December 8, 2022

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Cryptocurrency miners panic about selling graphics cards

Cryptocurrency miners panic about selling graphics cards

The cryptocurrency market is falling like a house of cards. Both local miners and large miners began selling their fee cards en masse.

anyway 2020 and 2021 were tragic in terms of availability and prices for new and used graphics cards, so as of January of this year, the situation has slowly returned to normal. However, there has been real progress in recent days. All because of the crash of the cryptocurrency market.

The Chinese market is flooded with cheap used graphics cards

The most famous cryptocurrencies like Ethereum if Bitcoin They lost their value from several to tens of thousands of zlotys. In fact Cryptocurrency miners are on the rise. The payback period for graphics cards you buy has been changed from months to years. Digging doesn’t pay off anymore.

For this reason, both Domestic miners as well as professional miners have started selling their graphics chips. This is clearly seen in China, where mining was very popular due to cheap electricity and proximity to graphics card manufacturers.

Xianyu . auction site (equivalent to our Allegro or OLX) Full of new offers. And in Baidu there are “live” auctions. (via video conferencing). Not only miners are getting rid of their graphics cards, but also Chinese internet cafes, which have been shuttered and deprived of customers due to closures during the COVID-19 pandemic.

Cryptocurrency miners panic about selling graphics cards

Currently there is no problem to find the latest models like the NVIDIA GeForce RTX 3080 3500 This is the renminbi About 2300 PLNand planning The cost of the GeForce RTX 3060 Ti is about 1325 PLN. And when looking for deals or buying more than one piece, you can even lower the price. For comparison, in Poland, the same graphics cards in stores cost between 4199 PLN and 2889 PLN!

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Cryptocurrency miners panic about selling graphics cards

The biggest players in the cryptocurrency market are also in an uninteresting position. A large miner in the form of Canadian Bitfarms sold as much as 3,000 BTC at a price of $62,000,000. Anything to reduce the company’s debt and increase its liquidity. Currently, they have 3,349 BTC left. Also, Riot Blockchain has been selling its bitcoins in smaller segments since April.

The nail in the coffin may finally turn out to be the transition of Ethereum from PoW (Proof of Work) to PoS (Proof of Stake). Then graphics cards in mining this cryptocurrency lose their relevance. However, this process has been delayed for a long time. Currently, there is talk of the beginning of the third and fourth quarters of 2022.

a look: We’ll know the performance of Intel graphics cards at any moment
a look: Graphics cards are sold below the suggested prices

Image Credit: Xianyu, Baidu, Shutterstock

Text source: Tom’s Hardware, ed. king