The cryptocurrency market is going through one of its biggest dips. As the industry debates whether this is a terminal decline or simply a major blip, millions of crypto miners are taking action. Specifically, they are pulling away from currencies like Bitcoin and Ethereum and selling off the GPUs they have been using for mining.
This is especially happening in China, where the GPU market is being flooded with graphics cards that crypto miners no longer need. It is a stark contrast to the GPU shortages we have seen in previous years when cryptocurrencies were growing.
Secondhand GPUs like the RTX 3060 Ti are available for under $350, and others going for their retail price or less. It is worth noting GPUs have been incredibly expensive and selling well over their MSRP in recent years.
So, if you are on the market for a new GPU, is this the time to snag a deal? Well, maybe not. That's because GPUs used in crypto mining have been put through a lot of hard work. Don't expect to find a GPU in good condition because they run 100% and are always on for months at a time.
Changing Times
The value of Bitcoin and other cryptocurrencies has been tumbling in recent months. Earlier this month we reported on how thousands of cryptocurrency platforms could collapse. While the major platforms like Bitcoin will survive, smaller technologies are in immediate danger of disappearing.
China has taken a strict stance and banned all cryptocurrency activity. While miners generally ignore the rule in China, those same miners seem to be taking the first steps as the marker moves through a rocky period.
Interestingly, it seems those who mine crypto think the current problems are long-term or even permanent.
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