Crypto miners in China are selling off their graphics cards amid crackdown

midian182

Posts: 7,166   +65
Staff member
In brief: More potentially good news for those of us wishing to upgrade to a new graphics card without paying a small fortune on eBay: it appears the crypto mining crackdown in China is leading to miners selling their GPUs—and for non-exorbitant prices—which could lead to improved global availability.

PC Gamer reports that a screenshot posted to Taiwanese bulletin board PTT shows miners in China are selling large numbers of Nvidia and AMD GPUs, from the latest RTX 3000 and Radeon RX 6000 series to older products, including the GTX 10xx line and Radeon RX 400 series.

HKEPC reports that the cards aren't selling for scalper prices, either. An RTX 3070, hard to find under $900 on eBay, is $3,120 HKD (Hong Kong Dollar), which is around $400 USD. The RTX 3060 Ti is around $309, and the RTX 3060 is ~$244.

There are caveats to go with those low prices: the cards are being sold in bulk and they'll likely have been running 24/7 at full throttle for a long time.

The news is another reflection of the lowering demand for graphics cards in China, which recently saw GPU prices fall sharply in the wake of Sichuan authorities shutting down crypto mining operations. It comes after a Chinese State Council committee led by Vice Premier Liu He announced the crackdown on virtual currencies as part of efforts to curb financial risks.

China accounts for up to 70% of the world's crypto supply, and with 700,000 graphics cards (around 25%) that shipped globally in the first quarter ending up in the hands of miners, the crackdown is affecting supply and demand. ASRock said the situation has led to lower card prices.

We're seeing more indications that the graphics card market is finally starting to recover, albeit slightly. The prices of Nvidia's and AMD's latest GPUs are falling in Germany while availability is improving; retailers are taking more steps to fight scalpers; Nvidia is reportedly increasing the supply of the RTX 3060 this month; and the average eBay selling price of Ampere/RDNA 2 cards fell -8% from May to June, while the Nvidia RTX 2000-series was down -14%. We've still a long way to go, but the signs are encouraging.

Permalink to story.

 

Nobina

Posts: 3,348   +3,439
Well, Chinese miners are selling it in China and I don't live there so I can't snag one. Regardless, people should hold off just a little bit longer and they will be forced to drop prices even more.

Currently, the only GPU that's "getting there" in terms of pricing is RTX 3060 but I wouldn't get one since it's barely faster than RTX 2060.

And I wonder how prolonged mining affects GPUs in terms of longevity and thermals if I replace the thermal paste. Anyone with experience on this?
 

Achaios

Posts: 210   +573
Honestly not seeing any improvement in the EU.

Amazon DE has literally maybe 5 (five) RTX 3000 series card for sale, AMAZON DE warehouse has got zero (0) RTX 3000 series cards for sale and the prices for RTX 3k cards are as follows in Greece (euros):

3060 750-1400
3060ti Out Of Stock
3070 1200-1800
3080 1700-2500

Nope, it's as if we are back in February still. EU is not China.
 

nodfor

Posts: 111   +193
Achaios there is an improvement, in EU and Greek prices. Yesterday you could find 3070 LHRs for under 1k in Greece readily available. There were also LHR 3080s under 1.4k eur.
Today you can find 3060 for 649 eur
Still way too far from MSRP but it is an improvement. We have moved from around 3 times the MSRP to around 2 times the MSRP.
 

McMurdeR

Posts: 347   +345
It will probably take a while. It looks like a high proportion of the stock produced never left Aisa
 

SirDigby

Posts: 838   +664
TechSpot Elite
Well, Chinese miners are selling it in China and I don't live there so I can't snag one. Regardless, people should hold off just a little bit longer and they will be forced to drop prices even more.
Markets are still connected, demand in China significantly contributed to the lack of supply out of EU and US and thus driving prices up.
Honestly not seeing any improvement in the EU.
I mean, give it a bit? It's a trickle, not a tsunami.
In the UK they are nearing reasonable prices but part of bundles, but I did see an RTX 3090 bundled with a R7 5800X for £2250, suggesting £1850 price for the 3090, £450 above MSRP.
The EVGA 3700 FTW3 is £725 in its bundle which is like £200 above MSRP, but EVGA and particularly the FTW3 models are the pricier of partner boards anyway, so probs only £100 above normal.
 

Achaios

Posts: 210   +573
Achaios there is an improvement, in EU and Greek prices. Yesterday you could find 3070 LHRs for under 1k in Greece readily available. There were also LHR 3080s under 1.4k eur.
Today you can find 3060 for 649 eur
Still way too far from MSRP but it is an improvement. We have moved from around 3 times the MSRP to around 2 times the MSRP.

This is not the case. The prices I quoted come straight from Skroutz.gr and of course you cannot find a 3070 for under 1k in Greece.

See for yourself:

https://www.skroutz.gr/c/55/kartes-...ce-RTX-3070.html?from=autocomplete&o=3070+rtx

I don't know why you think that I somehow made up the prices I mentioned but to clarify these are today's prices from the biggest e-shop in Greece, Skroutz.gr.

 

arrowflash

Posts: 474   +511
No one should purchase any cards that have been used in mining, not only because of the reliability problems but also on principle. Unless they sell them at like 15% of MSRP or lower, maybe then I would consider getting one. Let the miners lose all their investment on hardware.

(all wishful thinking, of course... these last 6 months have shown that modern "gamers" are like meth and crack addicts...)
 

terzaerian

Posts: 991   +1,439
And I wonder how prolonged mining affects GPUs in terms of longevity and thermals if I replace the thermal paste. Anyone with experience on this?
I've only ever heard mixed opinions on this. The common wisdom is that heat = bad and a mining card has run hot for some time, but then I've also heard is that it's less heat that's the killer as thermal cycling (e.g. going from hot to cold repeatedly); in that light, a gaming card gets worn out faster (especially if it's been overclocked) than a dedicated mining card that stays hot consistently (especially if the miner chooses to run it at factory spec or underclocked, which many professionals do). But then we get into weird things like electromigration being exacerbated by heat or something and I just throw my God damn hands up in frustration. As a casual miner with one card in one rig it's a matter of concern for me.

At any rate, any news that will shut whiny, entitled, greedy gamers the **** up is good news.
 

nodfor

Posts: 111   +193
This is not the case. The prices I quoted come straight from Skroutz.gr and of course you cannot find a 3070 for under 1k in Greece.

See for yourself:

https://www.skroutz.gr/c/55/kartes-...ce-RTX-3070.html?from=autocomplete&o=3070+rtx

I don't know why you think that I somehow made up the prices I mentioned but to clarify these are today's prices from the biggest e-shop in Greece, Skroutz.gr.
Key word in my post is yesterday. The cards under 1k sold out but they were available for some hours. It had been some time since we saw an rtx 3070 readily available on a retailer in Greece under 1.6k, let alone 1k eur.
 

Lionvibez

Posts: 2,433   +2,061
They keep the boxes, put the card back in and shrink wrap it to make it look like it was used. NEVER underestimate the lengths the Chinese will go through to scam people!

While I understand your example he said they will end up at Retail Stores.

Things maybe different in china but how many retails stores don't buy directly from the manufacturer? Where they are buying in volume.
 

m3tavision

Posts: 683   +449
While I understand your example he said they will end up at Retail Stores.

Things maybe different in china but how many retails stores don't buy directly from the manufacturer? Where they are buying in volume.

Because those cards originally come from China anyways, so how is any Retailing buying them, to know if it was previously used, if the packaging is original...?


There is a now famous photo of out of the boxes RTX laptop propped up like a teepee on shelves, all being used for mining, with original cable and everything still intact, with the peel-off protective coating still all over the laptop... Cables still bundled together, etc...


All being used in a mining farm, before they are shipped as new through retail channels...!



 

godrilla

Posts: 285   +144
And who said, "Communism doesn't work"?
True but it seems that capitalism also has a double edged sword. Them scalpers are in a panic because prices are in a freefall! The window of opportunity to purchase a card at close to msrp is upon us. Hopefully this will last. Also capitalism and not communism allows for such shiny cards.

Also rumors of Etherium 2.0 keep on surfacing.

Update anyone buying a mining card make sure to reapply thermal paste and pads. I've seen performance degradation in a significant way after mining for a few months.
 
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CybaGirl

Posts: 69   +29
I've only ever heard mixed opinions on this. The common wisdom is that heat = bad and a mining card has run hot for some time,

Kind of correct but it also depends on what model card and the brand is being used. For example I would never purchase a Gigabyte card.

My GALAX RTX 3060 Ti EX (1-Click OC) runs really cool and the fan only runs at 30% capacity. Most mining rigs have their GPU's underclocked so to speak. So it is fair to say that the longevity or a mined GPU would last longer than a GPU used for gaming and has been overclocked. Ok fans might need replacing? But they are easily replaced these days.

For example. My single GALAX RTX 3060 Ti EX (1-Click OC) in my little mining rig is running at:

Temperature: 54 degrees celsius.

VRAM Temperature: 50 degres celsius.

Power: 120W (which is far less than if I was gaming with it)

but then I've also heard is that it's less heat that's the killer as thermal cycling (e.g. going from hot to cold repeatedly); in that light, a gaming card gets worn out faster (especially if it's been overclocked) than a dedicated mining card that stays hot consistently (especially if the miner chooses to run it at factory spec or underclocked, which many professionals do). But then we get into weird things like electromigration being exacerbated by heat or something and I just throw my God damn hands up in frustration. As a casual miner with one card in one rig it's a matter of concern for me.

True just like starting a car engine and driving around the block and coming home. More damage this way than one that is constantly driven. Example a Taxi.

Either way nothing for you to worry about.


At any rate, any news that will shut whiny, entitled, greedy gamers the **** up is good news.

True and remember the money you make from mining pays for the card sooner or later. Where as gaming does not pay you anything. So even if you was to mine with a couple of cards once the investment is recovered everything from then on is profit which can be used to by another card for dedicated gaming if you wish.
 

captaincranky

Posts: 17,434   +6,153
Them scalpers are in a panic because prices are in a freefall!
Fu*k 'em if they can't take a joke..:p

The only real relief I see in sight, is when TSMC and Samsung get their new US fabs up and running. Who knows, maybe we'll even be able to buy cars at somewhere near book value.
 

duckofdeath

Posts: 448   +586
They keep the boxes, put the card back in and shrink wrap it to make it look like it was used. NEVER underestimate the lengths the Chinese will go through to scam people!
They don't keep the boxes. They make new ones that looks like the originals. I mean, the fake products these days are almost impossible to spot. It's made even harder by the fact that manufactures themselves makes so many different boxings, for special events, specific retailers, regions and all that. You'd have to register your product at the manufacturers to figure out how old it is and by then that eBay or Amazon seller is vanished into thin air with your money.