There is an increasing trend in miners selling their graphics cards following a significant decrease in the value of Bitcoin and Ethereum (around 30 to 40 percent). These graphics cards are no longer profitable for miners to mine with. This is getting some board partners in trouble as they already had an excess of GeForce RTX 30 and Radeon RX 6000 graphics cards and at the same time, this is giving gamers a choice to get their hands on new graphics cards.
Tom’s Hardware is reporting that this is going to create a collision between the retail and used market and will increase the influx of graphics cards, something similar to what happened in 2018. Now we have to wait to see what the future of the market holds in the long run after this massive crypto crash but not everyone is going to stick around to wait till the Bitcoin bounces back (even if it does).
Many purchased the cards at a higher price and they are well aware of how profitability can change within seconds. These miners are left with no choice but to sell their cards.
A recent GPU market analysis by Tom’s Hardware shows a good number of cards falling in the ‘green’ category, meaning that they are falling below the MSRP (suggested retail price). Even where some cards are trying to resist this pressure, such as those falling in NVIDIA’s upper mid-range, won’t be able to hold their fortress for long as the used market can very easily pull the prices down.
In just a matter of two weeks, overall retail GPU prices have dropped down by 2 percent. This is major because of AMD’s Radeon RX 6000 series touching MSRP already. They won’t be getting cheaper unless AMD itself announces to slash prices.
This is where the used markets are not dependent on companies slashing down their prices. Cards are already being sold under MSRP there. On eBay alone, the prices on average have gone down by 10 percent and shockingly this average doesn’t even include the lowest prices. The comparison by Tom’s Hardware also includes ‘Buy it Now’ which includes the lowest prices on eBay which can be bought off without any need for bidding.
There are some cards which are still selling at prices lower than these. Enthusiasts and miners can be found selling six RTX 3080 cards as one package for $2,500, bringing the price of each card to merely $417. It is important to keep in mind however that this isn’t a general market condition; this is just one of the extreme examples giving an idea of what the market might look like in the coming days.
Via Tom’s Hardware