Crypto miners unload machines, sell components

 CHINA Many cryptocurrency miners began to unload their machines, livestream selling graphics cards on e-commerce platforms when the prices of Bitcoin and Ethereum fell deeply.

has a direct impact on the psychology of miners. According to Sina, a large number of second-hand graphics cards are being pushed onto the market as the price of cryptocurrencies plummets. And Kotaku also described "tons" of cryptocurrency mining equipment currently being dumped by Chinese miners and some South Asian countries on e-commerce platforms.

Last year, the graphics card in China used to increase in price by 200%, but now it has come close to the manufacturer's suggested price. Currently, the RX580 8G model is priced at 499 yuan (VND 1.7 million), while the GTX1660S is 999 yuan (VND 3.4 million). Last year, these two models were even offered for sale up to 3,000 yuan (VND 10 million) at times, but there were still no goods to buy.

Graphics cards are being sold off by Chinese miners on the e-commerce platform. Photo: Sina
Graphics cards are being sold off by Chinese miners on the e-commerce platform. Photo: Sina

Despite the sharp discount, users are not very interested. In online groups, many people call on each other to "squeeze" miners. "If you don't buy it, I won't buy it, tomorrow the price of the card may drop another 300 yuan. As long as you don't buy it, those who used to be speculators will have to pay the price," Sina quoted the administrator as saying. a group of users on Weibo.

According to PC Gamer, one of the reasons why users are afraid is that these models have been used continuously for cryptocurrency mining, so there is a risk of minor errors after a short time of use. However, some experts say that buying graphics cards from experienced miners is sometimes better than gamers - who often "overclock" to achieve high performance, causing graphics cards to fail faster than others. with cryptocurrency mining.

Many excavators in Shenzhen are also concerned that a worst-case scenario like the end of 2018 could return. If the graphics card is no longer used to mine cryptocurrency, millions of machines could be covered and sold for scrap.

Although China has banned cryptocurrency mining, Cambridge University statistics show that the hashrate - the computing power of the Bitcoin network - in the country has increased from 0 in June 2021 to 30.47 TH /sec in September 2021. In the following months, the index fluctuated only slightly, helping China maintain the second position in terms of mining capacity, accounting for more than 20% of the total market. According to CoinDesk, the hashrate index shows that miners in China are still secretly mining cryptocurrencies.

According to Bloomberg, not many cryptocurrency miners have fallen into default, but many have shown signs of difficulty. For example, Core Scientific, which specializes in providing Bitcoin mining infrastructure to US customers, has to sell 2,000 Bitcoins to cover operating costs. Bitfarms, a Canadian cryptocurrency miner, also sold nearly half of the cryptocurrency mined

in early June to pay off part of a $100 million loan to Galaxy Digital.

“When the price of Bitcoin drops, the price of miners and graphics cards drops even more because people will not want to use these machines for anything,” commented Will Foxley, director of Compass Mining.
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