China’s cryptocurrency mining brake is driving down the price of GPUs, and that’s good news here too
After the decision to put the brake on cryptocurrency mining, in China the second-hand market has been filled with equipment and accessories that are sold by the kg to move the mining of cryptocurrencies such as Bitcoin to other countries. So much so that even the new Nvidia GeForce RTX 3070s are being sold at a bargain price.
Falling card prices in the Chinese market
In addition to the notable decline in graphics cards in commercial areas, where they went from costing more than 2,000 dollars to just 700 , now we have to add the need for many mining farms to get rid of hundreds of cards as quickly as possible.
The result, as collected from HKEPC, is the wholesale sale of GPUs for prices that, in the case of the same RTX 3070 , remain at around 340 euros at the exchange rate . Of course, those who go to the Chinese second-hand market in search of a bargain will have to take into account two key factors.
The first is that everything is sold in packages, so to access the offer you should be willing to buy hundreds of cards in a single slice. You are going to need many partners if you only want to get one to renew your PC.
The second is that accessing graphics cards that have been mining cryptocurrencies 24 hours a day and at Cadiz asphalt temperatures in the middle of August, may not be the best way to get your PC ready. At least if you want to get the most out of it during a good season.
How the change seen in China can affect us
In any case, it is good news for anyone looking to access a graphics card , as the decrease in demand for new cards will end up affecting their availability, which leaves Nvidia in a more comfortable position to supply as it should. around the globe.
If we are lucky, that also means a relaxation in its price, so we would move into a less aggressive resale market and, if this reduction in attention to cryptocurrencies ends up spreading, also that attention to this type of products for part of the miners make the demand fall on this side of the pond.
In fact we have already seen similar movement. A recent study by 3DCenter reflected a downward trend in the price of graphics cards, pointing precisely to that decline in attention to cryptocurrencies.
According to this German study, the need to get rid of a product that could soon fall even further will intensify the price war between retailers to get rid of the stock that until recently was sold well above what was seen at the beginning of the year.
