Benzinga | Mar 2, 2021 08:48AM EST

Can You Mine Ethereum With PlayStation 5? Here's What You Should Know

Reports of Ethereum (CRYPTO: ETH) mining with Sony Corporation's (NYSE:SNE) PlayStation 5 console are not genuine, Cointelegraph reported Monday.

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.

See also: How to Buy Ethereum (ETH)

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.

Strong demand for Sony's latest consoles during the launch led to the crashing of online stores of Walmart Inc (NYSE:WMT) and Best Buy Co Inc (NYSE:BBY).

Price Action: Sony shares closed 2.15% higher at $108.08 on Monday and fell 0.81% in the after-hours session.

Read Next: Nvidia's New Ethereum Mining Chip: What You Need To Know

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