GPU Prices Dip in Chinese Market Due to Cryptomining Ban
Some GPUs already cost less, but the biggest reductions are noted in China, where the prices of selected models are even 45% lower. Let's hope it is not a temporary tendency.
- Some GPU models are already 45% cheaper on the Chinese market;
- The main reason for such price reductions may be the cryptomining bans.
After months of sustained high prices of GPUs downward trends are emerging. As Tom's Hardware reports, the difference is felt most in China, where the price reductions for some models are much more spectacular than on the global market. For example GeForce RTX 3060 can be found for up to 45% less.
This model of the card produced by Asus in the OC Edition version can be bought in China for just over $800, while in May it cost up to $1500. The biggest price differences are visible in the middle segment - RTX 3070 got cheaper by 24%, while the flagship RTX 3080 Ti costs only 5% less. The current situation in the cryptocurrency market in China is cited as the main reason for the price cuts.
Due to the Chinese government's bans on cryptocurrencies (such as bitcoin or Ethereum), their mining in Inner Mongolia, Sichuan and Xinjiang provinces has been banned. These provinces were the most profitable for mining companies due to their well-developed energy industry (and thus cheap energy).
The miners had some hopes for Sichuan, where much of the energy comes from hydropower (renewable sources). However, this area has not been excluded from the ban or given special treatment in any way. The power companies there have been instructed to monitor the energy consumption of individuals and report any irregularities to the government administration.
As you can see, the declines in GPU prices registered on global markets may be mainly due to Chinese restrictions on crypto mining. However, it should not be forgotten that the electronic market is still facing a shortage of semiconductors and the associated higher component prices. Nevertheless, I hope that lower GPU prices are not a temporary phenomenon and the downward trends will be maintained.
