Life is not easy for those who currently invest in the cryptocurrency market. Digital currencies have suffered heavy drops in their valuation, which becomes a significant concern for all fans of this segment.
The consequences are starting to be noticed because, according to the latest information, the fall in the value of cryptocurrencies is leading to the mass sale of graphics cards used for mining these cryptoassets.
Sale of used graphics cards for cryptocurrency mining
According to the latest news, the sharp drop in the value of digital currencies, namely Ethereum, has made mining cryptocurrencies unprofitable, since the costs and expenses on electricity outweigh the gains that this practice brings to users.
In this way, as miners are not able to amortize the investment made in the equipment, and many of them bought and 'golden price' due to the shortage of components, so they are now starting to sell the graphics cards used in the extraction of digital currencies. Thus, in some places there is already a mass sale of these GPUs dedicated to cryptocurrency mining.
According to the details revealed, China is one of the countries where this reality has been most verified and where the boom from the sale of this equipment began to appear in cybercafés, the same ones that had been closed to become mining systems, since it was more profitable than being open to the public. But now, those same places are left with dozens of graphics cards they don't use and are trying to sell second-hand.
GPU flood is here.
Chinese miners and South Asian ecafes now dismantling their mining rigs and putting cards up for auction on livestreams.
3060 Ti's going for $300-$350 US ... pic.twitter.com/kphmIt7vZw
- Hassan Mujtaba (@ hms1193) June 21, 2022
Mining GPUs are also being sold on auction sites. In one of these cases, an Nvidia GeForce RTX 3060 Ti is on sale at prices between 285 and 380 euros, in a direct conversion. A new model like this is around 550 euros.
On the other hand, if we consider that Ethereum may migrate to the Proof of Stake model, in August or September, this means that these devices will not be able to take advantage of the power of GPUs for mining.
Therefore, as is happening in China, it is expected that in other countries, such as Portugal, a large-scale sale of these graphics cards will also begin.