Chinese Cryptocurrency Crackdown – Second Hand Markets Flooded with Graphics Cards

Fuck miners/minors/minorities.

China seemingly has had a massive hardon for cracking down on cryptocurrency mining operations after seemingly banning such practices, considering that China is responsible for majority of the cumulative hashrate among networks such as Bitcoin and Ethereum this has resulted in such miners either forcefully or preemptively shutting down their entire operations and flooding second hand market with graphics cards for rock bottom prices.

The Block, a cryptocurrency focused urinalist website was the first to report on the severity of the situation of an abundance of ex-mining cards finding their way onto the second hand market all at the same time.

With general listings for GeForce RTX 3060 graphics cards from anywhere between 2200 to 2899 Yuan or rather $385-447 but in the instance of the listing on the far left the seller instead has updated their pricing to as low as 1760 Yuan / $271 USD on the basis of constant lowball offers from over 60 different potential buyers.

While another individual for the middle listing showcases a plethora of assorted graphics cards ranging from the RTX 3060 to the RTX 3090, even including the RX 6800/XT and 6900 XT.

However when translated the listing in particular says that RTX 3000 series graphics cards are on sale for 50% off however the sale is a pickup only at a power station along the Yarlung Tsangpo river.

With such prices as $463 for a RTX 3060 Ti, $601 for the RTX 3070 or just $848 for an RTX 3080 which are fairly decent prices.

The third seller on the far right are trying to sell an array of gaming laptops featuring an RTX 3060 Laptop GPU, obviously used for mining for 6850 Yuan or $1057 USD each.

Thankfully this seller has been met with tons of comments stating how the listed price is simply far too high, going as far to state that even half that is simply too much with commenters stating that they’d only consider buying if they’d sell for less than $461 USD per unit.

Not only that but it seems that other individuals looks to be whoring out their entire mining operation with one listing showcasing a bitcoin mining farm in Sichuan with directly supplied electricity from hydroelectric dams for as low as 0.37 Yuan per kWh.

Previously before this entire flash sale of individualized units potential sellers tried to sell their wares in bulk, with the listing including a literal army of R9 Fury X and NANO graphics cards, or just about anything that can produce a hash rate.

Though obviously they’ve been rather unsuccessful in offloading their graphics cards as prices have rapidly fallen since these bulk listings.

With miners flooding the second hand market with their mining hardware due to the crackdown by their communist overlords this is obviously a great sign for dirty chinks who desire a graphics card though this is not exactly good news for the rest of the world.

Because you may recall a report that NVIDIA were to ramp up production of the RTX 3060 LHR specifically for sale in Chinese internet cafes…. well what’s the entire fucking point of that shit now when those dirty commie grubs will probably stock their systems with used cards for dirt cheap by comparison. NVIDIA would’ve been better off actually servicing their customers and not catering to communist faggots instead but I digress.

Because the ban on cryptocurrency mining farms by the Chinese government is directly responsible for the surge in price that Ethereum has received over the last month. Since majority of the network hash rate is centralized entirely within China with these mining operations being ceased that in turn results in less supply of ETH raising the price in return, and raising the profitability slightly for everyone else as difficulty is then lowered.

So in all honesty the only people benefiting from this entire ordeal are Chinese consumers and those in a first world country continuing the fuck us over by mining Ethereum while NVIDIA continues to pretend they’re our friends by giving their shitty wares away to Chinese internet cafes.

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