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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.
Gigabyte makes fun of "Made in China" and sees their shares collapse - 05/14/2021 08:24 AM
Oops? Taiwan founded Gigabyte published a post on its official blog in which it mocked other component manufacturers for having their products 'made in China' implying that for this reason, they we...
ASUS ET2300 All-in-One can collapse - 10/25/2012 06:43 AM
Collapse in a good way. ASUS today shows their ET2300 which is a 23" Windows 8 All-in-One PC with a 1920 x 1080 pixels IPS LCD screen with 10-point multi-touch input. The system features Intel Ivy Bridge Core i7 series processors and comes with integrated Intel
HTC Q2 2012 earnings collapse by 57.8 percent - 07/07/2012 11:13 AM
Engadget reports HTC second-quarter earnings fell 57.8 percent year-over-year. The Taiwanese smartphone maker blames weak European sales, as well as custom issues that have hampered US sales of high-e...
fantaskarsef
Senior Member
Posts: 13307
Joined: 2014-07-21
Senior Member
Posts: 13307
Joined: 2014-07-21
#6029885 Posted on: 06/30/2022 02:06 PM
Going down again after barely deadcat bouncing back to 1200 (from the low 950), -9% on ETH so far today, about to cross 1000.
Let's hope it goes down low enough that more than 5-10% of the miners abandon (so far the hash rate only dropped a bit from the max, not that significant).
It needs to drop 80-90% so the GPU market finally heals...
Problem is, even if it drops say 80%, if it bounces back up, the start's faster than the drop...
But yes, with hashrate still being more or less the same, I doubt it really makes a difference. I guess only retailers actually sell their GPUs now, and nobody knows if they're not in the greens and just selling them because the next gen's around the corner.
Going down again after barely deadcat bouncing back to 1200 (from the low 950), -9% on ETH so far today, about to cross 1000.
Let's hope it goes down low enough that more than 5-10% of the miners abandon (so far the hash rate only dropped a bit from the max, not that significant).
It needs to drop 80-90% so the GPU market finally heals...
Problem is, even if it drops say 80%, if it bounces back up, the start's faster than the drop...
But yes, with hashrate still being more or less the same, I doubt it really makes a difference. I guess only retailers actually sell their GPUs now, and nobody knows if they're not in the greens and just selling them because the next gen's around the corner.
Embra
Senior Member
Posts: 1320
Joined: 2014-11-19
Senior Member
Posts: 1320
Joined: 2014-11-19
#6029886 Posted on: 06/30/2022 02:13 PM
Problem with Crypto mining is that it always swing very higher then very low, then repeats.
Miners might see a good opportunity to reinvest, especially those new to mining while the cards are low $$ to catch the uplift .
Problem with Crypto mining is that it always swing very higher then very low, then repeats.
Miners might see a good opportunity to reinvest, especially those new to mining while the cards are low $$ to catch the uplift .
wavetrex
Senior Member
Posts: 1486
Joined: 2008-07-16
Senior Member
Posts: 1486
Joined: 2008-07-16
#6029963 Posted on: 06/30/2022 08:12 PM
ETH network: 781.36 TH/s (estimated) right now.
It has not been at this level since November last year, and seems to continue going down.
With the recent drop to under 800 TH/s, that is a 25% drop from the peak which was sometimes in may!
Obviously, if those GPUs have indeed been stopped permanently and not just "let's see what happens", it will take a while for them to appear on the market.. but still, damn, that's a lot of gpus no longer mining
ETH network: 781.36 TH/s (estimated) right now.
It has not been at this level since November last year, and seems to continue going down.
With the recent drop to under 800 TH/s, that is a 25% drop from the peak which was sometimes in may!
Obviously, if those GPUs have indeed been stopped permanently and not just "let's see what happens", it will take a while for them to appear on the market.. but still, damn, that's a lot of gpus no longer mining
chispy
Senior Member
Posts: 9294
Joined: 2006-10-29
Senior Member
Posts: 9294
Joined: 2006-10-29
#6030606 Posted on: 07/03/2022 03:04 AM
'Cryptoqueen' Ruja Ignatova added to FBI most-wanted list over OneCoin scheme
New York: A German citizen accused of defrauding investors out of $4 billion by selling a fake cryptocurrency called OneCoin has been added to the FBI's list of its ten most-wanted fugitives, US officials said on Thursday.
Ruja Ignatova, also known as "Cryptoqueen," was charged in 2019 with eight counts including wire fraud and securities fraud for running the Bulgaria-based OneCoin Ltd as a " pyramid scheme ". Prosecutors say the company offered commissions for members to entice others to buy a " worthless cryptocurrency ".
"She timed her scheme perfectly, capitalizing on the frenzied speculation of the early days of cryptocurrency," said Damian Williams, the top federal prosecutor in Manhattan.
Williams described OneCoin as "one of the largest Ponzi schemes in history."
Source and complete story: https://edition.cnn.com/2022/07/01/business/ruja-ignatova-cryptoqueen-fbi-most-wanted/index.html
'Cryptoqueen' Ruja Ignatova added to FBI most-wanted list over OneCoin scheme
New York: A German citizen accused of defrauding investors out of $4 billion by selling a fake cryptocurrency called OneCoin has been added to the FBI's list of its ten most-wanted fugitives, US officials said on Thursday.
Ruja Ignatova, also known as "Cryptoqueen," was charged in 2019 with eight counts including wire fraud and securities fraud for running the Bulgaria-based OneCoin Ltd as a " pyramid scheme ". Prosecutors say the company offered commissions for members to entice others to buy a " worthless cryptocurrency ".
"She timed her scheme perfectly, capitalizing on the frenzied speculation of the early days of cryptocurrency," said Damian Williams, the top federal prosecutor in Manhattan.
Williams described OneCoin as "one of the largest Ponzi schemes in history."
Source and complete story: https://edition.cnn.com/2022/07/01/business/ruja-ignatova-cryptoqueen-fbi-most-wanted/index.html
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Senior Member
Posts: 1486
Joined: 2008-07-16
Going down again after barely deadcat bouncing back to 1200 (from the low 950), -9% on ETH so far today, about to cross 1000.
Let's hope it goes down low enough that more than 5-10% of the miners abandon (so far the hash rate only dropped a bit from the max, not that significant).
It needs to drop 80-90% so the GPU market finally heals...