Will China’s cryptocurrency boom begin to ease? Graphics card sales from the mining group seem to indicate that it is likely to be. Needless to say, it is too fast, but Taiwanese PC manufacturers have found a large number of GPUs in China. These graphics cards may have been used to mine cryptocurrency, but they don’t seem to be worth the trouble anymore.
According to a screenshot of a mining group posted on the popular Taiwanese bulletin board PTT, Chinese miners are selling large amounts of Nvidia and AMD GPUs (via HKEPC). These include the latest 30 series or 6000 series, as well as other older GPU generations, such as AMD’s cheap and cheerful Polaris generation.
The price of the card has not risen sharply either. HKEPC reports that an RTX 3070 is sold in hundreds of units, so it may be cheaper, each priced at about 3,120 Hong Kong dollars (Hong Kong dollars). That’s a little over 400 dollars.
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Since these cards are sold in bulk, sellers may want cryptocurrency miners elsewhere to accept their offers. Regardless, gamers may wish to avoid it.
The fact that these graphics cards have been used to mine cryptocurrency should be a red flag for potential buyers: you may not want your graphics cards to work at high temperatures 24 hours a day, 7 days a week, and your next gaming PC.
The fact that these cards are on sale may indicate a greater decline in the profitability or viability of cryptocurrencies in China. The country currently has the highest hash rate in the world, which means it mines more cryptocurrencies than any other country, but the recent crackdown on mining by Chinese financial and local authorities may make some people seek transfers even elsewhere.
There are other signs that the trend of GPU mining may be reversed, especially in China: GPU prices are falling, ASRock says demand is slowing, and Ethereum is turning to proof of stake, which may also speed up the entire process. Then there is Nvidia’s hash rate limiter. If profitability has fallen further than this year, miners will definitely be more worried.
However, we are not sure what will happen. This may be a small phenomenon, a temporary calm for today’s largest cryptocurrency. Even the “low” value of Ethereum or Bitcoin today far exceeds the level of January this year.
Basically, this is certainly not the end of cryptocurrency, and we are definitely not out of the predicament.
There is no “Silicon Valley” where Jacob grew up, but part of his home country is called the “valley”, so it is easy to confuse it with what is happening in the technological world. From there he graduated and broke things professionally, and then wrote it down in the city of Bath, England to get cash.