After Ethereum Integration Upgrade…GPU Price Drops to Lowest Level in China
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Answer After Ethereum Integration Upgrade…GPU Price Drops to Lowest Level in China
The merger changed the consensus approach of the Ethereum protocol, shifting the mechanism from mining to mining, which is less energy-intensive and therefore more environmentally friendly.
Upgrading the integration, as we have indicated, has benefits, but it is not without harms.
The manufacturers of GPU graphics cards, which were making a lot of profits thanks to the demand for them from the Ethereum miners, were hurt.
mentioned “South China Morning NewspaperAsia-focused media reported that the collapse of Ethereum caused GPU prices to drop in China, sending sales to an all-time low.
Due to low demand from miners who used to buy expensive cards like Nvidia’s GeForce RTX 3080, RTX 3080 Ti, or RTX 3090, vendors were forced to unexpectedly slash GPU prices by three times the value suggested by graphics card manufacturers.
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Ethereum upgrade affects GPU sales:
Due to lower demand from miners, high-end GPUs like the RTX 3080 have fallen over the past three months by more than 37%, from 8,000 yuan ($1,140) to less than 5,000 yuan ($712), according to Wubeng, a Shanghai dealer.
According to Wing, this whole situation could continue due to the many negative scenarios surrounding the crypto market, such as the collapse of the bitcoin price, the ban on mining in China, and even the new shutdowns due to COVID, which have exacerbated the situation.
When the bitcoin mining wave was at its height, people from the mining companies walked into the stores with cash and took all the graphics cards in the store. […] Currently no one is buying new computers due to the Corona virus, nor are those who want to install new graphics cards.
Another trader named “Liu” said that the Ethereum upgrade was the trigger for the GPU price crash, since the past two months when the wait for consolidation started, even the cheapest GPUs started dropping more than 50% causing miners to sell their hardware at a huge loss.
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Cryptocurrency mining (especially Ethereum mining) has fueled the price of GPUs over the past few years, after which prices have gradually fallen as Ethereum integration approaches.
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According to a previously mentioned source, graphics card dealers in Buy Now, one of the largest local electronics market in Shanghai, are standing idly by as they watch graphics card prices plummet after the Ethereum upgrade went through.
Some researchers estimated that GPU prices were dropping an average of 10% each week before the Ethereum integration upgrade.
While this crash may lead to the closure of many e-stores, for others, it is the end of a two-year nightmare as retailers raise GPU prices as much as possible due to the high demand for it from Ethereum miners.
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