Cryptocurrency News

Prices for Nvidia GPUs Have Dropped in China Following Crackdown on Crypto Mining

Ever since the beginning of the cryptocurrency industry, not many countries had invested in the industry. There were hardly any countries that wanted anything to do with cryptocurrencies due to their decentralized nature.

However, as more exposure came to cryptocurrencies in 2017 and 2020, more countries have started moving towards the sector. While major investors from around the world try to acquire cryptocurrencies by purchasing them, countries go with a different approach.

Ever since the rise in the adoption rate for cryptocurrencies, countries have started mining cryptocurrencies on a large scale. Countries such as Ukraine, Russia, the USA, Iran, Venezuela, and many more have started setting up big mining centers in their countries.

This is because the more mining rigs they have in place, the more cryptocurrencies and Bitcoin (BTC), they would be able to mine. When it comes to mining rigs, one of the key components of the entire mining hardware is GPUs.

The GPUs in the mining rigs are responsible for generating hashrate in order to solve complex equations in order to earn BTC in rewards. As the number of mining centers and farms increased all over the world, the demand for GPUs also went up.

The best company at present in manufacturing top-notch GPUs is Nvidia that currently has no match or competition in the sector. The company is responsible for manufacturing GPUs that are the most demanded in the entire cryptocurrency mining sector.

When the entire world was thinking about adopting the mining sector, China had already been doing it for years. This is the reason the country was responsible for mining 34% of the total Bitcoin (BTC) in the entire world.

Therefore, China was responsible for purchasing the most amount of GPUs, thus, surging the prices for the GPUs to all-time highs.

However, the cryptocurrency mining sector in China is facing one of the worst situations. The Chinese authorities have reportedly started cracking down on cryptocurrency firms in the country and crypto-mining firms are at the top.

As the mining farms and centers are now closing down in China on a large scale, the prices of Nvidia GPUs have also started dropping. The reports also confirmed that Asus GPUs are also experiencing a drop in their prices.

According to the latest reports, the prices of both the Asus and Nvidia graphics cards have started becoming more affordable.

Out of the rest of the countries, the price of these graphics cards has dropped the most in China. A local media source in China has revealed that the prices of Asus graphics card RTX 3060 have dropped down from $2,100 to $730. As for the Quadro P1000 of Nvidia, the graphics card’s price was previously $470 and has dropped down to $380.

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