Should I upgrade my video card?

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It's not about power. It's about the right tool for the job. Ryzen processors don't do too well at the job of transcoding. If you have $100-150 to throw at a GPU, buy an Arc A380 (don't bother with a higher-end version, they all use the same hardware for transcoding). It can transcode multiple streams of data for remote users while I'm running an SVT-AV1 job on my CPU and encoding 4K HDR media using ffmpeg (av1_qsv). It's not the size of the hammer, it's the right hammer for the nail.