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These are not good times for crypto miners. From hoarding graphics cards to being one of the keys to GPU boredom and sheltering in illegal installations, to facing
These are not good times for crypto miners. From hoarding graphics cards to being one of the keys to GPU boredom and sheltering in illegal installations, to facing the closest thing to a perfect storm. The explosion in crypto values, along with the high cost of electricity, has victimized many miners. rethinking profitability the future of their activities… and the equipment the fat cows buy at the time, or at least when they believe it’s a good deal.
There is no need to speculate about the change in trend. It is evident in one of the most unexpected places: Wallapop. Mining rigs are coming to the second-hand trading platform, which coincides with the collapse of crypto values and the rise in energy prices, one of the main fixed costs for crypto miners.
Perhaps the most prominent data in some offers, high selling price. At Walapop you can find towers for 6,500, 17,999, 18,000, 28,000, 39,999… Even for 50,000 euros -“little negotiable”, he warns- that a user wants eight rigs of 3.5GHS power. The web also offers the assembly of a 3000 mh/s rig with the rtx 3090 for 65,000.
Similar announcements are also found on other platforms, such as Milanuncios, where two second-hand platform announcements were posted for 10,100 Euro less than a month ago, a little over a week ago for Etherum at 4,900 and finally another for Etherum. 4200 more people were added to the month of April.
Buying and selling equipment is just another indicator. trend change from the last few months. Reaching $68,000 about six months ago, Bitcoin fell below $24,000, the value it moved earlier this week.
The declines are equally evident in other cryptocurrencies and securities such as Ethereum, Cardano or Solana, which have partially evaporated the interest they aroused only a few months ago… and as a result, the attractiveness of mining itself as a profitable business.
If this scenario in itself is not complex enough, an equally important factor is added to it: the high electricity price, which is much higher than just a year ago, and forcing the Government to take measures such as a gas cap. Despite the recent decline, electricity was still 80% more expensive mid-week than in 2021. We went from €90/MWh just a year ago to €165.59 on average.
via | ForumCars
Cover image | Marco Verch Professional Photographer (Flickr)
Source: Xataka
Alice Smith is a seasoned journalist and writer for Div Bracket. She has a keen sense of what’s important and is always on top of the latest trends. Alice provides in-depth coverage of the most talked-about news stories, delivering insightful and thought-provoking articles that keep her readers informed and engaged.
