Nvidia RTX 3060 GPUs go for as little as $ 270 as crypto-miners in China dump their cards on the used market in the midst of the country’s Bitcoin crash.
Cheap used Nvidia RTX GPUs are flooding the Chinese market as miners dump
While China continues to crack down on Bitcoin and mining in the country, some miners have decided to migrate out of the country, while others sell mining as GPUs in the used market.
Thousands of these GPUs, both the AMD and Nivdia brands, are now flooding the used market. The models include not only the latest architectures (Ampere and RDNA2), but also the older generations such as Pascal and Polaris.
Related reading | Top Bitcoin Miner Predicts Gloomy Crypto Future in China
Since there is an abundance of cards, prices have naturally gone down a lot. For example, the RTX 3060 GPU was discovered on an online website for only $ 270 per piece. Others such as the RTX 3070 and RTX 3060ti were sold for $ 400 and $ 350, respectively.
However, something to note here is that these graphics cards are not sold unit by unit. Buyers must get at least anywhere from 1
Nvidia and AMD GPUs on sale by crypto miners | Source: The Block
One vendor has even set up RTX 3060 laptops that they used for mining, for around $ 1000 per device.
Despite low prices, these GPUs do not sell very fast. In fact, prices are only going down because miners are having a hard time selling them.
Related reading | Western Bitcoin Miners win big during China Crackdown
There are a few reasons behind that. One maybe because these sellers only sell in bulk, so not everyone can buy these.
Another reason may be that since these GPUs have been used 24/7 overclocked for mining, their age will surely be shortened.
As China continues these breakdowns on miners, they have started putting pressure on the digital yuan in this new vacuum left by crypto.
The global GPU shortage has begun to subside somewhat since a few countries such as Germany see as much as a 40% drop in prices.
Ether’s push for Proof-of-Stake (PoS) will also make graphics cards more accessible to gamers. The Nvidia boss, Jensen, commented on this in an interview that took place around E3.
At the time of writing, BTC is floating around $ 33,000, up almost 2% in the last 24 hours. But the crypto is just under 1% in the last week.
Here is a chart showing the trend in value:
BTC's price doesn't seem to be improving | Source: BTCUSD on TradingView
Bitcoin has still not been able to break the $ 35,000 resistance line as the range market continues. It is unclear right now which direction the market will go from here.