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Hot!Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auctions

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2022/06/21 03:47:29 (permalink)
https://videocardz.com/newz/crypto-crash-forces-miners-to-sell-hundreds-of-graphics-cards-during-livestreamed-auctions
 

Miners and Internet Cafés selling their GPUs due to crypto crash

With Bitcoin and Ethereum crypto currencies rapidly loosing value miners are forced to sell the graphics cards that were hoarded for profit. We have discussed how Internet Cafés were making money by buying large number of graphics cards with sole purpose of mining. This problem appeared at the same time as Bitcoin price had skyrocketed and people were restricted from visiting Internet Cafés due to the COVID-19 pandemic. However over the course of the last few months the situation has significantly changed.
 
Miners and Café owners are now selling mining cards in masses. These cards are now sold during livestream auctions where models such as RTX 3060 Ti can be obtained by as little as 300 to 400 USD. Hoarders, Scalpers, Miners and Internet Café owners are now forced to sell their cards, which were usually purchased at much higher price anyway. But given the recent Ethereum price drop, the return of investment should now be calculated in years, rather than months. This means that miners who were looking for easy profit are now left with a choice of selling their cards as soon as possible to at least retain part of their profit, or to keep mining and hoping for crypto to bounce back.
 
Ethereum is also scheduled to switch to Proof of Stake model between Q3 and Q4 this year, ending the Proof of Work model that depends on GPU power. This leaves a very short window for miners to make profit, if there is any window at all. The alternative is to sell these cards as quickly as possible, which is exactly what is happening on Chinese auction sites. One can easily find RTX 2060 or RTX 3060 Ti listed below MSRP. However, one should note that these cards have very low value due to how extensively they were used. At least in this case graphics cards sold through auctions are clearly labeled as former mining equipment.
 
I really hope more miners shut down their rigs and sell off their GPUs. 
 


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    harley262
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 05:37:55 (permalink)
    im going to pass on any used 30 series gpus and 20 series too. poor thangs memory going to be so played out. but it sucks that its going to bring used prices down so quickly, and 30 series buyers are not going to get the near windfalls the 900s, 10s and 20s used cards have gotten last couple years.
     
     
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    firerain
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 07:54:18 (permalink)
    harley262
    im going to pass on any used 30 series gpus and 20 series too. poor thangs memory going to be so played out. but it sucks that its going to bring used prices down so quickly, and 30 series buyers are not going to get the near windfalls the 900s, 10s and 20s used cards have gotten last couple years.
     
     


    That a big misconception. Gaming kills the memory more then mining. Do some research. The only thing that might die from mining are the fans and that is usually not technically related to mining.

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    Miguell
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 09:21:59 (permalink)
    for all that matters even if gaming "kills" more then mining i hope they all burn deeply with empty pockets.
     
    i don't game 24hrs per day, 7 days per week, 365 days per year!  in my perspective mining ages the gpu chip  MUCH MUCH faster then gaming!
     
    they have no excuse! it was pure greed!  for gaming i need only 1 maybe 2 gpu's as for mining i would need dozens or hundreds ( or thousands ) gpu's in extensive mining farms!
     
    miners/scalpers are the main cause of the world's current state  in terms of gpu pricing and availability!
    i have no sympathy for them wherever they are and whoever they are.
     
    and i have no pity for the fools who will buy these cards.. i would not waste a penny on these "burned" mining gfx that can fail at any given moment!
     
     
    post edited by Miguell - 2022/06/21 09:31:21

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    yaymz
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 09:24:26 (permalink)
    harley262
    im going to pass on any used 30 series gpus and 20 series too. poor thangs memory going to be so played out. but it sucks that its going to bring used prices down so quickly, and 30 series buyers are not going to get the near windfalls the 900s, 10s and 20s used cards have gotten last couple years.
     
     


    It is a very "buyer beware" kinda thing for sure, but it's going to be a good opportunity to swoop up a higher end card for people on tight budgets or looking for an upgrade, but don't want to shell out for a top end 40 series.
     
    From a little bit of research, I can tell you that some % of miners are hanging in there and will mine ETH to the bitter end (August). So the OP's link are the early seller's trying to make a little extra cash on their assets before the flood of GPUs hit the markets.  
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    Miguell
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 09:34:13 (permalink)
    yaymz
    (...) So the OP's link are the early seller's trying to make a little extra cash on their assets before the flood of GPUs hit the markets.  




    i am smiling from ear to ear! i wanna see gpu prices this Xmas specially a bit earlier on black friday... that will prolly be the sweet buying spot for this year!
     

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    ty_ger07
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 10:09:41 (permalink)
    Miguell
    i don't game 24hrs per day, 7 days per week, 365 days per year!  in my perspective mining ages the gpu chip  MUCH MUCH faster then gaming!

    Maybe, maybe not. The benefit of 24/7 is consistent operation with low thermal fatigue. Heating up and cooling down over and over can be very harmful to everything other than the silicon itself. Is the silicon damaged more by 24/7 operation, or is the entire card damaged more by thermal cycles?
    I think the jury is still out.
    Does anyone have any published mining failure rates? Does anyone have any published gaming failure rates?
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    harley262
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 10:19:12 (permalink)
    firerain
    harley262
    im going to pass on any used 30 series gpus and 20 series too. poor thangs memory going to be so played out. but it sucks that its going to bring used prices down so quickly, and 30 series buyers are not going to get the near windfalls the 900s, 10s and 20s used cards have gotten last couple years.
     
     


    That a big misconception. Gaming kills the memory more then mining. Do some research. The only thing that might die from mining are the fans and that is usually not technically related to mining.




    do some math, people mine 24/7, they dont game 24/7. 
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    Hoggle
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 10:19:47 (permalink)
    Miguell
    yaymz
    (...) So the OP's link are the early seller's trying to make a little extra cash on their assets before the flood of GPUs hit the markets.  




    i am smiling from ear to ear! i wanna see gpu prices this Xmas specially a bit earlier on black friday... that will prolly be the sweet buying spot for this year!
     




    Maybe on the used market but the profit margin on electronics is not really that high to really allow for an amazing deal. It's more likely to see a bundle with a free game, free shipping or a small rebate.

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    Cool GTX
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 11:15:14 (permalink)
    I feel so sad for those miners ........ not
     
     
    if it can double for no reason, it can be cut in half for no reason

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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 11:48:51 (permalink)
     

     

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    ty_ger07
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 12:11:50 (permalink)
    harley262
    firerain
    harley262
    im going to pass on any used 30 series gpus and 20 series too. poor thangs memory going to be so played out. but it sucks that its going to bring used prices down so quickly, and 30 series buyers are not going to get the near windfalls the 900s, 10s and 20s used cards have gotten last couple years.
     
     


    That a big misconception. Gaming kills the memory more then mining. Do some research. The only thing that might die from mining are the fans and that is usually not technically related to mining.




    do some math, people mine 24/7, they dont game 24/7. 

    It's almost as if you could have read reply #7 directly above yours for a counter-argument to what you said.
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    Nereus
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 12:16:28 (permalink)
     
    Go ahead, buy some completely thrashed mining cards then. Good luck with that.
     

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    harley262
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 14:38:11 (permalink)
    ty_ger07

    It's almost as if you could have read reply #7 directly above yours for a counter-argument to what you said.



    just like you, i have no data only opinion, so what would i reply? 
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    GTXJackBauer
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 15:49:16 (permalink)
    Don't get too excited about selling their GPUs because they'll end up replacing it with the 4000 Series around the corner.  Just hope Nvidia and AIBs have their house in order for possibly massive demands but don't think it will be the same as last 3000 gen.

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    Nereus
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 15:54:43 (permalink)
    GTXJackBauer
    Don't get too excited about selling their GPUs because they'll end up replacing it with the 4000 Series around the corner.  Just hope Nvidia and AIBs have their house in order for possibly massive demands but don't think it will be the same as last 3000 gen.

    Lol - when has NVidia ever had enough supply to meet demand on series launch? The 3000 series was exacerbated by the pandemic, but new series launches are always short on supply. I doubt the 4000 series will be any different. I'd be happy to be wrong about that though.
     
     

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    ty_ger07
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/21 18:45:51 (permalink)
    harley262
    ty_ger07

    It's almost as if you could have read reply #7 directly above yours for a counter-argument to what you said.



    just like you, i have no data only opinion, so what would i reply? 

    Oh, sorry, I didn't know that we were trying to debate in circles.
    Do some math, people who mine 24/7 don't thermal cycle 2/5.
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    firerain
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/22 07:23:56 (permalink)
    Cool GTX
    I feel so sad for those miners ........ not
     
     
    if it can double for no reason, it can be cut in half for no reason


    Just remember nothing happens for no reason. There is always a reason, we might just not see it. There needs to be some kind of a force for movement to happen. This is true in different systems. Nothing just magickly happens.

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    kram36
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/22 09:27:25 (permalink)
    Hum, I know a guy that mines and he isn't selling anything. Was looking to pick up a card from him, but nope.
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    yaymz
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/22 15:38:42 (permalink)
    kram36
    Hum, I know a guy that mines and he isn't selling anything. Was looking to pick up a card from him, but nope.


    I'm curious what he plans on doing with his GPU come August when there really won't be much in terms of profitable money to be made off GPU mining?  Surely he could find other uses for it like folding, building other rigs, etc..    just curious.
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    kram36
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/22 17:46:34 (permalink)
    yaymz
    kram36
    Hum, I know a guy that mines and he isn't selling anything. Was looking to pick up a card from him, but nope.


    I'm curious what he plans on doing with his GPU come August when there really won't be much in terms of profitable money to be made off GPU mining?  Surely he could find other uses for it like folding, building other rigs, etc..    just curious.


    He his going to keep mining. What's the bid deal with August? Will GPU's stop mining in August for some reason that I should tell him about it?
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    yaymz
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/22 19:37:57 (permalink)
    kram36
    yaymz
    kram36
    Hum, I know a guy that mines and he isn't selling anything. Was looking to pick up a card from him, but nope.


    I'm curious what he plans on doing with his GPU come August when there really won't be much in terms of profitable money to be made off GPU mining?  Surely he could find other uses for it like folding, building other rigs, etc..    just curious.


    He his going to keep mining. What's the bid deal with August? Will GPU's stop mining in August for some reason that I should tell him about it?


    Cliff notes version of what is happening: 
    https://finance.yahoo.com/news/end-gpu-mining-crypto-crash-120459167.html
    "GPUs are no longer useful for mining
    As Ethereum is shifting from its proof-of-work to proof-of-stake mechanism, many miners aren’t happy, forcing them to find an alternative.
    As reported by FX Empire, ETH announced that it would shift to POS between the third and fourth quarters of this year. It is a significant step as it reduces energy consumption by more than 99%, good news for environmentalists and crypto critics.
    However, ETH has pushed this merge several times, disappointing expectant. Tim Beiko, a computer scientist who coordinates Ethereum developers, noted that the odds of it not happening this year are “very low.” He added"
     
    This is all speculative as ETH has pushed back POS multiple times over the years, but all signs are pointing towards it happening for real this time (August).
     
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    kram36
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/22 21:24:12 (permalink)
    yaymz
    kram36
    yaymz
    kram36
    Hum, I know a guy that mines and he isn't selling anything. Was looking to pick up a card from him, but nope.


    I'm curious what he plans on doing with his GPU come August when there really won't be much in terms of profitable money to be made off GPU mining?  Surely he could find other uses for it like folding, building other rigs, etc..    just curious.


    He his going to keep mining. What's the bid deal with August? Will GPU's stop mining in August for some reason that I should tell him about it?


    Cliff notes version of what is happening: 
    https://finance.yahoo.com/news/end-gpu-mining-crypto-crash-120459167.html
    "GPUs are no longer useful for mining
    As Ethereum is shifting from its proof-of-work to proof-of-stake mechanism, many miners aren’t happy, forcing them to find an alternative.
    As reported by FX Empire, ETH announced that it would shift to POS between the third and fourth quarters of this year. It is a significant step as it reduces energy consumption by more than 99%, good news for environmentalists and crypto critics.
    However, ETH has pushed this merge several times, disappointing expectant. Tim Beiko, a computer scientist who coordinates Ethereum developers, noted that the odds of it not happening this year are “very low.” He added"
     
    This is all speculative as ETH has pushed back POS multiple times over the years, but all signs are pointing towards it happening for real this time (August).

    ETH is not the only crypto that can be mined with a GPU. Right now ETH makes 8¢ profit more a day on a 3070 and only 5¢ profit a day more on a 3080 Ti. So you think ETH going POS will make such huge difference in profit that mining on a GPU is dead? That's if you sold at the current price. Sell enough to cover just your power cost and hang onto your crypto until it goes back up, then the profit is even more.
    post edited by kram36 - 2022/06/22 21:35:22
    #23
    Hoggle
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/22 22:01:18 (permalink)
    GTXJackBauer
    Don't get too excited about selling their GPUs because they'll end up replacing it with the 4000 Series around the corner.  Just hope Nvidia and AIBs have their house in order for possibly massive demands but don't think it will be the same as last 3000 gen.




    I am pretty sure that if someone picked up a 30XX series GPU now it will still play games when the next generation comes out as I am sure that some people are happy to be gaming on a 10XX or 20XX card. While I wouldn't pay retail for a used card I also wouldn't hold off on buying a card in hopes of what the next generation might do. I would be looking at the average gain per generation and consider if I think it's worth waiting or buying now based on the price of the used card.

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    yaymz
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/23 09:13:25 (permalink)
    kram36
     
    ETH is not the only crypto that can be mined with a GPU. Right now ETH makes 8¢ profit more a day on a 3070 and only 5¢ profit a day more on a 3080 Ti. So you think ETH going POS will make such huge difference in profit that mining on a GPU is dead? That's if you sold at the current price. Sell enough to cover just your power cost and hang onto your crypto until it goes back up, then the profit is even more.


    True there will be other coins to GPU mine, but they have all been following the ETH/BTC trendline and are just far less profitable.  And just consumer confidence in crypto has fallen off a cliff.   
     
    I have no idea where your buddy lives, but hopefully he frequently uses a power/crypto profitability calculator.  With crypto prices coming down and power rates going up, it would be crucial to understanding if you are even cranking any sort of profit.  Where I am at, the only chance of squeaking out a couple cent profit per day would be running only 6 hours a day, during off-peak hours (12a-6a).  Running any other time, and any variable of equipment would put me in the red.  I mean maybe he has solar and a power bank, but chances are you would make more selling power back to the grid, if so.
    #25
    wmmills
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/23 09:46:00 (permalink)
    Hoggle
    GTXJackBauer
    Don't get too excited about selling their GPUs because they'll end up replacing it with the 4000 Series around the corner.  Just hope Nvidia and AIBs have their house in order for possibly massive demands but don't think it will be the same as last 3000 gen.




    I am pretty sure that if someone picked up a 30XX series GPU now it will still play games when the next generation comes out as I am sure that some people are happy to be gaming on a 10XX or 20XX card. While I wouldn't pay retail for a used card I also wouldn't hold off on buying a card in hopes of what the next generation might do. I would be looking at the average gain per generation and consider if I think it's worth waiting or buying now based on the price of the used card.


    +1.... a 30 series card will play games at 1080p/2k for a good long while, maybe 6 or 7 years easy. Tbh, my 780 was just fine on a 24" 1080p monitor playing most everything at pretty high settings. Now 4k and above is a whole other story since even a 3090 can get pretty strained on the newest titles at 4k over 60, but this is where your experience from years of doing this with settings and tricks can make all the difference.

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    #26
    Nereus
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/25 09:01:25 (permalink)
     

     

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    #27
    kougar
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/25 11:08:18 (permalink)
    Gotta freaking love it when brand-new, unopened EVGA 3080 TI FTW3 ULTRA's have been and continue to be selling for less on ebay than the cost of a vanilla 3080 10GB XC from EVGA's store. 


    Have water, will cool. 
    #28
    Cool GTX
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/25 12:19:06 (permalink)
    Nereus
     

     




     
    that is funny

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    #29
    Miguell
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    Re: Crypto crash forces miners to sell hundreds of graphics cards during livestreamed auct 2022/06/25 15:22:00 (permalink)
    Nereus
     

     


    im gonna steal this one!! 

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    #30
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