Internet cafes jumped on the bandwagon far too quickly, buying huge amounts of graphics cards solely with the intention of using them for mining. However, this happened at an extremely wrong time; when the price for Bitcoin was increasing tremendously and at the same time Covid 19 restrictions included lockdowns during which people couldn’t visit these internet cafes. However, this roadmap has changed 360 degrees.
Internet café owners and enthusiast miners are now selling off their mining cards in huge amounts. You will be surprised at the bargains you can get during the Livestream auctions during which these cards are sold. For instance, you can find the RTX 3060 Ti for as low as $ 300.
All those who were mining, hoarding, and even scalping the graphics cards have been forced to sell them now at rates much lower than their initial purchase prices. However, now with the major price drop in Ethereum, it would take years to calculate any return on investment rather than months. Miners who still want to retain at least ‘some’ of their profit are left with no other choice but to sell off their cards as soon as possible. If they are hoping for crypto to bounce back any time soon, they can take a gamble and continue mining.
It has been confirmed that towards the third and fourth quarter of this year, Ethereum is going to switch from the Proof of Work model to the Proof of Stake model, thus ending the need to rely on GPU power. This means that there will barely be any margin left for profit for miners.
This explains why the only option these miners are left with is to sell the cards as soon as possible. You see this happening now on some major Chinese auction sites. You will be able to easily find models such as RTX 2060 or RTX 3060 Ti selling even below their MSRP.
GPU flood is here.
Chinese miners and South Asian ecafes now dismantling their mining rigs and putting cards up for auction on livestreams.
3060 Ti's going for $300-$350 US … pic.twitter.com/kphmIt7vZw
— Hassan Mujtaba (@hms1193) June 21, 2022