Good news! Crypto Miners Are No Longer Buying Graphics Cards

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Graphic card mining by cryptocurrency miners is one of the causes of the scarcity and the soaring price of graphics cards. However, now there is good news from China, which mentions a drastic decline in demand for graphics cards from miners in China. This news comes from ASRock, which predicts its sales will increase in the third quarter of 2021. Despite the decline in demand for graphics cards from crypto miners.

Decreasing Demand For Graphics Cards

This decline in demand for graphics cards from miners occurred partly because China also announced a ban on financial institutions or payment companies from providing services for transactions using cryptocurrencies. This will make it difficult to buy cryptocurrencies in China and may lead miners to switch to China’s campaigned Yuan digital currency.

Mining cryptocurrencies such as Bitcoin requires a computer device that consumes a large amount of power. That is one of the reasons China conducts raids. Because they think it’s not environmentally friendly.¬†Energy consumption from crypto mining in China could exceed 297 maintained per hour by 2024. More than the consumption of the whole of Italy. In fact, President Xi Jinping wants his country to be more environmentally friendly and reduce carbon emissions.

It is predicted that later, this phenomenon will make China lose its position as a center for mining cryptocurrencies such as Bitcoin and move to Europe or the United States. For your information, in the first quarter of 2021, there were 700 thousand units of graphics cards that fell into the hands of crypto miners. Equivalent to 25% of the total graphics cards shipped between January and March.

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Another good news is that ASRock expects shipments of AMD graphics cards to increase in the second half of 2021. Because AMD can increase its production capacity and increase the supply of its components. AMD CEO Lisa Su previously believed that shipments of his CPUs would increase in 2021.

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