Cryptocurrency Crash Leads to Massive Number of Mining GPUs Entering the Market via Live Auctions – Report

After the recent crypto mining crash, it appears that many Chinese crypto miners have started livestreaming dismantling their rigs and selling their graphics cards.

It’s no secret that AMD and NVIDIA graphics cards have been purchased in large quantities for cryptocurrency mining. However, the days of crypto mining appear to be over given the continued decline in Bitcoin and Ethereum.

First reported by WCCFTech, various photos from live broadcasts and online auctions have been shared on Chinese forums, with Baidu being an example.

Pictures in forums show hundreds of graphics cards stacked on each surface. With the prices of these cards dropping every day, crypto miners seem to be frantically trying to sell them through online auctions and, in some cases, live broadcasts.

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WCCFTech reports that some of the highest-end graphics cards are available for very cheap. The NVIDIA GeForce RTX 3060 Ti is reportedly priced between $300-$350 on the website, and the GPU is more than double the price it was a few months ago.

At first glance, it might seem tempting to try and join one of the livestreams or auctions and buy a very cheap GPU. Testing has shown that graphics cards used for mining can be used after use, provided they stay cool and clean throughout their lifespan, but if you’re looking to upgrade your gaming gear, keep in mind that buying secondhand does carry risks.

While this may be good news for those of us who have been patiently waiting to buy new GPUs, WCCFTech points out that it could mean that NVIDIA and AMD will likely have a hard time selling their excess inventory as crypto miners dump their excess inventory . This may lead to a wait for the next generation of GPUs, but hey, at least GPU prices are finally starting to return to normal.