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China’s Crackdown On Crypto Mining Could End GPU Shortage
Grabbing a graphics card online has been a near-impossible task lately, no thanks to cryptocurrency mining and semiconductor shortage. It has eventually led to skyrocketing price of these graphics processing units (GPUs) and other technologies.
As per market research firm NPD, the larger TV models have witnessed a 30 percent jump in pricing from last year. It is a direct result of the ongoing semiconductor crisis, and the price hike could be evident in other devices with similar circuitry - laptops, tablets, and VR devices.
While gamers want to grab these chips to experience ultra-realistic gaming, crypto miners manage to grab them before anyone with the help of online bots. GPUs allow them to crunch cryptographic codes and mine cryptocurrencies. It has left thousands of gamin enthusiasts hanging in uncertainty, forcing them to try out lucky draws or sign up for daily raffles to buy these chips.
China Cracking Down Hard On Crypto Mining
Nvidia tried putting an end to this situation by splitting its latest chip technology into two different products. The company launched GeForce for gamers, while the Cryptocurrency Mining Processor (CMP) chip was introduced for crypto miners. That didn't seem to have made a huge difference.
But we might soon have some relief, all thanks to China's serious crackdown on crypto mining in the country. This has forced many crypto miners to sell off their GPUs for cheap prices, reports PC Gamer. It's hard to say whether this is the end of chip shortage and a new dawn for crypto mining, but the values of digital tokens and real-world goods associated with them might soon face the heat.
Prices Slowly Going Downward
Instead of selling at a much higher price than the original cost --which has been the case for a long time -- GPUs are starting to go on sale for a tad higher price than their actual MRP. As per the report, this trend has been noticed in some parts of Asia.
China recently banned crypto mining operations across the country, indicating an end to its huge contributions to global crypto mining operations. As per a recent estimate, 65% of global Bitcoin mining as of April 2020 happened in China.
Should You Buy These Used GPUs?
This ban has caused a major decline in the value of cryptocurrencies, with Bitcoin dropping to less than half of what it was during April when it saw a record surge in value. Besides, GPU prices have been dropping in Europe as well, but they are still to buy. However, in the US, where crypto mining is working, as usual, prices are still high and inventories are still running low on stocks.
Despite the cost going down, it's imperative to understand that GPUs that were used for crypto mining, which requires crunching complex mathematical puzzles, might not have a long life left in them. So think twice before putting your money on a used GPU. Since China has put a ban on crypto mining, other countries could put some regulations on the same, making GPUs more accessible.