July 28, 2021

Biology Reporter

Complete News World

Cryptocurrency miners in China sell graphics cards at low prices. Did the restrictions have the expected effect?

Cryptocurrency miners in China sell graphics cards at low prices.  Did the restrictions have the expected effect?China accounts for about 70% of global cryptocurrency supply, and with 700,000 graphics cards delivered worldwide in the first quarter of 2021, nearly 25% of that went into miners’ hands, affecting supply and demand. However, the Sichuan authorities, after the State Council announced measures to combat cryptocurrency, strictly prohibited mining. This caused an uproar not only among miners from this region, but also throughout China. The fact that Chinese miners have started reselling their graphics cards is indicated by the growing number of ads posted on the Taiwanese PTT bulletin board.

Cryptocurrency miners in China have begun reselling their graphics cards, from the latest GeForce RTX 30xx and Radeon RX 6000 series, to older models including the GTX 10xx line and Radeon RX 400 series at attractive prices.

Cryptocurrency miners in China, due to restrictions, are selling their graphics cards at low prices [1]

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Chinese portal HKEPC reports that the graphics cards used by miners will be sold at very low prices. For example, the GeForce RTX 3070, which is hard to find under $900 (about PLN 3,400) on eBay, costs about $400 (about PLN 1,500). On the other hand, the RTX 3060 Ti costs about 309 USD (about 1,200 PLN), and the RTX 3060 is about 244 USD (around 900 PLN). So they are practically half the price of new items. However, it should be noted that the graphics cards used for cryptocurrency mining may have worked at full loads 24 hours a day. It follows that we cannot be sure that this card will work in our computers for a long time.

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Cryptocurrency miners in China, due to restrictions, are selling their graphics cards at low prices [2]

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Finally, it should be noted that the situation in the graphics card market seems to be improving. This is due, for example, to the oversupply of NVIDIA GeForce RTX 3060. In addition, in Germany, prices for the latest NVIDIA and AMD graphics processors are slowly beginning to fall. An additional positive fact is that on the Ebay auction site, prices for AMD graphics cards from the RDNA 2 line fell by about 8% from May to June. Meanwhile, Greens’ RTX 20xx series GPU prices have fallen by about 14%. There is still a long way to go for graphics cards to return to their previous prices. However, the above signs suggest that it is worth being patient and waiting for further developments in the GPU market.