Graphic Card Prices Skyrocket Due To Crypto Miners

Graphic Card Cryptocurrency

In the market for a new graphics card? Prepare to be in a world of hurt due to the growth of cryptocurrency and the increasing popularity of Ethereum. These have combined to cause a massive shortage in the graphics card market. Not only are graphic card models not even in stock, the ones that are have prices that are fluctuating all over the map. The chaos is causing prices to jump week to week and in some cases day to day for the most popular cards.

Mining for Cryptocurrency

Cryptocurrency and more specifically, Ethereum, is the biggest culprit for the graphics card shortage. While cryptocurrency has been around for quite a while, the price of Ethereum exploded in the early part of the year, climbing from $10 in January to $50 in March. As of now it is sitting at $286, that high price is causing a rush of people wanting to score a huge profit through crypto-mining. Crypto-miners use graphics cards to mine due to its fast speed and efficiency over CPU mining.

Graphic Card Cryptocurrency

 

Effect on Graphic Cards

If you are in the market for a low end graphics card then you can largely breath a sigh of relief as these have been safe from the spikes in pricing. Because these graphics cards are not used for mining their prices have remained stable, cards like AMD’s Radeon RX 550/560 and NVIDIA’s GeForce GTX 1050/Ti.

You start to see the effect start in the mid range graphic cards, the supply of cards in this range are almost non-existent. While it may be possible to find a few available the price will be extremely inflated due to the lack of stock and high demand.

The card that has been hit the hardest is the NVIDIA GeForce GTX 1070. Before the rush at the beginning of the year, the 1070 was fetching around $350, however now you see the same card starting at $470. Because of this inflation the better option for a high end card for people in the market is the GeForce GTX 1080 which has been pretty solid in its pricing throughout the year. In most cases the price for the 1080 is going to be identical to the ballooned price of the 1070.

Graphic Cards Cryptocurrency

 

Bite the Bullet or Wait?

The hardest decision at this point is to guess when all of this will end. There isn’t an accurate way to predict those type of ebbs and flows, however, graphic card companies have just introduced new cards to be used exclusively for crypto mining, so they clearly see it as a long term issue. These specially designed cards cannot be used for gaming, and will hopefully help with the shortage. The end result will perhaps add more stock to the market but demand will still be high as long as miners see dollar signs in Ethereum. Given what we have seen I would expect prices to remain inflated for the high end graphic card market and only see drops as new cards are released and the line between high and medium moves.

 

More News

 

Share this article:

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on tumblr
Tumblr
Share on email
Email
Share on whatsapp
WhatsApp

Recent Posts

No Rest for the Wicked Key Art Gaming News

No Rest For The Wicked Launch Trailer

Many people are most familiar with Moon Studios from their games in the Ori universe. Those games are filled with some of the best and most complex platforming mechanics and …

Features

Are Subscription Services Like Xbox’s Game Pass Good for Developers?

People have questioned the benefit of Game Pass since its original release in 2017. Subscription services can have amazing benefits for the consumer but does it negatively impact developers? The …

Kamikaze Lasspalnes in game screenshot PAX East

A Plane Dating Sim? Kamikaze Lassplanes @ PAX East 2024

When we say that Shidosha has an interesting taste in games, we are not exaggerating. Are you into bullet hell shooters? How about dating sims? Well if that piques your …

No Love Lost - person fighting an alien creature PAX East

A Colorful Competitive Extraction Shooter – No Love Lost @ PAX East 2024

No Love Lost is a new extraction shooter from Ratloop Games Canada. You are dropped onto an alien world and have to compete against not only the enemy team but …

Heartworm game art. A woman with short dark hair holding a camera PAX East

A PS1 Styled Masterpiece – Heartworm @ PAX East 2024

PAX continues to deliver new and unique gaming experiences. This year, one of our favorite games was Heartworm, a PS1 style horror game with Tank controls. Inspired by games like …

Warframe and Soulframe Live Devstream at PAX East Gaming News

Warframe and Soulframe Make an Apprearance at PAX East 2024

Digital Extremes held their most recent Devstream live during PAX East 2024, celebrating 11 years of Wareframe. One of the most exciting bits of news was the deeper look into …