Finding new graphics cards at reasonable prices has been nearly impossible lately, but that could be about to change after GPU prices in China plummeted by as much as 66% following a number of crypto-mining shutdowns in Sichuan, Xinjian and Inner Mongolia.
According to a recent report by South China Morning Post, recent from China crackdown on cryptocurrency is wreaking havoc on crypto mining operations across the country, leading to a drop in demand for graphics cards and significant price drops for GPUs at a number of China’s largest online retailers.
The SCMP found that today, the list price of an Asus-branded Nvidia RTX 3060 GPU was only 4,699 yuan (about $ 725), compared to 13,499 yuan (about $ 2,085) seen in early May. . And while a price of around $ 725 is still double the typical Nvidia MSRP of around $ 330 for an RTX 3060 card, it’s still a huge price drop in just over a month.
More Nvidia’s line of Quadro cards are generally not aimed at general consumers, the SCMP also noted that the prices for an entry-level Quadro P1000 GPU have increased from around 3,000 yuan (around $ 465). to 2,429 yuan (about $ 375) over the same period.
The driving force behind the fall in GPU prices in China is China’s recent move to ban financial institutions and payment services from supporting cryptocurrency, effectively banning the use of Bitcoin and others. crypto coins as legal tender, while also prohibiting online exchanges from converting crypto to traditional currency. fiat currency (or vice versa).
In addition, as China seeks to reduce its carbon emissions and better manage its power generation, a number of power plants in Sichuan and other regions have recently cut power to a number of operations. crypto-mining, taking huge amounts of mining rigs offline.
Naturally, this has caused a ton of volatility in the crypto market, with the price of major crypto coins like Bitcoin and Ethereum falling 50% or more since reaching all-time highs in mid-May.. More GPU prices outside of China haven’t fallen as dramatically, it looks like GPU prices here in the US are starting to pick up as well.
Just last week, the last edition of Tom’s gear The GPU price index showed that the prices of the current cards had gone down somewhere between 4% and 12% during the first two weeks of June, depending on the specific model. That said, with cards like Nvidia’s RTX 3070 and AMD’s 6800 XT still going to double their MSRP, that’s going to take a while until the prices approach what most people would call normal.
However, between the crackdown on crypto in China and the recent release of new Nvidia GPU earlier this month it looks like we might finally to be able to see a little light at the end of the tunnel.