RTX 3060 now selling for below MSRP in china following expected and unsurprising crypto crash

[Rym]

RTX 3060 units which have been used for mining are now being sold for 270$ a piece on the chinese second hand market.

 

"The  Block is reporting that a "large batch" of GeForce RTX 3060 graphics cards with prices ranging anywhere between $336-$450 or so... but the seller didn't get many buyers, so the prices were reduced to $270. Another seller is getting rid of every single gaming laptop they purchased for crypto mining, and selling them for around $1000"

 

Source: https://www.tweaktown.com/news/80492/crypto-crackdown-geforce-rtx-3060-now-costs-270-second-hand-in-china/index.html

 

My thoughts:

 

This is not surprising in any way at all, i have already said beforehand that this will be the expected result of cryptomining down the line, and people thought i was stupid because they were blinded by the promise of getting rich quickly.

However, cryptomining clearly uses large amounts of resources, and in fact energy equal to multiple nuclear power plants, which prompted the government to shut down the operations entirely.

 

Moreover, i have already expected these cards to not even sell at MSRP but well below it, because they were mined cards which can break at any time. People were vehemently against my pov, but reality is once again proven by no one buying these mined units forcing the miners to sell them at below 300$.

[jaslion]

Crypto really can't go belly up soon enough globally. I need a new gpu for work and if I can avoid paying 2-3x the price for a card I will do so :p.

[Garak]

I wouldn't be so sure. Crypto is in a bit of a crab market right now, but it won't be forever.

 

This has more to do with China, than Crypto. A lot of Chinese individuals will be in the process of moving their rigs to other countries, and in time we will see BTC climb once again.

[RejZoR]

In a way I hope they'll never sell them. As a reminder, nothing else.

[Guest]

me hoping crypo crashes so all the cringe crypto content goes away 

[Icarus_Radio]

This news is bullshit. I will tell you what happened in China in the last few weeks. Most scalpers uses the "XianYu" (a popular second hand market in China similar to ebay) to sell scalped GPUs, which is often a little bit more expensive than their labelled price on retailers. Baidu tieba "Graphics Card" (you can think of it as Reddit r/graphicscard) users said they had enough of these filthy scalpers, they just put up posts of graphics cards with price the same as or below MSRP on XianYu, so that regular users who wish to buy a card on it would be overwhelmed by these MSRP prices, and difficult to find the scalpers. If any user places an order, they will just tell them they do not have the card and put up another new post. Most of these posts have "dddd" in it, which is abbreviation for "you know what I mean" in Chinese.

 

Graphics card's price are way from MSRP, you still have to wait for a bit more.

[Taf the Ghost]

Going to need to fire up the Jensen memes soon.

[tikker]

2 hours ago, Rym said:

This is not surprising in any way at all, i have already said beforehand that this will be the expected result of cryptomining down the line, and people thought i was stupid because they were blinded by the promise of getting rich quickly.

Crypto veterans and adequately informed people were not at all unaware or afraid of a crash. It's the FOMO people that unfortunately were blind with profit and got hit the hardest, but that's not unique to crypto.

2 hours ago, Rym said:

Moreover, i have already expected these cards to not even sell at MSRP but well below it, because they were mined cards which can break at any time. People were vehemently against my pov, but reality is once again proven by no one buying these at full price mined units forcing the miners to sell them at below 300$.

FTFY. If well treated mining cards aren't worse off than gaming cards. I wouldn't pay (above) new price / MSRP (whichever they sold for) for any second hand GPU. With mining there is the added uncertainty of how the user has treated them so of course they have to sell at a lower price.

 

2 hours ago, Rym said:

but the seller didn't get many buyers, so the prices were reduced to $270.

And this is exactly what we all should have done from the start. Instead of complaining about scalpers and what not, simply don't buy them at double or triple the price. Not from scalpers at least.

[Fasterthannothing]

1 hour ago, Icarus_Radio said:

This news is bullshit. I will tell you what happened in China in the last few weeks. Most scalpers uses the "XianYu" (a popular second hand market in China similar to ebay) to sell scalped GPUs, which is often a little bit more expensive than their labelled price on retailers. Baidu tieba "Graphics Card" (you can think of it as Reddit r/graphicscard) users said they had enough of these filthy scalpers, they just put up posts of graphics cards with price the same as or below MSRP on XianYu, so that regular users who wish to buy a card on it would be overwhelmed by these MSRP prices, and difficult to find the scalpers. If any user places an order, they will just tell them they do not have the card and put up another new post. Most of these posts have "dddd" in it, which is abbreviation for "you know what I mean" in Chinese.

 

Graphics card's price are way from MSRP, you still have to wait for a bit more.

I figured this is what happened because the market in the US isn't cooling down much and I can tell you right now my mining rigs are already starting to make more money than they were a month ago. As much as I'd love the crypto crazed GPU frenzy to go away it's going to be a while.

[StDragon]

2 hours ago, SlidewaysZ said:

I figured this is what happened because the market in the US isn't cooling down much and I can tell you right now my mining rigs are already starting to make more money than they were a month ago. As much as I'd love the crypto crazed GPU frenzy to go away it's going to be a while.

Doesn't matter how much hardware is dumped in China. If it's not on US shores, then the supply simply isn't there to meet demand.

All this news does is project the current trend, but that momentum will probably take until later in the fall for prices to come down to sane levels.

[CTR640]

Indeed a bullshit news. It only applies to China, not somewhere else like in EU and US, not even in North Pole!

[BuckGup]

It’s like when people see crypto they have to do everything in their power to not educate themselves on it. All I see is wild misinformation and unneeded hate. It’s simply the next iteration of our currency and that’s that. 

[Brooksie359]

6 hours ago, BuckGup said:

It’s like when people see crypto they have to do everything in their power to not educate themselves on it. All I see is wild misinformation and unneeded hate. It’s simply the next iteration of our currency and that’s that. 

I like it when people assume people are ignorant whenever they disagree with them rather than realizing that maybe they simply have a difference in opinion .  

[TetraSky]

Too bad this won't affect prices outside of China.

[Moonzy]

cheaper GPUs for everyone! yay

 

time to collect every model i can get my hands on

[Tellos]

16 hours ago, Garak said:

I wouldn't be so sure. Crypto is in a bit of a crab market right now, but it won't be forever.

 

This has more to do with China, than Crypto. A lot of Chinese individuals will be in the process of moving their rigs to other countries, and in time we will see BTC climb once again.

China limits how much of your wealth "determined by them" can leave the country. 

[CrmCrumbz]

Idk, I would be skeptical of buying a gpu thats been mining its whole life, atleast new ones will be more readily available

[LAwLz]

15 hours ago, Brooksie359 said:

I like it when people assume people are ignorant whenever they disagree with them rather than realizing that maybe they simply have a difference in opinion .  

I mean, it's pretty obvious that a lot of the anti-crypto crowd fundamentally don't understand how electronics work. For example several people in this thread thinks that mining breaks your card and therefore don't want to buy a second hand card that has been mined on. 

 

It's not really a question of opinions in those cases. 

[Curufinwe_wins]

18 minutes ago, LAwLz said:

I mean, it's pretty obvious that a lot of the anti-crypto crowd fundamentally don't understand how electronics work. For example several people in this thread thinks that mining breaks your card and therefore don't want to buy a second hand card that has been mined on. 

 

It's not really a question of opinions in those cases. 

In fairness, there was an era in which the mining community more commonly ignored the cost of ele and ran rigs far hotter, and rougher to eek the last bit of perf out of it. I don't think I'd ever have been willing to buy a mined 290 unless I knew the person mining them and how they ran their rigs.

 

But those days are long since past and undervolting is ruling the roost in recent generation cards with low perf overhead out of box.

[BuckGup]

15 hours ago, Brooksie359 said:

I like it when people assume people are ignorant whenever they disagree with them rather than realizing that maybe they simply have a difference in opinion .  

The issue isn’t opinions it’s misinformation. People can say they hate crypto, that’s all fine and dandy, but then they back up their claims with crazy numbers pulled from their asses or just propaganda bullshit

[Icarus_Radio]

Did anybody remember this news?

China orders crypto mining shut downs in more regions - Tech News - Linus Tech Tips

 

And did anybody notice that the network hashrate of ethereum is growing recently? Fun fact, these mining farms that are supposed to shut down just went back online. Other smaller farms just transfer cards to other places in China, and since they are small, they can just stash the rigs in some warehouses. As a result, the price of GPU in second-hand market of China has risen once more. Bye bye MSRP cards.

[WolframaticAlpha]

mfw I read this:

Let's keep the train rolling. Scalpers are next.

 

In the words of Mr. Tech Tips:

Spoiler

"Say with me. Fuck you scalpers! Fuck you scalpers!"

 

 

 

Celebrations aside, we really need to fix this reseller problem in rest of the world. We might also see Wish and Aliexpress flooded with gpus, but that won't fulfil the demand. Also, expect an influx of GTX 750s masquerading as RTX 3070s. The mining gpus will also be useless without some serious modding.

[tikker]

3 minutes ago, Icarus_Radio said:

Did anybody remember this news?

China orders crypto mining shut downs in more regions - Tech News - Linus Tech Tips

 

And did anybody notice that the network hashrate of ethereum is growing recently? Fun fact, these mining farms that are supposed to shut down just went back online. Other smaller farms just transfer cards to other places in China, and since they are small, they can just stash the rigs in some warehouses. As a result, the price of GPU in second-hand market of China has risen once more. Bye bye MSRP cards.

I don't have a source handy atm, so take this for what you will, but an important part here is also the distinction between actual miners in China and a big chunk of the hashrate being there. The latter are just miners around the globe that happen to mine on a pool there. Take that pool down, the hashrate will simply move to another one. Of course as you say these farms are likely similar to piracy sites as well. Take one down and it'll just pop up elsewhere tomorrow.

[Brooksie359]

45 minutes ago, LAwLz said:

I mean, it's pretty obvious that a lot of the anti-crypto crowd fundamentally don't understand how electronics work. For example several people in this thread thinks that mining breaks your card and therefore don't want to buy a second hand card that has been mined on. 

 

It's not really a question of opinions in those cases. 

True but I see people disregard valid arguments simply saying they are ignorant. I mean I wouldn't be too inclined to buy a mining card unless I knew they took good care of their cards granted that is what I would do with any second hand card. 

[LAwLz]

29 minutes ago, Brooksie359 said:

True but I see people disregard valid arguments simply saying they are ignorant. I mean I wouldn't be too inclined to buy a mining card unless I knew they took good care of their cards granted that is what I would do with any second hand card. 

I rarely see any valid arguments from the anti-crypto side though.

• "It uses a lot of power" - Yeah but so does a lot of things. Using a lot of power in and of itself is not necessarily bad. Gaming uses a ton of power every year as well but I'd guess that most people on this forum thinks that's fine.
   
• "It's not a real currency" - What even is a "real currency"? The US dollar and pretty much all other major currencies are fiat money as well that only have the value people put on it.
   
• "It's too volatile" and "it's a bubble!"- Yes but that's exactly why some people invest in it. Just look at GameStop if you want to see a similar situation where people pour money into something that is clearly just being bought because people think it will rise a lot in value so they can sell it. Except when it happened to GameStop this forum were apeshit and thought it was the best thing ever for some reason.
   
• "Miners are buying cards so I can't get any!" - There is no evidence that mining have had any significant impact on availably of graphics cards. Extremely high demand, lower than usual output from factories and difficulties shipping products, on top of other things such as new tariffs in the US on the other hand, have very well documented effects on the supply and demand chains. That's why all industries, not just graphics cards, are suffering from the same issues. Or are you going to blame miners for the difficulties producing mousepads and cars as well.

 

 

Also, why wouldn't you buy a mining card? If I were to buy a second hand card and I had to pick between a card that some gamer had, and some card a miner had, then I'd pick the card from the miner every day of the week, if I could be bothered to even make a distinction between the two.

GPUs aren't like car engines where they got a ton of moving parts that gets worn out. It doesn't matter if you run your GPU at 100% load or 50% load. It will not get more or less worn out.

The only wear that occurs on GPUs are the thermal compound getting dried up, or the cooling fins getting clogged up with dust, both of which are more likely to happen gamers than crypto miners.

Thermal compound gets dried up much quicker when it goes through lots of heating and cooling cycles, which is exactly what happens when you game. You start the PC (the GPU is cold), you play your game (the GPU heats up) and then you turn it off (the GPU cools down). Constantly heating up and cooling down your GPU will wear it down more than constantly running it at the same temp, even if that temp is high.

Since a lot of crypto miners also have multiple systems, the amount of dust in the room is more evenly spread out. The room doesn't become more dusty because there are more rigs mining crypto in them. It's the same amount of dust, but it gets distributed across more systems so each system is less dusty overall.

Besides, you could just clean the fins.

 

 

Maybe I am missing some arguments, I don't participate in crypto discussions that much (not interested in crypto), but those are the arguments I see get parroted all the time, and every single one of them is bollocks and comes from ignorance.