Miners made money on tools // Video cards turned out to be the most profitable in cryptocurrencies

Due to the fall in demand for cryptocurrencies, miners began to actively sell video cards in the secondary market. In May, the demand for cards for mining on Avito fell by a quarter, and on the VKontakte social network, the supply of nVidia video cards increased by 27%. The peak of searches for video cards came at the end of April, when the news about the purchase of bitcoins by the social network Facebook was actively discussed. The sale of video cards that have doubled in price in six months brings miners more profit than the creation of a cryptocurrency, experts say.

The demand for video cards used for mining (digital mining) of cryptocurrencies is declining in Russia – in May such cards were searched for on Avito 24% less often than in the feverish February, representatives of the site told Kommersant. At the same time, the number of advertisements for the sale of video cards decreased by 6% compared to February. The average price of a video card was 3 thousand rubles, 20% higher than three months earlier. According to the VKontakte Ads service, 16% more ads for the sale of AMD Radeon video cards were created in May than a month earlier. Selling video cards nVidia began to 27% more often, said the press service of the social network.

The average price for video cards also increased, for example, the cost of nVidia RTX for the month increased by 15%, to 85 thousand rubles.

Over the past two months, the demand for AMD Radeon video cards on the service has grown by 12%, nVidia – by 7%. The peak of requests for video cards in the search came at the end of April, when the news about the purchase of bitcoins by the social network Facebook was actively discussed, the company added.

Mining requires significant computing power. Video cards are designed for mathematical calculations, quickly solving many small, simple math problems, such as building an image from pixels.

Eldar Murtazin, a leading analyst at Mobile Research Group, notes that the threshold for mining efficiency differs in different regions of Russia: “It is most profitable to mine in the Urals and Siberia, in these regions there is relatively cheap electricity and there are a number of real crypto farms. For home miners, the cost of producing cryptocurrency is higher than for companies. There are tens of thousands of private miners in Russia ”.

The demand for video cards from private miners naturally grows during periods of growth in cryptocurrency rates. Since the fall of last year, all possible stocks and remnants of video cards have been bought up.

With the rise in the value of bitcoin, it was possible to predict shorter payback periods for crypto farms, consisting of tens and thousands of video cards, says an independent expert in the field of electronics Arkady Markaryan.

Economist Oleg Tsyvinsky on the development of the crypto market

Economist Oleg Tsyvinsky on the development of the crypto market

When bitcoin fell in price in May, this increased the payback period, and the purchase of video cards became impractical, private miners began to sell their video cards, Mr. Murtazin continues. According to him, it is they who now mainly sell video cards in the secondary market. Many users began to buy video cards when a wave went with the rise in the price of bitcoins at the end of last year, these same users have now begun to get rid of mining tools, as well as cryptocurrencies, agrees Ani Aslanyan, an expert of the State Duma Committee on Economic Policy, Industry, Innovative Development and Entrepreneurship …

During the time of high demand, video cards have grown in price, according to Mr. Markarian, since November last year, the growth has made 150%.

Mr. Murtazin calls the price increase for video cards twofold.

“In turn, gamers who did not have time to buy video cards before the price increase hid in anticipation of a decrease in their cost, that is, there was a deferred demand,” he adds.

As a result, the sale of video cards purchased before the explosive growth in prices now brings miners a greater profit than the actual mining itself, says Mr. Markarian. “And fans of computer games are forced to take goods in the secondary market and used by miners, since there is still a shortage of video cards on the market,” he concludes.

Anastasia Gavrilyuk, Dmitry Shestoperov

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