Gamers rejoice! While crypto investors are looking for an ongoing downturn from the bottom up, graphics card costs have come down steadily amid the ongoing crypto market crash.
“GPU prices fell 15% in May, and we’ve seen a similar 10-15% drop every month for the past several months,” said PC News and Reviews website Tom’s Hardware Reported on Wednesday. “We saw the best graphics cards back in stock (at retail) as GPU mining profitability fell – and this was before bitcoin and ethereum crashed again.”
A graphics processing unit (GPU) is a specialized computer chip designed to accelerate graphics rendering. GPUs can process multiple data streams at once, rendering images and videos faster, making them useful for gaming. Due to their special processing power, GPUs are also a sought-after resource for crypto. digging,
GPUs can often consume more energy than the central processing unit (CPU) of the computers in which they are installed.
According to the report, an RTX 3080 GPU that once sold for $1,000 is now selling for $650 on eBay, and miners who want to start mining cryptocurrencies such as Ethereum Today you may have to wait two years to put a stop to your investments.
Compare this to October 2020, when Nvidia GeForce RTX 3080 Ti graphics cards were out of stock everywhere and selling for $1,227 on eBay.
The website, which tracks GPU prices from month to month, also provides another factor in the reduction in the price of older model GPUs: new models launching soon, pushing the current generation of GPUs into the secondary market. Will push
Although bitcoin miners primarily use specialized ASIC hardware, other proof-of-work Blockchain, including Ethereum dogecoin, zcashAnd moneroMining can be done using GPU card.
According to bloombergIn 2021, Ethereum miners alone spent over $15 billion on graphics cards.
In an effort to make its graphics cards less desirable for crypto miners, Nvidia announced in February 2021 the launch of a processor designed specifically for mining cryptocurrency, the Nvidia CMP. The company announced that it would be bidding to limit its GPUs to “less desirable” miners.
Neither gambling appeared to pay off; Miners found a workaround to continue using their preferred GPU, while revenue from Nvidia’s CMP cards fell to negligible levels in 2022.
When Ethereum transitions to a proof-of-stake With this year’s planned merge of algorithms, many in the Ethereum community expect this new era for Ethereum to be much more eco-friendly—and further reduce demand for graphics cards.
Once the conversion takes place, Ethereum miners will have to find other blockchains to mine in order to profit.
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