Miners are dumping GPUs via livestreamed auctions

The crypto market is now in bear market territory, which means mining returns aren’t anywhere near as good as they were when everything was on the up and up during 2021. As profitability drops, miners are increasingly dumping their hardware onto the second hand market. If there are further losses, its possible we’ll see some truly epic GPU dumps.

It’s particularly noticeable in China, where mining was concentrated for years due to cheap electricity. Sellers are flocking to Xianyu (opens in new tab)—which is a bit like a Chinese eBay— and flogging off piles of unwanted RTX 30 graphics cards.

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