Global Supply of Graphics Processing Units Depleted Due to Cryptocurrency Mining Craze

As Bitcoin’s value continues to grow, cryptocurrency mining has grown into a vibrant economy. According to a recent article from the online tech shop and publication, Where Consumers Come First (Wccftech), the global supply of graphics processing units (GPU) are being depleted these days and are worth three times the original value in most cases.

Also read: Osforensics Founder Explains His Bitcoin Transaction Monitoring Tools

Demand for GPU Accessories Sees a Massive Resurgence

Back in the early days throughout 2010 through 2013 graphics cards were a hot item when it came to bitcoin mining accessories. During that time many manufacturers and suppliers constantly ran out of stock for AMD series graphics cards, Nvidia, and other types of GPUs. Since then within the current bitcoin mining environment, most miners have pivoted to using Application-Specific Integrated Circuit (ASIC) machines that process at far greater speeds than retail graphics cards. However, Wccftech and other graphics card retailers are now seeing a “massive resurgence” of GPU sales from the cryptocurrency space due to the popularity of alternative mining networks such as Zcash, and Ethereum.

Graphics Cards Are Flying off the Shelves and Are Sold out in Many Countries

Wccftech details that both AMD and Nvidia series cards are really hard to stock these days as they haven’t seen this kind of demand in years. The report explains that during those early years certain regions around the world had GPU shortages that lasted for two-quarters. Currently, GPU mining has seen a revival and Wccftech says these parts are also growing valuable.     

“AMD GPUs are flying off the shelves and sold out in a dozen countries,” explains the Wccftech website.

The mining craze hasn’t just affected U.S.-based retailers, the phenomenon has gone global. RX 500 series GPUs are sold out all over the globe. Nearly all retailers in North America and Europe are out of stock. Even retailers that have RX 500 series cards in stock only have a handful of units left.

Thanks, A lot, Bitminers!

Researching this phenomenon online shows similar data while searching for GPUs with a search engine. Many other retailers have either very little GPU stock or are completely sold out. Other online shops like eBay are selling graphic cards for a premium, and there is significant demand there as well.

The tech publication Tom’s Hardware also reveals a few consumers are upset about the lack of GPU availability on the market. In a post called “Rx570 sold out – thanks, Bitminers,” an individual trying to make his own computer build can’t get his hands on graphics cards.           

“When I was placing an order for the components of my new Ryzen 1700 build, I found out that the RX570/580 are sold out everywhere in Germany and will not be restocked before July/August,” explains the thread’s author.

Apparently, this is due to strong demand from bitcoin miners (but why only Radeon cards???).

Individuals who replied to the post detailed “they are sold out all over” and “AMD cards have a better hashrate making them a better card for mining.”

Cryptocurrency Mining, In General, is Showing Enormous Growth

As GPU accessories are becoming hard to keep in stock, ASIC mining gear is also a hot commodity this year. There are only a small number of ASIC manufacturers worldwide including companies like Bitmain, Canaan Creative (Avalon), and Bitfury. At times some of the mining products from these companies have also been out of stock or have had significant waiting periods imposed on shipping dates.

To top it all off Bitcoin mining, Ethereum mining, and many other altcoin mining revenues are higher than ever before making the job very lucrative for participants.

What do you think about the GPU resurgence due to cryptocurrency mining? Let us know in the comments below.

Images via Pixabay, and Radeon.  

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