Numerous signs suggest that interest in graphics adapters designed for cryptocurrency mining is declining along with a drop in mining profitability. NVIDIA previously reported that mining solution revenue fell 77% in the final quarter of 2021. Meanwhile, there are signs of waning interest in AMD GPUs for cryptocurrency mining — for example, the price of the Sapphire GPRO Radeon X080 accelerator has fallen nearly 40% over the past month.
Last November, Sapphire launched a line of GPRO graphics accelerators for cryptocurrency mining. The GPRO Radeon X080 and X060 cards, based on the Navi 22 and Navi 23 chips respectively, were not widely available at retail and were not even mentioned on the manufacturer’s website. Most of them were sold directly to miners and only a few went to retail suppliers.
According to the Geizhals price comparison site, the price of the Sapphire GPRO Radeon X080 has dropped a lot lately. If a graphics card cost more than 1200 euros on January 20th, it is now available for 764.9 euros. The card has dropped 38% in price in less than a month.
During December and January, the cryptocurrency market saw a steady decline, making it increasingly difficult for miners to recoup their graphics card investments. In addition, the appetite for graphics cards will be curbed by the upcoming transition of the Ethereum blockchain to proof-of-stake (proof of ownership), which will eliminate the need for graphics cards and large processing power in general. Of course, other cryptocurrencies remain in the market, but mining them isn’t nearly as profitable.
It is worth noting that the price reduction can also be observed in the market of conventional graphics cards. Notably, the price drop for NVIDIA and AMD gaming series graphics cards is about the same 38% as for specialized mining solutions. However, you can expect cryptocurrency mining cards to become cheaper faster, since their design without video outputs makes these products unusable for users who are not interested in mining.