An unwanted but plausible side effect of the recent ethereum price drop is that miners are selling off their graphics processing units (GPU) they used in ethereum mining on eBay, Craigslist and other such second markets.
Ether, the cryptocurrency on the ethereum blockchain, has seen major ups and downs over the last week with prices dropping to $130 levels and subsequent recovery. The price of Ether shot up to $400 in June, however excitement for the emerging technology has been waning and as economics of the network evolve, prices have dropped.
Ethereum isn’t the only cryptocurrency that has seen major declines over the last week, but an unexpected side effect of of this slump is that miners have started selling off their GPUs on eBay, Craigslist and other such online portals.
Head out to any of these portals and do a simple search “ethereum mining rig” and you will see hundreds of entries – most of which have been created in June and after – with 50 per cent of the listings published during last week when ether price dropped below $200.
If you head to classified ad website Craigslist, you will find nearly 150 entries pertaining to ethereum mining GPU sales with almost all of them created on or after July 11.
As a result, the development could have an impact, including stemming a rejuvenated interest from GPU manufacturers like NVIDIA and AMD, both of which saw sales and stock prices increase amidst the rally. Still, that’s not to say that manufacturers are deterred.
The Taiwan-based manufacturer Asus plans to launch two new GPUs later last month specifically for the cryptocurrency mining market, and sales results could do much to demonstrate market interest.