In context: Ethereum miners alone have reportedly spent about $15 billion on graphics playing cards over the previous 18 months. This determine would not embody GPUs used for each gaming and mining by players making an attempt to recoup a few of the price of their rigs.
According to a brand new report, Ethereum miners have spent roughly $15 billion on GPUs over the previous 1.5 years. That quantity would not embody the price of CPUs, motherboards, PSUs, and different parts obligatory for a mining rig. The information comes from Bitpro Consulting, an organization that focuses on buying and refurbishing crypto mining {hardware}.
In late 2020, many cryptocurrencies noticed a drastic value enhance, resulting in tens of millions of individuals shopping for graphics playing cards at retail to mine Ethereum with the aim of constructing a fast buck. At the identical time, AMD and Nvidia launched their new technology of GPUs, which featured a large efficiency enchancment in comparison with their predecessors, making many players wish to improve.
Demand far exceeded provide and despatched costs skyrocketing, with {hardware} scalpers solely exacerbating the problem. According to Jon Peddie Research, the typical promoting value of add-in graphics playing cards jumped from simply over $400 in 2019 to virtually $800 final yr.
People who acquired into mining early on made hefty income off their investments. However, Ethereum has dropped in worth by over 80 p.c since its peak final yr, leaving many struggling to recoup prices. Bloomberg reviews of a person who has to this point earned solely $5,000 value of crypto from his $30,000 {hardware} funding.
After Ethereum switches to a proof-of-stake mannequin, GPU miners will now not be capable to mine the cryptocurrency. Developers declare the transfer will occur in August, though it would get delayed as soon as extra.
