Basically, the crypto miners are not buying new GPUs, at least in China making the prices of used graphics card prices fall by 50 per cent recently.
Companies like Asus have seen demand for GPUs used to mine Ethereum and other tokens diminish to the point where the impact on their bottom line is non-existent.
Apparently, the poor Ethereum miners wasted $15 billion on hardware over the past 18 months, hoping to get rich quick. In the process they took more than a third of all available GPUs from Nvidia's RTX 3000 series and AMD's RX 6000 series. Now they're trying to sell them as fast as they can.
Used Ampere and RDNA 2 cards have flooded the second-hand market when retailers are sitting on healthy inventories of new cards. With next-gen graphics card launches on the horizon, gamers aren't rushing to buy current models, some of which are almost two years old.
Chinese retailers and miners have gradually lowered their prices over the past few weeks. According to a Baidu forum post, the average selling price of GPUs in the region has dropped to around 20 percent below MSRP.
Nvidia's RTX 3090 and RTX 3090 Ti now cost 29 percent and 38 percent below their manufacturer-suggested prices, respectively. You can pick up an RTX 3090 Ti is going for around $1,415 a Founder's Edition model is now $1,600 at Best Buy. AMD’s RX 6900 XT is now priced 37.5 percent below MSRP.