Isn’t the crypto crash that bad? Graphics card prices are falling

Some cry, others are happy. The crypto crash elicits some truly extreme emotions.

There are positive sides to the Crypto crash

The less valuable cryptocurrencies are, the less sense it makes to mine them. This makes graphics cards less necessary for miners, since there is no such profit – and it affects the quitting of some miners, and therefore the price of graphics cards.

From the beginning of May, we can observe a huge crash in the virtual currency market, which caused some panic in the community focused on blockchain-based assets. Some cryptocurrencies have lost almost all of their value, even the most popular ones face considerable problems – take, for example, Bitcoin, which is currently worth just over $20,000, so that in November 2021, it exceeded $64,000.

Unsplash @Kanchanara

Such a market event has caused cryptocurrency miners on the Proof-of-Work model to discover that their graphics cards in miners are no longer worth that much, as daily profits have dropped sharply. So it’s only natural that it’ll affect the retail market – well, if you dream of building a powerful PC, you have reason to be happy. All of these events give gamers the opportunity to buy GPUs at a very attractive price from crypto miners, which has also put a lot of stress on the graphics card market.

Panic among crypto miners = golden times for gamers

Tom’s Hardware points out that the market between outlets and second-hand places (like eBay) is beginning to collapse, similar to 2018. At this time, it’s hard to say how this will affect the market in the long term, but In the current environment, many digital currency miners are panicking and worried about the future of cryptocurrencies. It turns out that the main goal of miners now is to get the money back from their investments in GPUs and cryptocurrency mining rigs as quickly as possible.

Source: Depositphotos

The whole show is best exemplified by Nvidia graphics cards, which were best for blockchain-based virtual currency mining. Jarred Walton of Tom’s Hardware decided to compare GPU maker Nvidia’s suggested price with eBay’s graphics card prices. The manufacturer’s GeForce RTX 3090 Ti was priced at $2,000, and on eBay it was priced at $1,670, GeForce RTX 3090 – $1,500 and $890, GeForce RTX 3080 Ti – $1,200 and $850. These are just three cases, which nevertheless perfectly illustrate what is happening on the market.

Although retail prices are also falling, they cannot match the prices seen in the used GPU market. Tom’s Hardware research found that the retail market has seen prices fall by 2% in the past two weeks alone. The same stat on eBay is -10%. Buying on eBay is also so profitable that you can find some really crazy bundles – six RTX 3080 cards in a bundle, selling for $2,500, with the average price of each card being less than $500 per graphics card.

Source: Depositphotos

In all this madness you have to be reasonable

Of course, remember not to go crazy. When buying a used graphics card at a surprisingly low and attractive price, you should always pay attention to its warranty and above all take into account the actual lifespan of the GPU. Many cards used in cryptocurrency mining are loaded at incredibly high levels, causing the card to have minimal lifespan – and even save you a ton of money, you’re unlikely to buy a card that will only last for a while. Therefore, you should not take advantage of every good offer without thinking too much about it, because we may regret it bitterly later.

Source: Tom’s Material

Image from Depositphotos

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