The Ethereum merger The blockchain upgrade, which transformed the blockchain into a Proof-of-Stake consensus system, triggered a sharp drop of nearly 60% in graphics processing unit (GPU) prices, with Chinese sellers reporting that equipment prices hit their “bottom level”. already”.
Local GPU vendors that were once highly sought after by crypto miners, such as those using Nvidia’s GeForce RTX 3080, RTX 3080 Ti, and RTX 3090, previously demanded up to three times their recommended retail prices, The South China Morning Post reported.
Those looking to buy an RTX 3080 in mainland China should be prepared to spend around 5,000 RMB ($700). Three months ago, the same equipment would cost them around 8,000 RMB ($1,100), according to a local electronics merchant.
At the same time, prices for consumer GPUs produced by major manufacturers such as Nvidia and AMD have also fallen following the Bitcoin crackdown in China. This may be related to a recent report that shows Bitcoin mining revenue is approaching an all-time high.
In line with Beijing’s fight against online crypto trading, the Cyberspace Administration of China struck again last August, closing some 12,000 accounts. Some 51,000 posts were deleted and 105 websites taken offline for allegedly hosting “cryptocurrency marketing” materials that included tutorials explaining how Chinese citizens can engage in cross-border transactions and advising Chinese readers on how to perform crypto mining despite the crackdown.
Despite the 2021 crackdown Launched by the People’s Bank of China (PBoC), crypto-focused discussions on popular Chinese social media platforms remain widespread.