|Title||Used GPUs Flood the Market as Ethereum's Price Crashes Below $150|
|Date||Monday July 17, @01:46PM|
|from the let-the-games-begin dept.|
Submitted via IRC for Bytram
Over the past few months, there has been a GPU shortage, forcing the prices of mid-range graphics cards up as cryptocurrency miners from across the world purchased hardware in bulk in search for quick and easy profits.
This has forced the prices of most modern AMD and certain Nvidia GPUs to skyrocket, but now these GPUs are starting to saturate the used market as more and more Ethereum miners sell up and quit mining. Some other miners are starting to look at other emerging Cryptocurrencies, though it is clear that the hype behind Ethereum is dying down.
Earlier this week Ethereum's value dropped below $200, as soon as the currency experienced a new difficulty spike, making the currency 20% harder to mine and significantly less profitable. This combined with its decrease in value has made mining Ethereum unprofitable for many miners, especially in regions with higher than average electricity costs.
Now Ethereum is valued at less than $150, with the currency costing $134.97 at the time of writing, which is less than half of the currency's peak value. The currency has the potential to bounce back, though it is difficult to see the currency go back over £250 [sic*] in the near future.
On second-hand sales websites like eBay and Gumtree, we have seen a lot of new GPU listing appear in recent days, with plenty of used AMD RX series GPUs appearing over the weekend. More hardware is expected to hit these sites over the coming days as some miners wind down their operations, though many will simply move to a more profitable currency or to invest their computing power into an emerging Cryptocurrency that has the prospect of high values in the future.
Recent related Ethereum/GPU coverage: Ethereum Mining Craze Leads to GPU Shortages; and Cryptocoin GPU Bubble?
printed from SoylentNews, Used GPUs Flood the Market as Ethereum's Price Crashes Below $150 on 2017-07-27 15:17:34