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The GPU power going into the ethereum network has dropped by 19% in just one month


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The ethereum cryptocurrency's total network hash rate has dropped by 19% in just a single month. That's the total power going into generating blocks, and represents the amount of hardware being pointed at the GPU-centric algorithm. This hefty drop in the network hash rate just highlights the huge impact that China's recent crypto crackdown has had on the industry.

 

You can see in the graph below (via Etherscan) that the hash rate has started to level out after the recent, significant drops. That would seem to suggest this is purely based on the systemic shutdown of graphics card mines in China.

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Yep, and some cards are hitting eBay. Prices are still higher, but some are dropping depending on what you have. I feel if profits continue to sink on mining, a 2nd wave will hit rather largely. Sounds great as I buy every GPU on the planet partially for mining. 😂

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On 06/07/2021 at 14:15, BWG said:

Yep, and some cards are hitting eBay. Prices are still higher, but some are dropping depending on what you have. I feel if profits continue to sink on mining, a 2nd wave will hit rather largely. Sounds great as I buy every GPU on the planet partially for mining. 😂

 

fleabay prices for new custom 3090s and 6900XT are coming down a bit also, but less so then the lower-tier models, in percentage terms. I'm sure glad that I got my Ampere and BigNavi at a lower MSRP (and no tariff here) than is still being advertised at regular vendors, much less eBay (there, still hefty premium). 

 

On Ethereum (and select other) mining, some big mining farms in China are indeed shutting down and unloading, ahem, *used* GPUs (mostly 3060s +-). Other big Chinese mining farms are apparently relocating in Kazakhstan...

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