Crypto Miners Auction Their Graphics Cards After Market Crash

The fall of the cryptocurrency market  has made more and more miners sell their GPUs at very affordable prices.


Cryptocurrency  miners have begun auctioning off their graphics cards  (GPUs) en masse following the steep drop in value of this asset class in recent months.

The good moment of cryptocurrencies in most of 2021 fueled the mining process and, by extension, the purchase of graphics cards , which rose in price due to greater demand and their stock levels faltered at times. A phenomenon that had been growing since 2017 and that now seems to have come to an end.

The downward trend has been installed in cryptocurrencies such as bitcoin and ethereum since November 2021 after starring in a ‘rally’ that raised them to record highs. However, so far this year they have lost more than half of their value.

The sharp decline in cryptocurrencies has dragged down graphics cards, which miners use for their power and ability to perform complex calculations to increase profits from mining these assets . The better machine and graphics, the greater benefits.

resale prices

Its mass sale is being reflected especially in China, a country in which miners have taken advantage of cheaper prices for their electricity. This is pointed out by the Twitter account ‘I_Leak_VN’, which echoes this phenomenon, based on the sales that have begun to appear in Xianyu, a second-hand market similar to ebay.

The sales offers include several RTX 3080 graphics cards  at a price of 3,500 yuan (496.60 euros). This figure contrasts with the 759 euros that it costs on the official NVIDIA website, where it appears sold out.

Other miners are also turning to reselling via streaming to get rid of more of these cards with a single live stream, according to a post by Baidu, China’s equivalent of Google.

The prices of these graphics cards , which in this case are the NVIDIA RTX 3060, range between 285 and 332 euros, figures below the 439 euros of their official sale price.