GPUs used in mining are sold at low prices in lives in China

Some places are selling hundreds of them

After the cryptocurrency boom, rise to the stars in graphics card prices, we are now starting to experience the opposite of that. The drop in virtual currencies is happening fast and people are getting rid of used GPUs as they can. In China, even live with the signs being displayed on the ground is happening.

The video cards sold in these makeshift markets were mainly used to mine Ethereum by the Chinese. Now unable to profit as they used to during the cryptocurrency boom, miners need to get rid of their work equipment.

The images come from Chinese forums and some of them show an absurd amount of video cards stacked on top of each other without their cases. The vast majority come from Internet cafes that were operating as mining farms in China. In some cases, only a cardboard separated the boards from the floor.

GPUs are sold for prices well below a new

All these GPUs are being sold through live auctions via livestream. An NVIDIA GeForce RTX 3060 Ti, for example, can be purchased for prices ranging from $300 to $400with a new one going over $600 at stores like Best Buy and Amazon, and reaching more than $800 months ago.

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Ethereum is on its way to becoming Proof of Stake, which will render graphics cards for mining the coin virtually useless. The change in the model should happen by the end of this year. Miners need to sell their slabs as soon as possible, otherwise parts get even cheaper as the market returns to “normal”.

Although the GPUs sold by the Chinese are considerably cheaper than a new one, it is worth remembering that they went through long and intense periods of use, which should significantly decrease the quality of the video card components.

A recent Bloomberg survey says that cryptocurrency miners have spent $15 billion buying graphics cards since the boom hit last year. Ethereum was once worth nearly $5,000, dropped to less than $1,000 and is now worth $1,176.

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The same situation is still not felt here and it is possible to find used GeForce RTX 30xx video cards for practically the price of a new one and no movement like what is happening in China occurs here.


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Via: VideoCardz

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