanced Micro Devices (NASDAQ:AMD).
However, Nvidia’s GPUs aren’t just being used for computer graphics and gaming power. They are being used in all sorts of applications far larger than gaming.
Nvidia’s products are being used to power autonomous driving solutions for all sorts of different logistics companies and automakers. They’re being used in cloud computing, data centers, artificial intelligence and machine learning, drones, agriculture, energy, infrastructure, healthcare, super-computing and more.
The list goes on and on.
The point is, it’s not just a few companies using Nvidia’s products. The company didn’t get to a $500 billion market cap by catering to just a few end markets — it caters to everyone.
When thousands of companies, brands and technologies build their products and services on the back of Nvidia’s products, it makes the latter indispensable.
In that sense, Nvidia is becoming the backbone of countless technologies, businesses, services and products. That’s why regardless of market swoons or sentiment shifts, this is a name I want to continue to own. While its pending acquisition of Arm is expensive — at $40 billion — this too will grow Nvidia’s footprint and make it that much more indispensable.
Bottom Line on NVDA StockThe main reason that I like NVDA stock is laid out above — it’s the backbone and pillar to so many current and future technologies. The other reason I like Nvidia? The way consensus estimates have been wildly conservative.
The magnitude of the beats just keeps piling on both the earnings and the revenue side. Look at the last six quarters worth of earnings results:
EPS Result EPS Estimate Beat 3.66 3.28 +0.38 (beat by 11.6%) 3.10 2.80 +0.30 (10.7%) 2.91 2.56 +0.35 (13.7%) 2.18 1.96 +0.22 (11.2%) 1.80 1.68 +0.12 (7.1%) 1.89 1.68 +0.21 (12.5%)On the revenue front, it’s a similar situation. Only expectations have been drastically behind. At the start of 2020 — in other words, before Covid — analysts’ were expecting about $10.8 billion full-year sales. The company did $16.67 billion.
At the start of 2021 — in other words, well into Covid — consensus expectations called for full-year sales of roughly $16.5 billion. Those estimates now sit at about $25 billion.
Friends, the numbers don’t lie. It’s clear that Nvidia is outperforming even the rosiest of expectations.
In that sense, the company’s results are several years ahead of where the market was expecting. That helps explain why the stock exploded higher and why each dip has been a gift for long-term bulls.
Trading Nvidia
© Provided by InvestorPlace Daily chart of NVDA stockClick to Enlarge
Source: Chart courtesy of TrendSpiderWhile the move has been strong, keep in mind, the stock consolidated for almost a year before the recent rally.
This rally was coming eventually. We will continue to remain long NVDA stock as the company continues to outperform.
As for the technicals, Nvidia’s looking pretty good. Shares climbed up to $208.75 in early July before suffering a quick pullback. However, that pullback was a buying opportunity in NVDA stock, as shares are now back above $200.
From here, let’s see if the stock can take out its highs near $209 and continue to push higher. If so, the $225 to $227 area may be in play for NVDA stock. That’s about where the 161.8% extension comes into play.
Otherwise, let’s look for a dip to the 50-day moving average as a buying opportunity. Below that and the recent low near $180 may be on the table. Again, NVDA stock is a name I want to own, with or without timing its price movements.
On the date of publication, Bret Kenwell held a long position in NVDA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.