Over the past few weeks, the price of major cryptocurrencies such as Bitcoin Yes Ethereum it only went down; for example, in the last month the price of Bitcoin has fallen by 15.88%, while Ethereum saw its price drop by 24.92% in the past month. And this last piece of data is particularly important, because while Bitcoin is currently only mined with specialized ASICs, Ethereum is the main focus of users mining with the graphics card and it is the crypto that has fallen most precisely.
Closure of large mining farms in Asia
According to a report by China Business News, after the withdrawal of digital currency mining projects in Inner Mongolia, Quinghai and Sichuan, many large mining farms have closed their doors one after another. It should be noted that Sichuan is the most important gathering place of mining farms in the world, with around 8 million kilowatts
Según este inform, desde las 00:00 del 20 de junio (hora de Asia) todas y cada una de las granjas de minería de Sichuan se han apagado, ya de los datos consultados por OKLink esto ya ha causado que en las últimas 24h the Ethereum mining power It has fallen by over 7%, generating an immediate impact on the price of the cryptocurrency which has fallen by almost 25% last month and everything indicates that it will continue to fall much more.
Many famous gamers in Asia are already chanting that the “mining disaster” has arrived, and yet the facts are not so optimistic for the moment since if it is true that a certain drop in the price of GPUs is already starting to be felt in stores, it has not yet dropped drastically to catch up with the retail prices recommended by manufacturers and, in fact, we continue to have a shortage situation. However, as it is logical, it is still a little early for this blackout of mining farms to be reflected in the selling price of GPUs … or is it?
The price of GPUs is starting to drop
During the month of June, mining in several large households in Asia began to drop and the price of graphics cards began to drop (we take Asia as a benchmark since this is where the greatest number is concentrated. farms in mining and graphics card stock, so what’s going on there is an indication of what’s in store for the rest of the world), although not enough so far.
If we take as a reference an RTX 3070 whose official price is 3,899 yuan, most Chinese e-commerce platforms sell them at a price of around 8,000 yuan, more than double what they are. should cost. According to Chinese media, the argument of a shortage of chips is not justified since according to data published by the agency Jon Peddie Research, the shipment of graphics cards in the first quarter of the year reached 119 million units, which means a growth of 38.78% compared to the same period last year.
According to the same agency, more than 700,000 graphics cards were monopolized by miners in the last quarter, which is 25% of the total, but that means there should be 2.1 million GPUs available for gamers. . Where are these GPUs? Why do stores, including in Europe, continue to sell gaming graphics cards at abusive prices?
We will have to wait to see if this “mining disaster” takes place and if professional miners stop accumulating stocks of graphics, but in any case they are already showing less interest in GPUs and have shut down their mining farms, this is good news for the stock and especially the prices of GPUs to return to normal.