Mining GPU Prices in China Plummets Post ETH Merge
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- The prices of Nvidia GeForce GPUs have dropped dramatically.
- The GPU price dropped from 8,000 yuan to 5,000 yuan.
Prices for graphics processing units (GPUs), which are often used to mine cryptocurrencies such as ether (ETH), have fallen in China. This is because the Ethereum networks have moved to a proof-of-stake (PoS) consensus method, which attracts institutional investors.
Nvidia GeForce GPU prices have dropped dramatically since the historic Ethereum Merge on September 15, according to a revelation by the South China Morning Post. Chinese businessman Peng used the RTX 3080 as an example, noting that the price of the GPU dropped from $1,118 (or $8,000). yuan) to 5,000 yuan in just three months.
Post association effects
Peng claims that at the peak of Bitcoin (BTC) mining in China, miners continued to buy graphics processing units (GPUs). But the merchant complained that there was no interest in modern computers and graphics processing at the time.
Similarly, another trader surnamed Liu noted that low-cost RTX 3080 cards from manufacturers such as MSI had dropped prices by about 2,000 yuan in the past two months. Liu speculates that the excitement surrounding the Ethereum merger could have a significant impact on the market.
Store companies are not the only ones suffering from the drop in sales. GPU costs have dropped on both Taobao and JD, two popular Chinese e-commerce sites. Over the past three months, the prices of RTX 3080 cards in various marketplaces have dropped by several hundred yuan.
After the Ethereum Merge, the blockchain moved from its energy-intensive proof-of-work (PoW) mechanism to a proof-of-stake (PoS) layer known as the Beacon Chain. This allows members of the ecosystem to stake ETH and take on the roles of miners in processing transactions and creating blocks.
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