Miners spent $15 billion on graphics cards, and now they want to get rid of them

Over the last 18 months, miners have spent a fortune buying graphics cards. According to a report by Bitpro Consulting, Ethereum miners spent a total of $15 billion on graphics cards during that time perioda dizzying amount that alone explains the crisis that the sector experienced in the last year and a half, and that will help you understand why you couldn’t buy a new generation graphics card at its recommended price.

That figure only includes spending on graphics cards, which means Ethereum miners spent an absolute fortune on PC components for a year and a half. to take advantage of the second bubble that the cryptocurrency sector has experienced and that, as we have already told you in MuyComputer Pro, it has exploded hopelessly, and with such force that it has not yet reached the bottom.

Now that mining Ethereum is no longer profitable, and that Ethereum is on the verge of transitioning to Ethereum 2.0 (it will no longer be possible to mine with graphics cards), miners are in a difficult situation. Their mining rigs are a burden, and graphics cards “burn” their hands. They are aware that they must get rid of them as soon as possibleand that is precisely what they are beginning to do, although they have not yet lowered prices excessively, unfortunately.

Graphics card market in the short and medium term: Is it worth buying a used graphics card to mine?

With the current panorama I think that the thing is very clear. The price of graphics cards will continue to decline in the coming months, and the second-hand market will see tremendous growth on the supply side, thanks to the flood of used graphics cards that is already taking place. It will only be a matter of time until prices drop noticeably in both markets (first and second hand).

At this point, you are probably wondering if it is worth seizing the moment and buying a graphics card that has been used for mining. This was a topic that we already touched on at the time in this guide, and everything I said at the time can be brought up directly. Personally, I would not buy a graphics card that has been used for mining, even if they gave me a guarantee, because in the end I would be giving money to one of those people who caused the huge crisis at the end of 2020.

If the moral issue worries you less, keep in mind that buying such graphics cards always involves a risk. You may buy one and it will work fine for a while, but the opposite may also be the case. In the end, the decision is yours, but be aware of all the risks involved, and that it is probably more worth spending a little more to get a new model that will have a guarantee.