It might prove good news for those who are looking to upgrade to a new graphics card without paying exorbitant prices on eBay, thanks to the crypto mining crackdown in China. Crypto miners are now selling their GPUs due to the Crypto mining crackdown in China. This selling trend for fair prices would lead to improved global availability.
According to PC Gamer, a screenshot posted to Taiwanese bulletin board PTT reveals miners in China are selling large numbers of Nvidia and AMD GPUs, from the latest RTX 3000 and Radeon RX 6000 series to older products such as the GTX 10xx line and Radeon RX 400 series.
HKEPC says that the cards aren’t selling for scalper prices, either. An RTX 3070, which is difficult to find under $900 on eBay, is HKD 3,120 (Hong Kong Dollar), is coming for USD 400. The RTX 3060 Ti is available for $309, and the RTX 3060 is ~$244.
However, there are issues with those low prices: the cards are being sold in large numbers and they have been running 24/7 at full throttle for a long time.
The news also shows that there is a lowering demand for graphics cards in China, which recently saw GPU prices decline abruptly in the wake of Sichuan authorities shutting down crypto mining operations. It comes after a Chinese State Council committee led by Vice Premier Liu He initiated a crackdown on virtual currencies with intentions to reduce financial risks.
China contributes up to 70% of the world’s crypto supply, and with 700,000 graphics cards (25%) that shipped worldwide in the first quarter ending up in the hands of miners, the crackdown has significantly affected supply and demand. ASRock says that the situation has resulted in lower card prices.
There are many more indications that the graphics card market is eventually recovering, however slightly. The prices of Nvidia’s and AMD’s latest GPUs are dropping down in Germany while availability is improving; retailers are trying to keep scalpers away; Nvidia is reportedly increasing the supply of the RTX 3060 this month. Moreover, the average eBay selling price of Ampere/RDNA 2 cards dropped -8% from May to June, while the Nvidia RTX 2000-series was down -14%. Though it will take time, the signs are telling us not to disappoint.