Crypto miners, not gamers, were top graphics card buyers since 2021, nearly $15 billion in GPU sales reported

Crypto mining is fading, but there is no doubt that it has been a curse for the entire PC gaming segment, as miners have been the main driver of GPU sales at 15 billion dollars since the beginning of the last phase.

Crypto miners spent $15 billion on GPU units in latest mining craze, but good days ahead for PC gamers as graphics card prices normalize

In a Bloomberg report, the pub reports that Crypto miners spent $15 billion acquiring mining GPUs during the latest crypto craze that began in 2021. Bitcoin and Ethereum hit all-time highs of over 67 $000 and US$4,800, respectively, but have since been falling and with prices falling to $18,000 and US$960, respectively, graphics card prices have returned to normal levels.

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Ethereum miners have spent around $15 billion on graphics processing units (GPUs), according to Bitpro Consulting, and that doesn’t include ancillary costs like cabling and processors.

by Bloomberg

The sudden drop in GPU prices has also made it very difficult for crypto miners to recoup their losses, as the crypto crash has also led to lower graphics card prices. Most crypto miners got their graphics cards at heinous rates, reaching almost 3x the MSRP in 2021. Now most of these GPUs are sold below MSRP on resale sites such as eBay. This means that every crypto graphics card purchased during the 2021 craze will now have to be sold at a loss. The NVIDIA GeForce RTX 3090, the graphics card that produced Ethereum’s highest hash rate, is currently listed for less than US$1000 (US$1499 MSRP). The same card was being sold for over US$3,500 when mining was at its peak.

NVIDIA GeForce RTX 30 Series Graphics Cards on eBay:

This sudden influx of used graphics cards into the resale market means that new graphics cards will struggle to sell, and companies like AMD and NVIDIA (along with their AICs) who were hoping to eliminate their existing GPU stock will now have to compete. . with dealer stock which is cheaper to obtain. Companies are also resorting to new offers and marketing campaigns with game bundles etc. to attract gamers, but with used graphics card prices at levels well below MSRP, it seems that It will take time for giants like NVIDIA and AMD to get rid of older stock (unless you’re offered deep discounts and discounts).

This could become a major bottleneck in the launch of the next generation of graphics cards which were supposed to be launched in Q3 2022 but could now be pushed back to Q4 2022 as reports have pointed out. According to statistics from Jon Peddie Research, desktop graphics card sales were reported to be $51.8 billion for all of 2021 (49.021 million GPUs sold).

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Minors will not be left with nothing. Post-merger, their mining setups will still be powerful computing devices that can be used elsewhere, and some plan to mine other coins or find other uses for the equipment. After the merger, Petzold plans to use its platforms for an aspect of digital video production called rendering, which can require significant computing resources. “There are other uses for maps: you can make a render farm out of it, you can do different machine learning options,” he says. “They just won’t be as profitable as mining.”

Some miners are hoping to do better by switching to mining other coins that require GPUs, like Ethereum Classic or Ravencoin. The more miners flocking to any coin, the harder it is to make a profit.

by Bloomberg

Here is the GPU shipping data extrapolated by Tomshardware using JPR statistics:

Even at retailers such as Newegg and Amazon, graphics card prices are now either at MSRP or slightly below MSRP, which is good for the overall PC Gaming GPU market. With crypto now over for good, we can hope for better days ahead of us and also hope that next-gen graphics cards won’t face the same issues as existing generations that have had issues not just with pricing, but also with the whole scalping and supply situation.

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