Since 2017, cryptocurrency mining has exploded in popularity due to the crypto-fever that almost everyone contracted. And as the demand for high-end Graphics Processing Units (GPUs) grew, so was the cost. Now, with the stubborn fall of Bitcoin’s price, so is the price of these prized processors.
Supply and Demand
It was in 2017 when Bitcoin and other cryptocurrencies rose to ridiculous heights. Nakamoto’s crypto peaked to $19,000, Ethereum rose, while previously-ignored Litecoin, Dashcoin, and many others were noticed and skyrocketed in price as well.
As of the time of writing, Bitcoin is trading at $6,200.10 at CoinMarketCap, while the rest of the top ten cryptos are in the red, save for Tether. With this, GPU miners are witnessing a sharp decline in the price of topnotch rigs, as predicted by experts.
A few months back, AMD’s OEM 4GB RX 580 six-pack GPU costs around $3,600. Now, they are selling for $2,500. That’s a sharp $1,100 price in a span of three months. One NVIDIA GeForce GTX 1080 Founders Edition, 8GB GDDR5X PCI Express 3.0 GPU was priced at $1050 each. Now, it costs only $709.
There is always the risk of losing out on the investment; the cryptos’ prices remain mercurial at best. But many are hopeful, as other experts are predicting that Bitcoin, the chief crypto, is only following a trend that occurred in 2013 and 2014. Before this year ends, many are projecting that the crypto will bounce back higher than it did in 2017.
We can hope. Many might lose, and the activity might not pay out accordingly. But what if it does? Many are hoping it will.