No rendering with GPU since 12.1.1?

Hello everyone,

I recently updated to the latest Premiere Pro version 12.1.1 but ever since I did that Premiere only uses the CPU to render.

12.0 did use around 60% of my CPU and some % of the GPU  but after the update 0% GPU and 100% CPU.

While this is not a problem by itself, the rendering got a bit slower tho.

When exporting the encoding option only gives me "Only software" and I can't change that.

My system:

Win10

Intel i7-8700k

GTX 1080

ASRock Extreme4

16GB DDR4 RAM

Is there a way to enable GPU assisted rendering again?

Thanks in advance.