Cryptocurrencies have been bleeding for about six months. While Bitcoin saw the levels of 67 thousand dollars in November last year, it is below 20 thousand dollars today. Cryptocurrency miners started selling their equipment one by one. A new report by Bloomberg reveals that the cryptocurrency mining industry is dying fast.
With the collapse of many of the world’s leading cryptocurrencies like Bitcoin and Ethereum, mining is no longer a sustainable form of income for many people. As a result, miners are selling graphics cards in bulk, causing prices to drop drastically in the second-hand market.
As a matter of fact, all this is great news for PC gamers. Before the crypto crash, second-hand graphics card prices were unbelievable, even high prices for unopened products. According to an estimate quoted by Bloomberg, 35% of consumer graphics cards were purchased by miners before the rise. The price of used graphics cards has dropped by 50% over the past few months and prices are likely to drop further.
These graphics cards have been in service for years of uninterrupted mining, which in many cases can cause severe wear and tear on memory and power distribution systems. As a result, one should be very careful when investing in a second-hand graphics card.