China is currently the world’s leader in crypto mining, with the highest total hash rate of any other country. But recently, the country has been clamping down on cryptocurrencies, and it seems to be having a major effect on graphics card prices and availability across the world.
GPU prices have recently been falling across Europe, and the correlation between the drop in prices lines up quite well with the drop in demand for crypto miners. That is to say that the recent cryptocurrency boom has played a large part in the recent GPU crisis, along with the global chip shortage of course.
So with China cracking down on cryptocurrencies, many miners have apparently begun to sell their graphics cards in bulk online, and at pretty affordable prices too, though that’s not to say anyone should buy a graphics card for gaming that has been running 24/7 at high temperatures.
Various Chinese sites have reported on the prices for these GPUs, mentioning an RTX 3070 that is being sold for $3,120 Hong Kong Dollars (HKD), which is just over $400 USD. That’s not that cheaper than MSRP ($499) but is much cheaper than the prices retailers were offering for the same GPU brand new.
It could be a good sign for everyone, as GPU prices and availability will continue to improve across the world, opening up more stock to people who will actually use them and bring down the ludicrously inflated prices. But it equally could be a short dip in the market, before we inevitably face the same crisis a year or two down the line.
Either way, right now it’s a good thing and we’ll just have to wait and see how the situation goes in the future. Hopefully we’ll begin to see graphics card prices return to normal by the end of the year, and increase availability too.
What do you think? Is this just a dip in the market? Will the crypto boom start again soon? How are GPU prices and availability looking in your region now? Let us know!