The miners ‘ veto in China has begun to wreak havoc around the world. Recently, it became known that ASIC mining equipment have suffered a fall of up to 40% of their value between May and June.
In a study conducted by the Hashrate Index portal, it was known about the decline in the value of ASIC miners. Although there are multiple variables that can affect the price reduction, everything seems to point towards China’s veto on cryptocurrency mining, whose government, according to the Global Times portal, intends to shut down 90% of Bitcoin mining within the country.
According to the study, mining equipment such as the S9 and S19 pro, they are seeing reductions in their prices by 40%, in countries like China and the United States. Moving, in the case of the S19 pro, from USD 8,700 to almost USD 6,000.
While China suffers massive migrations of miners, which would justify the price drop in this country, neighboring countries such as Russia, Kazakhstan, Ukraine, Uzbekistan and Kyrgyzstan, which Crypto News reports would be the destination of migrant miners, have also seen a price reduction of up to 18%.
One of the motivations for the reduction in prices in the United States and neighboring countries to China seems to be the growing market for sales of second-hand ASIC equipment. In this regard, there is a measure taken by Bitmain, one of the leading Chinese manufacturers of mining equipment, which has temporarily stopped the production of new miners.
GPU cards also down
ASIC miners are not the only ones who have dressed down their prices after China began its onslaught. Graphics cards or GPUs have seen considerable reductions of up to 65% on their price.
In the case of NVIDIA’s top-of-the-range RTX 3080s, which offer an average individual return, according to the Whattomine portal, of approximately $ 7, which would equal $ 210 per month. These, by the month of April were quoted for about USD 2,000 in some online stores. With the recent drop in demand, the price of the RTX 3080 was below USD 1000.
Hydroelectric generation for sale
Another market that was indirectly affected after the ban of miners in China was hydroelectric generation. These devices make it possible to generate electricity by taking advantage of water currents. While generating a small amount of mega watts, they can set up a small mining farm.
With the migration of miners, the number of sales ads generated in different e-commerce sites increased in Chinese territory, according to the South China Morning Post.
According to the news, the state argues that these generated may or are causing environmental problems due to the alteration of the course of the rivers. This “pro-environment” argument is the same one that the Chinese Government has been using to pursue miners on its territory.