China has been in the news recently for banning all cryptocurrency mining operations and bringing an end to its huge contribution to the worldwide mining business. According to The University of Cambridge, an estimate of about 65% of global Bitcoin mining was done in China. But after an intense crackdown that is still going in China, those numbers are bound to change pretty soon. The crypto mining business has always been a rollercoaster with its ups and downs, not just for the buyers but for the miners as well. So these recent investigations got us wondering, “What happens to the miners now?” Well according to news sources, China is also forcing the miners to sell their hardware, resulting in the Chinese miners flooding the market with GPUs just over their MSRP (original retail price).
Recently, graphics processing units (GPUs) have been short in the market with an increased price rate, but this crypto crackdown in China is bringing them back in the market at a lower price. Not only in Asia but GPU prices in different parts of Europe are also starting to drop although they are still not as easy to acquire as in Asia. Meanwhile, in the USA, the GPUs are still hard to get and their prices are still skyrocketing as crypto mining is flourishing without any hindrance. This will have an impact on the overall cryptocurrency chart as well with Bitcoin
If these low-cost GPUs seem too good to be true, there usually is a catch. Since they have been used for mining cryptocurrency which is a very intensive computing process, these GPUs may have a short life span and need to be changed in a few years. So if you’re looking to buy one of these, keep in mind that you may need to replace them in the near future.