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Chinese language mining exodus results in surplus in ASIC and GPU secondary market and decrease costs

As bitcoin miners crawl in China, the second-hand markets offering cryptocurrency mining rigs from ASICs to GPUs are exploding with a surplus. In addition, the ASIC manufacturer Bitmain stopped selling machines on Wednesday and stopped international spot deliveries.

Official crypto mining rig dealers are either sold out or suspended, secondary markets explode with mining products and low prices per hash

The number of miners fleeing mainland China appears to have increased sharply since the Sichuan raid. Bitcoin's total hashrate has fallen below 100 exahash per second (EH / s) and remains just below that metric on Thursday morning (EST).

There have been a number of developments since the first raids in five different provinces, including pools that have lost hash power and mysterious hashrate is returning. Another thing that's happening right now is the excess surplus of crypto mining rigs that is popping up in the second markets.

Chinese mining exodus leads to surplus in ASIC and GPU secondary market and lower prices

The abundance of cryptocurrency mining machines in secondary markets is on marketplaces like. to see Alibaba, JD.com, Tmall, and more in China. An excess of mining rigs can also be seen in marketplaces dedicated to the Western Hemisphere.

You will find an oversupply of application-specific integrated circuits (ASICs) and graphics processors (GPUs) on Ebay and Amazon. The prices per unit and hashrate are much lower compared to the ASIC and GPU prices 60 days ago. Since the recent raid in China, secondary market stocks have risen sharply and prices per machine are much lower.

A report of the South China Morning Post (SCMP) says prices for Asus and Nvidia GPUs are down two-thirds from the product's highs two months ago. For example, a vendor on Tmall (an online subsidiary of JD.com) sold an Nvidia Quadro P1000 model for 2,429 yuan ($ 376) after Quadro P1000 prices exceeded 3,000 yuan (US $ 500) during the crypto market price spike Dollars). The Asus RTX3060 has dropped to 4,699 yuan ($ 726) from 13,499 yuan ($ 2,087) in the JD.com Tmall franchise store.

Similarly, ASICs abound too, and the price per hashrate is much cheaper than it was when the crypto bull market got parabolic. The surplus of ASICs includes brands like the Antminer series S19 and S19j from Bitmain, the Whatsminer series M30S and M30S ++ from Microbt, the Terminator series from Innosilicon and the Avalonminer series 1246 and the 1166 Pro from Canaan. Of course, older machines like Bitmain's popular S9 series are far more common than the next generation miners mentioned above.

While the hashrate has plummeted and the price of BTC has fallen over 40% since peaking two months ago, Bitcoin mining is generally still quite profitable. A 100 terahash per second (TH / s) rig made by Bitmain or Microbt can make a person $ 17 per day per machine.

Those 100 TH / s profit calculation numbers for BTC's current exchange rate on Thursday – $ 0.12 per kilowatt hour (kWh) and over 3,200 watts of power drawn from the wall per machine. Older machines won't process at 100 TH / s, but any machine over 20 TH / s and consuming around 1,530 watts of energy can still make $ 0.50 per day ($ 0.12 per kWh) after electricity costs.

What do you think of the explosion in the surplus of used mining rigs and lower prices for ASICs and GPUs? Let us know what you think on this matter in the comments below.

Tags in this story

100 TH / s, Alibaba, Amazon, ASIC, ASICs, Bitcoin Mining, Bitmain, Canaan, China, Chinese Mining, Crypto Mining, eBay, Exahash, GPU, GPUs, Innosilicon, JD.com, Mainland China, Manufacturer, Microbt, Mining, Mining in China, Mining Platforms, Secondary Markets, Strongu, Terahash, Tmall

Photo credit: Shutterstock, Pixabay, Wiki Commons, Tmall

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