Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Coin_Gabbar on September 26, 2022, 03:40:06 PM
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The Ethereum network's transition to a proof-of-stake (PoS) consensus mechanism is driving institutional investor adoption.
As a result, prices for GPUs, which are frequently used for mining cryptocurrencies such as ETH, have plummeted in China.
As per a report published by a local media outlet, following the historic Ethereum Merge on September 15, the previously sought Nvidia GeForce GPUs have become much cheaper. Peng, a Chinese merchant, used the RTX 3080 as an example, stating that the GPU's price dropped from $1118 (8,000 yuan) to 5,000 yuan in three months.
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The Ethereum network is now under the POS mechanism so there is already no need for GPU mining equipment, that is why the price of them is now a lot more affordable. There is still a market for GPU since there can still be coins that are mined in PoW but the demand has dramatically dropped down. Good thing to see China not anymore benefitting with something they do not believe in the first place.
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I think it's time to buy more GPU, because there are still a lot of POW coins that have great potential for miner.
My friend bought GTX 1660 Ti at a high price in 2020, but now the price has dropped by more than 40%. The current GPU price drop seems to have happened when the BTC price dropped to $30k and it looks like a lot happened after the Merge, I hope the coin with consensus POW will be in the top 2 CMC someday