The Ethereum Merge finally happened and this generated some changes in the ecosystem. One of them has to do with video cards or GPUs that, not being necessary for mining in that network, begin to overpopulate the market.
With Ethereum now running Proof of Stake (PoS), the outlook for Ethereum miners presents two alternatives. As explained in NFTuloan News, on the one hand, they can opt to mine another cryptocurrency. Failing that, the way out is to say goodbye to their equipment and sell it.
In the hours after the Merge, it seems that several have opted for this second option. On Amazon‘s marketplace, you can already find many offers for GPUs that used to be the most used for mining Ethereum.
One of them is Nvidia‘s “flagship” model, the RTX 3090, which is offered at a 38% discount from its previous value, at USD 1,079. There are also other sellers offering them at slightly higher prices, with discounts close to 10%.
Similarly, the Nvidia RTX 3080 can be purchased with discounts of up to 25% at USD 939. There is even the possibility of purchasing it with a 43% discount from its previous price, at USD 864. A lower model of the same brand, the RTX 3070, is also discounted at 17%, with a price of USD 619.
The bear market for Ethereum miner GPUs begins.
Apart from Nvidia, products from the other main manufacturer in the graphics card market, AMD, are also starting to experience this oversupply. Its Radeon RX 6800 model can be found with discounts of 35% and 26% on the same marketplace already mentioned.
The growth in GPU supply could affect both the primary market (new equipment) and the secondary market (used equipment). In both cases, the arrival of sellers will allow demand to be more easily satisfied, which will lower equipment prices.
The situation could spread in the coming days. In fact, this is a phenomenon that has been noticeable since June of this year, and has increased with the arrival of the Merge, which left many miners unable to continue their activity and willing to sell their equipment.