FAST FIVE: Graphics Card Prices Plunge In China To "Lowest Level" Following Ethereum Merge
Graphics Card Prices Plunge In China To “Lowest Level” Following Ethereum Merge The prices of graphics processing units (GPUs) plunged to their “lowest level ever” in China after the Ethereum network recently shifted to proof-of-stake, referred to as “the Merge,” that no longer requires mining, according to a handful of Chinese merchants who spoke with South China Morning Post. Following the Ethereum Merge on Sept.
15, the days of miners walking into stores and purchasing highly sought-after Nvidia GeForce GPUs (including Nvidia's GeForce RTX 3080, RTX 3080 Ti, and RTX 3090) at any cost appear to be over. Merchants in Shanghai's electronics retail market told SCMP that GPU prices have tumbled in the last couple of months, some of the downward pressure was due to the anticipation of the Ethereum blockchain's shift.
The previous proof-of-work model required energy-intensive supercomputers powered by high-tech GPUs for mining. A merchant by the name of Peng, who sells graphics cards on the Shanghai market, said RTX 3080 prices have fallen from 8,000 yuan ($1,140) to 5,000 yuan ($691) in just three months. “When the wave of bitcoin mining was at its peak, people from the mining companies just walked in the stores with cash and took away all the graphics cards we had in store.
At the end of July, we pointed out the slide in graphics card prices ahead of the Ethereum Merge. SCMP noted merchants across Shanghai reported their stores are piling up with unsold graphics cards. Despite Beijing's crackdown on crypto mining in 2021, we noted China was the second-largest Bitcoin mining hub earlier this year. Pushing down GPU prices is also a weaker consumer and faltering domestic and world economy.
Amazon sellers in the US are discounting various models of GPUs — here are the current discounts for some RTX 3090s: Prices for GeForce RTX 3090Ti are in a waterfall pattern. And if you're in the market for a graphics card amid chip deflation — stay off of eBay as used GPUs (some likely used for mining) will likely flood the online auction website. Tyler Durden Fri, 09/30/2022 – 06:55.