Miners and internet cafes are selling their graphics processors due to the fall in cryptocurrencies
As Bitcoin and Ethereum cryptocurrencies are rapidly losing value, miners are forced to sell graphics cards that have been amassed for profit.
We talked about how internet cafes made money by buying a large number of graphics cards exclusively for mining. This problem appeared at the same time as the price of bitcoin rose sharply and people were banned from visiting Internet cafes due to the COVID-19 pandemic. However, over the last few months, the situation has changed significantly.
Chinese miners sell their GPUs, Source: Baidu / Hassan Mujtaba
Miners and cafe owners are now selling mining cards en masse. These cards are now sold during live auctions where models such as the RTKS 3060 Ti can be purchased for just $ 300 to $ 400.
Collectors, scalpers, miners and internet cafe owners are now forced to sell their cards, which are otherwise bought at a much higher price. But given the recent drop in the price of Ethereum, the return on investment should now be calculated in years, not months. This means that miners who sought easy money now have the choice to sell their cards as soon as possible in order to at least keep part of their profits or to continue mining and hope that the crypto will return.
NVIDIA RTKS graphics cards sold by miners, Source: Baidu
Ethereum should also switch to the Proof of Stake model between K3 and K4 this year, ending the GPU-dependent Proof of Work model. This leaves a very short period for miners to make a profit, if any.
The alternative is to sell these cards as quickly as possible, which is exactly what is happening on Chinese auction sites. You can easily find RTKS 2060 or RTKS 3060 Ti listed below the IFRS. However, it should be noted that these cards have a very low value due to how much they are used. At least in this case, the graphics cards sold through auctions are clearly marked as former mining equipment.
Source Baidu through Hassan Mujtaba:
The GPU flood is here.
Chinese miners and South Asian cafes are now dismantling their mining platforms and putting tickets up for auction in live streaming.
3060 You cost $ 300-350 in the US… pic.tvitter.com / kphmIt7vZv
– Hasan Mujtaba (@ hms1193) June 21, 2022
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