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I have a made in China 2012 serial number FTW3 Ultra and with the 500 watt XOC BIOS the card won't hit 450 watts in either PC I tested it in.  That's using an EVGA 1300 watt G2 power supply or a Seasonic 850 watt power supply.  

Have you tried Furmark or any of blender benchmarks?

I tried Furmark.  I tried MSI Kombustor. I've tried various 3D rendering benchmarks. I've tried various games that others here say maxes the power limit on their cards.  Nothing at all worked and got it anywhere close to 500 watts.  The card hits 84-86 watts on the PCIEx16 slot power draw and the 8 pin connectors don't increase in power.  Its the same issue that many others have had with their cards.
 
In the same PC my MSI Gaming X Trio with the EVGA XOC BIOS hits 485-500 watts power draw easily.

It's the PCIE load balancing issue faced by EVGA 3090's and I'm not positive but I've heard Kingpin might also be affected (could be mistaken) pointed out by Frame Chasers recently (I don't understand the downvotes on his video, this is a real issue, FTW3 and all 3090's limited to 450w because of PCIE load balancing). 
 
https://youtu.be/Lmd48SVbXso
 
In this regard a FTW3 isn't any better than the cheaper XC3 as they are both limited to 450w. 
 
 

OPTIMUS WATER BLOCK INSTALLED!!!!
 
Ok so here where my best air cooling on port royal.  Thats all i have done testing so far,,,   So on air the best I was getting was +175 GPU and +275 MEM no boost lock on 500 watt bios.  Tried the XC3 bios but changed nothing on my score which led me to believe my card was throttling.  GPUZ showed a high of 84C and a power draw high of 485 Watts [for port royal.  I was able to hit 500+ peaks on other more demanding games so I dont feel I was power limited.   My systems is threadripper 3 24 core on 4.35 all core boost  (not a gaming CPU obviously, probable costs me about 200 to 300 points on 3dmark) asrock tiachi MB  and dd4 at 3666 14T  mem locked to 1:1 infinity fabric.  So best  score i ever got on a port was 13950.  
 
So in goes Optimus!!!!   
 
SOOOOOOOO HEAT LIMITED ON AIR!!!!!!
 
Mem went to +375  GPU went to +200  WITH BOOST LOCK ON....  14547!!!!!!   A 600 point Increase!@!!!!!!
 
So  this is what i noticed.  Not a good paste job on the GPU or quality paste and thermal pads when i took off the cooler.  I did use liquid metal instead of kryonout.   My temps max out at 40C.  My power draw dropped to about 455 watts so the fans take about 12-15 watts per fan!!!!  Will try the xc3 bios to see if it makes a difference since heat is out of the equation.  
 
So bottom line....  IMO   I think we are dealing with thermal throttling that  keeps these cards from hitting power limits.  On air i noticed throttling starting at 60C with big time throttling above 70C.  And i was hitting 84C.
 
By card has red lips and  14 on the serial number
 
Will up date when i have time to play with it more.  

So does the 500 watt bios work or not ? Becu the board pcie power limit?

I recently purchased the 3090ftw3 Ultra and have some general questions about overclocking and expected performance boost (FPS) while gaming. and also to see if getting the 500w bios is worth it for gaming. not really into benchmarking scores just FPS in games.
 
I currently have the Bios Switch set to the stock OC bios and have overclocked and stress tested the GPU with an overclock of +248 memory and +105 core, voltage is at 0, power target at 107% temp target at 91c.  This setting pretty much keeps in game clocks at at around 2025mhz with some highs of 2055mhz and and lows of 1995mhz. fan curve is custom with the middle 2 points deleted (70 degrees = 80% fan speed) card settles at around 72 degrees at full load.
Problem is I'm not seeing big FPS improvements maybe like 10 more FPS.
At these settings the GPU at full load is pulling around 430-445W total board power draw, and PCie slot power at 66-70W, I pushed the clocks even higher 669/150 and upped the voltage to 100 but while it's stable in game it's not making any more difference in FPS maybe 1 or 2 more at the most
Is this because I'm hitting the power wall?
If I get the 500w Bios can I expect another 10 fps out of an overclock?
Not sure if the power draw is worth the small increase in FPS over stock OC bios, for example If I use the stock OC bios and keep the power target at 100 and clocks and voltage at +0 I get 10 fps less in games than with the overclock with around 1905mhz core clock, but the board Power draw is around 380-400W, PCIe slot power 62-66W at full load, and temps are below 70 degrees with the same fan curve.
 
Is there a reason I'm not seeing Bigger performance increases from overclocking? my last GPU was a 1080Ti strix, overclocked to 2200mhz and the performance increase from the overclock in gaming FPS was way more than with the 3090.

Heat. Heat heat. Thats whats holding the card back. What good is it throwing more power on it if it throttles itself. Even if your not going to water cool it may be worth it to repaste and replace the pads with som fuji poly

Like I said I was able to hit 500. So for me it works. It add 400 points at the time when it came out. But the stock cool can barely handle it

ok thanks, that's a pretty low temp to be throttling at, I might reapply the cooler with new TIM, but I doubt that will do anything certainly not keep temps under 60 degrees, and I'm not looking to go 100% fan speed for gaming. Bummer seems like the FTW3 Ultra doesn't really have much OC headroom on stock Air cooler just increased power draw with minimal performance Improvements. not sure the air cooled ultra is a 1799$ GPU, the factory Overclock is nice but I'm sure it's nothing that can't be achieved on the cheaper options. In that Case might aswell just keep it at the stock OC bios settings and call it a day.

Can't believe people are still buying these bunk cards and EVGA are still happy to sell them with all the info they have.
Ive changed back to my old Gigabyte Eagle with 2 pins which performs better than the EVGA 3090 FTW3 Ultra Gaming... will never buy another EVGA card again and will do everything i can do convince others to do the same. 
 
They won't even RMA my card because apparently its working fine. Morons. 

What is it with your card that was advertised that you did not get???? 500 watts wasn't advertised. A specific port royal score wasn't advertised... so what's wrong with the cards????

for me something is wrong. I've a 3090 FTW3 Ultra Gaming, using PrecisionX powertarget at 119%, Clock +140 Mem +1000, never get over 1950 Mhz, checked with Gpu Z the maximum board power draw I got was 385 W Temps at 60°C and this is with the OC Bios on it.