Jon Peddie Research reports that cryptocurrency miners bought 700,000 graphics cards in Q1, accounting for a fourth of the total GPUs sold. So weak mining demand should ideally improve supply and help lower GPU prices. That's what's reportedly happening in China -- the clampdown in mining has reportedly led to a reduction of up to 45% in graphics card prices, according to Tom's Hardware. China's sway on the global mining market could lead to a further GPU price correction, especially considering that lower mining profits could force many miners to offload their cards in the pre-owned market. First, market leader NVIDIA has been trying to ensure an increased supply of graphics cards to miners so that they don't price gamers out of the market. The graphics card specialist has brought out specialized cryptocurrency mining processors to address demand from miners, and these chips have been a hit.
The second reason why graphics card prices could be coming down is a slowdown in mining demand, freeing up more supply for gamers. According to third-party reports, demand for graphics cards for cryptocurrency mining in China -- the world's biggest country in terms of mining -- could be slipping because of a government crackdown. The Chinese government imposed harsh restrictions on cryptocurrency transactions last month which forced many mining farms to relocate or shut down and sell their equipment. This mass exodus has helped drive graphics card pricing downwards and according to recent reports, the price for RTX 3060 cards has hit a low of 270 USD .
These prices appear to be limited and only available for large purchases in China however as more farms are forced to sell we may see some cards listed for individual or international sale. Gaming laptops with RTX 3060 graphics cards that were purchased for mining farms are also entering the market for ~1000 USD. While the RTX 3060 cards currently represent the best value mining operations are selling a wide variety of NVIDIA and AMD graphics cards. These prices have been falling steadily over the last week so we wouldn't be surprised if they continue to drop.
It is reported that the NVIDIA GeForce RTX 3080 AIB graphics cards have hit 114,410 units sold while in reality, JD only managed to fulfill 743 orders which are just 0.65% of the total reviews & sales reported by the retailer. To submit a buyer review, JD.com requires you to show an actual invoice of the product purchased, a picture or video of the product, and a comment regarding the product. But it looks like either JD.com or AIBs are now virtually inflating the sales numbers and product reviews to show that the card is out of stock due to heavy demand when that's certainly not the case here.
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PC gamers have been suffering under the weight of the GPU shortage for the last year, but there's some hope on the horizon. China has effectively banned cryptocurrency, and whether or not you think that's good for Bitcoin, it's great for GPU prices. Chinese authorities have just shut down dozens of crypto mining operations in what used to be the heartland of China's crypto craze, and video card prices are beginning to respond. Miners who stock up on graphics cards when the crypto market is doing well rely on the GPU's hash rate to mine digital currencies like Ethereum.
NVIDIA's Ampere-based RTX 3000 graphics cards delivered impressive hash rates for Ethereum at launch, which meant miners could mine cryptocurrency faster than they could with the previous generation. This means that any second-hand GPU previously used by crypto miners must be assumed to have had its longevity impacted significantly, and possibly also its performance reduced somewhat. Here is an example with RavenCoin mining on the RTX 3080 Ti where the hashrate is not being artificially reduced, you will be getting about 48 MH/s hashrate for KawPoW with the stock settings. And although this will make mining RVN more profitable than ETH on this particular GPU, if the artificial ETH hashrate limiter was not present mining ETH would've been more profitable. And unlike miners, gamers will not be very happy to buy at these inflated prices, do not forget however that gamers will be getting performance very close to that of the much higher priced RTX 3090 GPUs.
With crypto mining now banned from so many areas in China, the need for high-end GPUs has suddenly been lessened by an incredible amount. There's still demand from people that need GPUs for other needs, but without crypto miners chomping at the bit to buy them up as quickly as possible, things are quickly leveling out. Whether or not China's right to ban crypto mining like this is another discussion entirely, but what is clear is that it's made a substantial impact on GPU availability. For Chinese gamers, artists, and renderers that have been struggling to buy a reasonably-priced GPU for months, now is the time to act. The news is another reflection of the lowering demand for graphics cards in China, which recently saw GPU prices fall sharply in the wake of Sichuan authorities shutting down crypto mining operations. It comes after a Chinese State Council committee led by Vice Premier Liu He announced the crackdown on virtual currencies as part of efforts to curb financial risks.
Today NVIDIA is officially lifting the veil on details and deep dive reviews of this latest high-end PC graphics offering that slots in at an $1199 price point, whereas its current ultra-high end GeForce RTX 3090 product resides at $1499. Well, when cryptocurrency prices are high, it's highly likely that crypto mining is profitable too. Therefore, miners keen to take advantage of the situation for some quick cash stock up on tens or hundreds of graphics cards. What's more, now's the time to start starving the scalpers online of the demand they need to justify buying up all the legit graphics card stock.
They are about to have to compete with a massive surge of cheaper cards, which is going to force them to lower the prices they're charging. If no one buys these cards at even these lower prices, they'll end up losing money on them, which is going to strongly dissuade them from buying up any more cards from legit retailers. Despite overwhelming demand and supply-side shortages, gamers in the market should order their new GPU as soon as possible, as there is a likelihood that prices will go up. Given the law of supply and demand, retailers expect the cost of a new graphics card to increase in the near future. Alternate claims that the shortages will g from bad to worse, and become the new norm for the foreseeable future.
Still, many retailers claim that if you're already on the list, you will get to keep your order price. China accounts for up to 70% of the world's crypto supply, and with 700,000 graphics cards (around 25%) that shipped globally in the first quarter ending up in the hands of miners, the crackdown is affecting supply and demand. The GeForce RTX 3060 graphics card arrives with a cryptocurrency mining limiter focused on Ethereum. "Ethereum has the highest global mining yield for any GPU-mineable coin at the moment and thus is likely the main demand driver for GPUs in mining," Nvidia says.
The feature has a bit of a bumpy rollout when it's discovered that Nvidia's own driver could thwart the limiter; Nvidia quickly removes the offending driver. You may have struck out trying to buy a graphics card from a first-party seller, but on the bright side, that also means you did not pay way over MSRP for one, either. The supply of graphics cards continues to fall way short of demand, and price tracking data shows that they are still commanding increasingly higher prices. LHR might not be able to fix things for the gaming GPU market, so Nvidia is now offering the CMP 170HX specialized crypto mining GPU.
This particular model appears to be available on the Chinese market, as a Zhihu forum user recently posted pictures of the card together with some first hand test results. Unlike the 30HX models that are based on rebranded GTX 1660 Super cards from Nvidia's AIB partners, the 170HX GPU is supposed to be a cut-down Ampere A100 compute accelerator version repurposed specifically for crypto mining. According to Videocardz, Nvidia is probably using some GA100 SKUs that could not pass the tests for gaming or compute purposes and were thus binned for crypto mining cards.
Seeing that the end is nigh for mining, many of these Sichuan-based miners have begun to sell off as much of their equipment as possible whilst prices remain high . This includes laptops (ones containing RTX 3060 Max-Q versions were spotted for circa $1,000), full desktop PCs, and graphics cards, in particular Nvidia RTX 30 Series GPUs. The lowest reported price that has been seen for an RTX 30 Series GPU is a second-hand RTX 3060, which was spotted going for the equivalent of $270 (listed as ¥1,760) on The Block – a cryptocurrency website. While we always say that you should never buy a new graphics card on resale sites like eBay and StockX, right now would be the absolute worst time to do so. With cryptocurrency prices collapsing from their highs of just a month or two ago, a lot of industrial mining operations are going to be trying to dump their excess hardware for whatever price they can get for it.
Just like the more recently released Nvidia GeForce RTX 3060 that came with mining hashrate limiter enforced by Nvidia, the new GeForce RTX 3080 Ti also came out "with a reduced Ethereum hash rate" making them less desirable for miners. The just released Nvidia GeForce RTX 3080 Ti is almost equivalent in terms of specifications to an RTX 3090 GPU, but with half the video memory, so only 12GB GDDR6X instead of the full 24GB. There is the Ethereum hashrate limiter however that messes things up a bit for miners, but not for gamers and the reduced in half video memory should also be making it more affordable and more available to gamers compared to RTX 3080… in theory. We're seeing more indications that the graphics card market is finally starting to recover, albeit slightly.
We've still a long way to go, but the signs are encouraging. Generally, games are constantly pushing the capabilities of graphics cards. If you typically buy the latest games and expect top performance while also streaming your exploits, then you want to look at top-end cards such asAsus graphics cards.
It's also worth considering what kind of connection you'll use on your monitor. If you play games on a Mac, look for cards that are compatible with Mac OS, such as Matrox graphics cards. On the other hand, if you're playing on a laptop, an external graphics card is the easiest to integrate with your portable system.
The volatility in Bitcoin and Ethereum prices continued, and the latest China crackdown on cryptocurrency trading at any level caused the expected tumble in prices. Ethereum is now below $3,000 for the first time in a while, and Bitcoin is approaching the $40K mark. It's a bit too recent to have impacted graphics card prices, but if the current trend continues we could see more GPUs start showing up on sites like eBay. Our GPU price index tracks all the best graphics cards and the latest additions to our GPU benchmarks hierarchy. We scrape eBay's historical data to get details on what sort of prices people are paying for GPUs.
We track current Nvidia Ampere and AMD Big Navi generation GPUs, and also provide monthly updates on the previous generation graphics cards. It all started around a week ago, where flash sales began popping up with bulk amounts of GeForce RTX 3060 graphics cards -- as you can see from these pictures. I think you'd be find buying a second hand GeForce RTX 3060 right now, as it could only have had a few months on the market -- so a few months of use. Gamers should be delighted to hear that GeForce RTX 30 graphics cards are now available for sale at very good prices, only they are not new and probably shouldn't be bought in the first place.
Last month's China's crackdown on bitcoin has forced many mining farms to relocate from the Sichuan region where the ban was imposed or, if that was not possible, to quickly sell their equipment. GPU prices are in decline for at least two months, which means the sooner they sell those cards the more money they save. NVIDIA stands to win big from an improved supply of graphics cards.
The company has a huge installed base of users that are still running older-generation GPUs. Less than 20% of the 140 million users of GeForce graphics cards use the new RTX chips, so an improved supply would boost NVIDIA's shipments. This modest level of RTX adoption in the gaming market bodes well for NVIDIA's gaming business, which pulled in $2.76 billion in revenue last quarter, growing 106% year-over-year and accounting for nearly 49% of total sales. However, a ray of hope is emerging for gaming enthusiasts, as graphics card prices have started pulling back lately.
But does this mean that the great graphics card shortage is nearing an end? Cryptocurrency has exploded in popularity throughout 2021. Some people believe it to be the next big thing in global currency, others are just in it to make a quick buck, and plenty of folks have lost a lot of money trying to ride the unpredictable waves.
As one might expect, not everyone is a fan of where crypto is headed. After banning cryptocurrency mining operations in the Yunnan, Xinjiang, and Inner Mongolia provinces, China recently extended its ban to Sichuan. Furthermore, The People's Bank of China ordered many of the country's top financial firms to deny accounts with ongoing crypto activity. Colorful was the only manufacturer that managed to show 35.71% factual reviews for its 250 cards while the rest of NVIDIA's AIBs such as Gigabyte and GALAX, ASUS, and Gigabyte shipped 130, 50, and 150 units in total, respectively.
The latter 3 AIBs had listed 900, 400, and 3900 units sold against fake reviews while in reality, they were much less. MSI lists down the most number of graphics cards sold at a massive 57,000 units but in reality, they were only able to sell 80 units which are 0.14% of the total figure. Even ZOTAC lists down 35,000 units sold against just 10 actual sales units. The situation got worse to the point that people just stopped caring about these new graphics cards, especially with the absurd price tags.
Many people were trying to grab one at MSRP settled for used or older-gen graphics cards for the time being. Some gamers who just wanted to play games bought a new console instead for a fraction of the price. There has been a global chip shortage, too, affecting not only the graphics card market but also cars, gaming consoles like the PS5, and other electronic devices.
Apart from the pandemic, the trade war between the US and China also shoulders some of the blame. Ethereum says it's preparing to phase out GPU-intensive mining in the coming months. PC users hope miners will quit the market and resell their graphics cards on third-party marketplaces. Others say don't get your hopes up—the mining community might simply migrate to another cryptocurrency. Trump-era tariffs, which impose a 25% duty on electronic components imported from China—including graphics cards, motherboards, PC desktop cases, and power supply units that output more than 500 watts—go into effect.
As a result, PC makers warn of possible price increases, though some make plans to move production out from China to neighboring areas, including Taiwan and Southeast Asia, to avoid the tariffs. Nvidia and its partners are preparing release the fortnight delayed GeForce RTX 3070 graphics cards on Thursday. You might be interested to know that Palit has shared teaser video showing off its Stormborn JetStream RTX 3070 already. Some reckon that Nvidia shifted the release of the RTX 3070 to steal some thunder from AMD's RDNA 2 special event, which streams live tomorrow. Meanwhile a significant amount of detail concerning a completely new GeForce RTX 30 series graphics card has suddenly emerged, and it isn't the RTX 3060 some were expecting next on the menu, but an RTX 3060 Ti.
Graphics cards are essential to today's desktop computers. The cards vary in their abilities, so it's best to match the graphics card to the tasks that matter to you. For example, if you intend to play games on your PC, you'll want something like a PCI graphics card that handles intense requirements. Beyond graphics on screen, if you have multiple complicated calculations that need to be done simultaneously, you'll be impressed with the speed of server GPU graphics cards.
Probably a little too late to solve the gaming GPU crisis, but Nvidia's top-of-the-line CMP 170HX crypto mining cards are now available in China. It is also a bit slower than the advertised 200 MH/s speeds. The current profitability for cryptocurrency mining has also dropped quite a bit since earlier in the year, but the RTX 3080, RTX 3080 Ti, and RTX 3090 can all still net over $5 per day.
