In the last 18 months, Ethereum miners spent $15 billion on GPU cards.

Over the previous 18 months, Ethereum miners alone have reportedly spent about $15 billion on GPU cards. This statistic excludes GPUs used by gamers for both gaming and mining, as well as gamers who attempted to recoup some of the cost of their equipment by mining their gaming cards.

A new estimate claims that Ethereum miners have spent about $15 billion on GPUs in the previous 1.5 years. This figure does not include the cost of CPUs, motherboards, power supply, and other mining rig components. Many cryptocurrencies had a significant price surge towards the end of 2020, prompting millions of individuals to purchase graphics cards in order to mine Ethereum in order to make quick money.

Demand vastly outstripped supply, sending prices rising, not to mention hardware resellers complicating matters even more. According to Jon Peddie Research, the average additional selling price of graphics cards increased from over $400 in 2019 to approximately $800 in 2018.

Ethereum has lost 80% of its value in the last few months, leaving many people fighting to recover their losses. Bloomberg reported on a man who has gained only $5,000 in cryptocurrency from his initial investment of $30,000.