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Miners and internet cafes offer tickets at live streaming auctions


von Oliver Jaeger
Currently, due to the decline of cryptocurrencies such as Bitcoin and Ethereum, miners and internet cafe owners who once bought large numbers of graphics cards are now urged to get rid of their cards. Meanwhile, this also happens during live streaming auctions in China.

The graphics card market is currently rocking as Bitcoin and Ethereum cryptocurrencies have suffered huge losses in value and GPU miners are therefore looking to get rid of their graphics cards as quickly as possible. This can sometimes be seen in China and South Asia, where miners and internet cafe owners now have hundreds of their models for sale. Some of the latter stocked up on mining cards during the crown pandemic, when the price of Bitcoin rose sharply at the same time to compensate for the losses caused by the lack of customers. But now the day of separation seems to have arrived for them too.

Hundreds of graphics cards sold at auction even below the recommended price

Yet Twitter user Hassan Mujtaba (known from Wccftech), Chinese miners and South Asian internet cafes are auctioning off some of their graphics cards, which are then streamed live. Models like the Geforce RTX 3060 Ti are expected to be available at prices between $ 300 and $ 400 and therefore below their recommended price. The dilemma is great, because crypto miners are faced with a difficult decision in the meantime: either to sell the graphics cards as quickly as possible to keep at least part of their profit or to continue mining in the hope that the cryptocurrencies will recover.

Ethereum also needs to keep in mind the transition from Proof of Work to Proof of Stake, which is expected to take place between the third and fourth quarters of this year. Proof of Work relies on GPU performance in cryptocurrency mining and would therefore become obsolete. Chinese miners and internet café owners have apparently opted for the former and are getting rid of their graphics cards. In addition to the Geforce RTX 3060 Ti, for example, it should also be easy to find a Geforce RTX 2060 with its recommended price.

Appropriately: Ethereum mining is no longer profitable – drop in prices versus energy costs

Also to read: Buy the graphics card: Radeon’s biggest price drop on the Radeon RX 6800

However, anyone wishing to purchase such a mining card should note that such cards are of lower value simply due to previous heavy use. At the very least, those cards sold through auctions should be labeled as former mining equipment.

Those: Hassan Mujtaba via Videocardz

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