With the collapse of crypto values, the mining activity is less and less interesting. And as we mentioned in a previous article, in June, when Bitcoin had its worst month in history, the energy consumption associated with the mining of this crypto collapsed.
According to Digiconomist data, the energy consumption associated with Bitcoin mining fell from 204.5 TWh per year to 131 TWh in the month of June, a drop of more than a third. According to economist Alex de Vries, who is behind the site that published this data, the collapse in the value of crypto has put miners out of business.
“For bitcoin mining equipment, this is a big problem, because these machines cannot be reused to do other things. When they are not profitable, they are useless machines. You can keep them hoping the price will recover or sell them for scrap”also indicated the economist, quoted by The Guardian.
But if the study focused on BTC, it is not the only crypto whose value is collapsing. And because of this, it would seem that the current crash has ended the shortage of graphics cards.
Miners resell their graphics cards, end of the shortage?
Some miners use graphics cards to solve mathematical calculations, which then earns cryptos. During the uptrend, GPUs were hard to find and expensive.
But for the past few months, as crypto values have fallen, many media have noticed that in addition to being easier to find, graphics cards are also becoming cheaper.
And today, this is confirmed thanks to a study carried out by the American media The Verge on eBay. In essence, he observed the evolution of the prices of Nvidia and AMD graphics cards on the second-hand market. His conclusion: “the great GPU shortage is over”.
According to the media, in the United States, graphics cards are now available in stock on the e-commerce sites of resellers or manufacturers, and at the recommended price.
As for the second-hand market, on this one, prices have collapsed. According to the data, the prices of almost all graphics cards have dropped by 50%. The RTX 3060 Ti, RTX 3070, and RTX 3080 that saw the biggest drops. And only the RTX 3060 Ti couldn’t be had at or below the manufacturer’s recommended price.
Regarding AMD cards, The Verge explains that these now cost an average of $100 less than the manufacturer’s recommended price.
To illustrate this phenomenon, The Verge shared a graph illustrating the drop in the average price on eBay of an Nvidia RTX 3080 card. In June 2021, its average price, on the used market, was above $1,500 . And today, that average price is $702.
The question is: should we take advantage of it? First of all, now is not necessarily the right time to buy a new GPU, as new generations are expected. And on the other hand, if these graphics cards sold on the second-hand market have been used to mine cryptos, it is possible that these already have a high level of wear.
Afterwards, as our colleagues from 01net.com note, this is not an unprecedented situation. In 2018, during a crypto market crash, miners had already resold their GPUs en masse. And, for example, the value of the Radeon RX580 had dropped by 67%.