What Happened: A report emanating from GizChina claimed that a Chinese software developer, Yifan Gu, mined ETH using Sony’s latest console.
The process reportedly involved overclocking the PS5’s Advanced Micro Devices, Inc (NASDAQ: AMD) made Ryzen CPU and Radeon GPU cards in order to achieve a hash rate of 98.76 megahertz per second.
However, an included screenshot also contained a QR code, which claimed that the mining rig was a fabrication. The embedded message in Chinese read, “There is no such software,” as per Cointelegraph.
ETH traded 8.2% higher at $1,564.75 at press time, while Bitcoin (CRYPTO: BTC) was up 4.9% at $48,882.88.
Why It Matters: Unlike BTC, which requires highly powerful computers like an application-specific integrated circuit (ASIC), ETH can be mined with a sufficiently powerful graphics processing unit.
Sony’s PS5 is due to launch in China in the second quarter of this year, according to company officials.
Price Action: Sony shares closed 2.15% higher at $108.08 on Monday and fell 0.81% in the after-hours session.
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