Graphics card prices collapsed after the cryptocurrency market miners
Hardware

Graphics card prices collapsed after the cryptocurrency market – miners are urgently getting rid of their holdings

Bitcoin and Ethereum’s 30-40% drop in value in just one week has caused real chaos across the graphics card market. Miners started selling their GPUs at discounted prices as mining profitability dropped significantly. This, in turn, caused problems for graphics card manufacturers who managed to accumulate stocks of the GeForce RTX 30 series and Radeon RX 6000 models and are now struggling to sell them.

    Image source: VideoCardz

Image source: VideoCardz

The current situation has expanded the range of cheaper deals for casual players. Something similar was seen back in 2018, when millions of used GeForce GTX 10-series and Radeon RX 400-series accelerators flooded the market. At the moment it is difficult to say how the graphics card market will feel in the long term, but it is already evident that many miners have decided not to wait for the cryptocurrency to recover. Many of them, who bought graphics cards at significantly inflated prices, know that the profitability of mining, as well as the ability to return the invested funds, is decreasing every hour. The only true option for them is to try to quickly get rid of video cards on the secondary market.

    The cost of used GeForce RTX 3080. Source: eBay

The cost of used GeForce RTX 3080. Source: eBay

Portal Tom’s Hardware conducted an analysis of the graphics card market in the US and found that many models of accelerators can now be purchased for less than the recommended prices. Some models, notably NVIDIA cards, are still resisting market pressures, but further price cuts for new graphics cards are now also being influenced by the used accelerator market.

In general, new graphics cards have fallen in price by an average of just 2% over the past two weeks. However, one should keep in mind that some Radeon RX 6000 accelerators were already offered at target prices and even cheaper at this point. Their value can only go down further if AMD officially announces a price cut.

The used accelerator market is already offering cards well below the recommended price tag. Graphics cards, for example, have dropped by 10% in price on the eBay marketplace in the past two weeks. Added eBay Buy It Now column to Accelerator pricing table below. It shows the lowest price for graphics cards on eBay that can be redeemed immediately without an auction. And here, on average, the prices are even lower than in other sections. The Retail and Avg. eBay” show retail and average eBay prices for June 1st and June 15th respectively.

    Prices for GeForce and Radeon graphics cards in stores and on eBay.  Image source: VideoCardz according to Tom's Hardware

Prices for GeForce and Radeon graphics cards at retail (retail) and on eBay. Image source: VideoCardz according to Tom’s Hardware

Some speculators/miners/enthusiasts sell their stocks of graphics cards in bundles. For example, for $2,500 you can buy six used GeForce RTX 3080s, so the cost per unit is only $417.

About the author

Dylan Harris

Dylan Harris is fascinated by tests and reviews of computer hardware.

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