Miners Hurry Off to Sell Their GPUs After Cryptocurrency Crashed

The cryptocurrency market is at one of its most unstable phases, with rising inflation and ongoing political conflict. Some of the most prominent cryptocurrencies– Bitcoin and Ethereum have dropped about 30% – 40% of their value in just a week. The market has been adversely impacted as several segments face cost-cutting practices.  

The recent crypto crash has also allowed gamers to grab graphics cards at a discounted cost as miners are looking to be rid of their GPU inventory.  

Miners who purchased the cards when the demand had driven the price are now finding it unprofitable to continue mining. There is no telling when or if the market will bounce back, and as the hour passes, the profitability and ROI drop further. The only sound option is to sell off the cards. 

AMD and NVIDIA are also facing an influx problem as the market is flooded with new and old RTX 30 and Radeon RX 6000 graphics cards.  

According to the market analysis, several cards are retailing under their MSRP, while some of NVIDIA’s mid-range cards fluctuate above their original cost.  

Retail GPU prices have dropped by 2% in two weeks, as AMD Radeon RX 6000 cards are already at MSRP. On average, the price dropped by 10% on eBay in the same period. The price will only drop further if AMD announces price cuts.  

Some sellers are listing six RTX 3080 cards for $2500, i.e., each for about $417. These are just some examples of extreme measures. 

The RTX 30 and Radeon RX 6000 are some popular choices for miners, mining Ethereum up to 120MH/s(RTX 3080Ti) and 32 MH/s(Radeon RX 6600 XT), the latter at just 50W. While the hardware was sufficient, situations have failed every miner. We can only hope for the graph to be positive.    

About Nvidia

NVIDIA Corporation is an American multinational technology company incorporated in Delaware, based in Santa Clara, California. They design graphics processing units (GPUs) for the gaming and professional markets, as well as system on chip units (SoCs) for the mobile computing and automotive market.

Best known for the “GeForce” lines of GPUs, they are a direct competitor to AMD’s “Radeon” series. NVIDIA has also expanded its offerings with its handheld game consoles Shield Portable, Shield Tablet, and Shield Android TV and its cloud gaming service GeForce Now.