Cryptocurrency miners in China have begun dismantling their operations and putting their second-hand equipment up for sale. We previously mentioned the current situation in the graphics card market. Along with Bitcoin and Ethereum, there was a major collapse in the entire cryptocurrency exchange. As prices begin to normalize, miners want to sell their components to reduce their losses.
Sellers filled Xianyu, a second-hand Chinese marketplace similar to eBay, with many used GeForce RTX 30 series (Ampere) graphics cards. There may also be black marketers or internet cafe owners who want to melt stocks, but the vast majority of them are probably miners. Twitter user I_Leak_VN, for example, saw several custom-cooled GeForce RTX 3080 graphics cards selling for around $500 (3500 yuan). As you know, this card came out with a list price of $699.
Some miners have resorted to auction methods to get rid of video cards. According to a Baidu post, Ethereum miners are selling tons of GeForce RTX 3060 Ti graphics cards for $300 to $350. At one time, the GeForce RTX 3060 Ti was one of the most popular models for mining, given its performance and price tag.
Not only small miners are affected by the situation in the crypto market. Even large mining farms like Toronto-based Bitfarms are starting to take action. According to the CoinDesk report, Bitfarms sold 3,000 BTC worth $62 million to reduce the company’s debt and increase liquidity. In addition, one of the famous miners, Riot Blockchain, has started selling its bitcoins since April to raise cash.