GPU prices increase exponentially as people want to mine cryptocurrencies at home

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There was a time when GPUs were mainly meant for gaming purpose or for those who work on graphics-intensive software. Now, with the cryptocurrency market seeing a sudden boom, not only are the investors interested in the cryptocurrencies but the public too. This resulted in an increase in demand for GPUs as well and now their prices have gone up considerably.

Basically, mining with just your old personal computer or laptop wouldn’t actually be feasible since you won’t be able to mine much of the cryptocurrency. To break it to you even a moderate GPU won’t be enough to mine much Bitcoins. For that, you will have to buy a pretty heavy rig. But still, you can mine other cryptocurrencies with a good enough GPU. Thus, seeing this, many people started to mine on their own, leading to an increase in demand.

If you were a born millionaire or accidentally became one then you won’t have a problem investing a huge amount to buy GPUs which shouldn’t be selling for what they are currently. You might be able to buy any of the high powered graphics cards you want, but trust us, not most of us have the luxury to do so. Therefore, the time has come, that even third party vendors are selling the graphics cards in bulk, like in a quantity of six or something like that. Though, sadly there still won’t be a breakpoint.

ALSO READ: BITCOIN MINING AND THE THINGS YOU NEED TO DO IT AT HOME

For instance, we have taken the example of XFX Radeon RX 570 8GB GDDR5 Graphics Card which is available as a pack of 6 units. The listing which you can view here clearly states the price of the pack of 6 to be  $3,695. Add $10.49 on top of this for shipping. Therefore, if you were to calculate the price of one such graphics card it would turn out to be around $617 something.

To break it to you, the card is heavily overpriced since the same card was launched with a much less price tag of $180; That’s nearly 3.5 times its original price. Yes, you would say that the graphics cards over at Amazon are factory overclocked and have custom cooling solutions, but it still doesn’t explain the price hike. This is because the same cards were selling for $225 a piece over at Amazon just a month ago.

If like me, your loyalty lies with the good old Nvidia, then the prices would again shock you. Over at Amazon, a pack of 6 PNY Geforce 1060 6GB cards are available for a hefty price tag of $3780. Though, thankfully there isn’t a shipping fee for Amazon Prime members. Now, after calculations again, the price comes to somewhat around $630 a piece. Comparing its lowest price of $218 around April 2017, the price seems to have increased around 3 times!

The point being that with already cryptocurrency mining becoming difficult day by day as more people start mining, the increase in price exponentially of the very thing which is used to mine cryptocurrency would dramatically decrease the profits. This, in turn, would surely make it totally infeasible for crypto mining to have a future.

To be honest, you are much better selling off your GPUs when they have overpriced already than to actually be able to reclaim your initial investment by mining.

Though, people are still flocking to buy such deals as the crypto business just seems so attractive to them. There have been listings which show themselves as being sold out, which just indicated the amount of public interest in the subject matter.

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