In the recent past, the cryptocurrency boom has caused the quest for GPUs for mining to exacerbate the global shortage of components. But now, with many digital currencies losing value, Chinese miners are desperate to sell their graphics cards – initially considered an “investment”.
According to the gringo portal VideoCardz, several Internet cafes, Internet cafes and miners are flooding Asian forums and markets with ads for used GPUs. Even real-time auctions have been seen, such is the rush of miners to minimize losses.
GPU flood is here.
Chinese miners and South Asian cafes now dismantling their mining rigs and putting cards up for auction on livestreams.
3060 Ti’s going for $300-$350 US … pic.twitter.com/kphmIt7vZw
— Hassan Mujtaba (@hms1193) June 21, 2022
Cryptocurrency crash disrupts miner plans
Desperation is understandable. With the closures resulting from Covid-19, several Asian lan houses and cybercafes invested in video cards for mining cryptocurrencies. If restrictions prevented conventional services, the way was to surf the wave of digital currencies to make extra money.
The problem is that cryptocurrencies are not doing well at all. Ethereum has lost 80% in value from its peak in November last year, while Bitcoin is experiencing a crash of more than 60%. And the logic is simple: with digital currencies worth less, mining becomes less profitable.
Image: Mehmet Cetin/Shutterstock
As a result, Chinese miners are now focused on selling their GPUs as there are fears that the losses will intensify further. And this haste results in more attractive prices: cards like the RTX 3060 Ti, for example, are being sold in the range between US$ 300 and US$ 400 – well below values of the past.
Beware of second-hand GPUs
While offers can mean “at the price” signs, great care must be taken. According to manufacturer Palit Microsystems, GPUs previously used for mining cryptocurrencies can lose up to 10% of their original performance each year.
Because of this, it is not recommended to buy used video cards, since identifying previous uses is extremely difficult. As much as the offers can be considered as solutions for the present, they can become major headaches in the medium and long term.
In any case, the movement indicates that miners are losing strength with the cryptocurrency crash. This could mean that competition for graphics cards will be less fierce going forward. And the best: the components must have much friendlier prices.
Via: VideoCardz
