Graphics Processing Unit (GPU)

A Graphics Processing Unit (GPU) is a specialised processor designed to perform complex calculations and graphics rendering, often used in gaming, scientific research, and machine learning (ML) applications. In the cryptocurrency space, they are much more frequently used as tools for mining cryptocurrencies.

Large mining companies, such as Hut 8 and HIVE Blockchain Inc., are examples of companies using large amounts of GPUs to mine Bitcoin. In recent years, there has been a shortage of GPUs on the market due to high demand for them to be used as cryptocurrency miners.

Key Takeaway

Commonly referred to as graphics cards or GPUs, a Graphics Processing Unit is a computer chip used in computers to create 3D images.

Related Words

Market Cap

Market cap refers to the total dollar value of a cryptocurrency in circulation. It is calculated by multiplying the token price by the total number of tokens.

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Circulating Supply

Circulating supply is the amount of a cryptocurrency currently on the market. The number can grow or shrink for various reasons.

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TradFi

Traditional finance, or TradFi, is a conventional approach to financial activities that relies on established institutions, such as banks, insurance companies, investment companies, and stock exchanges.

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Collection Value

Collection Value is the aggregated monetary value of all the NFTs in a collection.

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NFT Sales Volume Index (7D)

The NFT Sales Volume Index (7D) shows the price and number of editions of a non-fungible token (NFT) collection sold over a 7-day (7D) period.

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Crypto Asset

Crypto assets are transferable digital representations of value made possible by cryptography and blockchain technology.

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24H Volume

24H Volume shows the number of a cryptocurrency’s tokens traded over a 24-hour time frame.

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7D

7D, short for seven days, refers to price data that has been collected for a cryptocurrency over a 7-day period.

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Floor Price

Floor Price is equal to the lowest-priced NFT in a collection.

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Gas (ETH)

Gas is the cost of a transaction on the Ethereum network.

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