Could the cryptocurrency boom begin to relax in China? Mining group graphics card sales seem to suggest it may be. Not to mention too soon, but Taiwanese PC makers discovered heaps of GPUs in China, cards that were probably used to exploit cryptocurrencies, but apparently no longer worth it.
According to a screenshot of a mining group published in PTT, a popular Taiwanese bulletin board, miners in China sell a large number of Nvidia and AMD GPUs (via HKEPC). These include the latest 30 or 6000 series, but also other generations of older GPUs, such as the economical and cheerful Polaris generation from AMD.
Card prices are not massively inflated either. HKEPC reports that an RTX 3070, sold there for hundreds and therefore potentially cheaper for him, will cost approximately $ 3,120 HKD (Hong Kong Dollar) each. That is a little over US $ 400.
Since these cards are sold in bulk, sellers may expect cryptocurrency miners elsewhere to accept their offer. Regardless, players will probably want to stay clear.
The fact that these graphics cards have been used for my encryption is a red mark for buyers: you probably don't want a graphics card that is 24 hours a day, seven days a week, and high temperatures for your next one. PC game.
The mere fact that these cards are on sale could be an indication of a further deviation from the profitability or viability of cryptocurrencies in China. The country currently has the highest hash rate in the world, meaning it mines more cryptography than anyone else, but recent mine crackdowns by China’s financial and local authorities may have some wanting to continue or even and everything else.
There are some other signs of a potential tidal shift for GPU mining, especially in China: GPU prices are falling, ASRock claims that demand is declining, and Ethereum goes through the participation test, which can also speed up the whole process. Next up is Nvidia’s hash rate limiter, which will surely worry miners more if profitability drops more than it has already had this year.
We cannot say for sure what will happen. This could be a small blip, a temporary pause for today's biggest cryptocurrencies. Even the "low" value of Ethereum or Bitcoin today far exceeds what it was in January of this year.
Basically, this is certainly not the end of the cryptocurrency and we are definitely not out of the woods yet.