Collapse of crypto mining industry leads to auctioning off of thousands of graphics cards

The cryptos are in a bit of a crash. Mining with graphics cards that use a lot of electricity is no longer profitable. Resellers, miners, and people who run Internet cafes are now forced to sell their cards, as quickly as possible.

Ethereum is the worst-hit cryptocurrency. In one month, its price plunged 70%. GPU mining is no longer profitable. If miners don't want to keep losing money, they have to sell as soon as possible, since the cards are worth less every day. Mining cards are being sold in China. Auctions sell RTX 3060 Ti models for $300 to $400 or less.

Resellers, miners, and Internet cafe owners must sell cards they bought months before for a higher price. Since Ethereum's price dropped, ROI is now measured in years instead of months. This means that miners who were looking for easy profits must now sell their cards as soon as possible to keep at least some of their investment, or they must keep mining and hope that cryptocurrencies recover.

Ethereum will convert to proof-of-stake between the third and fourth quarters. This eliminates GPU mining. Miners have a very narrow window to make money for the remainder of the year. The other alternative is to sell the cards fast on Chinese auction sites. RTX 2060 and 3060 Ti cards may be found for significantly cheaper than MSRP (Recommended Retail Price). The way these cards were used reduces their value. At least in this case, the auctions where the graphics cards are sold make it clear that they are used for mining.