Chinese cryptocurrency miners are selling their graphics cards on social media. A wave of discounted GPUs swept the market following the crypto crash.
Many cryptocurrency miners resell their graphics cards on the second-hand market. On Chinese social networks, there is a plethora of advertisements for Nvidia or AMD GPUs at reduced prices, report our colleagues from video cardz.
Miners are reacting massively to the cryptocurrency crash. Faced with the collapse of the market, the profitability of mining centers has been greatly reduced. Fearing that the decline in digital devices will continue for several months, they resell their hated equipment to the highest bidder. The impending Ethereum update, which will make it almost impossible to mine with GPUs, has also benefited the massive sale of graphics cards.
Read also: $15 billion worth of graphics cards, the splurge of crypto miners since 2021
Graphics cards returned at auction
On sites like Baidu, we now see cryptocurrency miners resell their GPUs at auction. Some internet users have even organized live videos to promote their cards. Photos showing hundreds of GPUs spread out on cardboard circulating on the web.
The sudden disinterest of miners, who have cornered the bulk of GPU production since 2021, has caused graphics card prices to drop. By consulting sites like eBay, we see prices falling by 2 to 21% in the space of 15 days. On Chinese sites, GeForce RTX 3060 Ti are offered at a maximum price of 350 dollars. A few months earlier, these cards were sold at prices up to 800 dollars.
GPU flooding is here.
Chinese miners and South Asian ecafes are now dismantling their mining rigs and auctioning cards on live streams.
The 3060 Ti costs between $300 and $350 US… pic.twitter.com/kphmIt7vZw
—Hassan Mujtaba (@hms1193) June 21, 2022
As we can read on Baidu, many internet cafes also resell their stock of graphics cards. Closed during the Covid-19 crisis, cybercafés have converted to cryptocurrency mining. They also amassed a huge amount of GPUs.
False good plans
Despite attractive prices, we do not recommend jumping on graphics cards resold by miners. Operated continuously in sometimes extreme conditions, the components are often used prematurely. It is not uncommon for the overheating of the cards, stacked on ” shelves » has left its mark.
On benchmark.pl, GPU maker Palit also believes that cards from mining farms have a power deficit. After a year of mining, the performance of the card is reduced by around 10%. Also, some miners are quick to replace or modify the board’s heat dissipation system. This process inevitably voids the warranty.