Chinese authorities are reportedly cracking down on mining activities, damaging domestic crypto miners anew.
China took Serious behavior against cryptocurrencies Recently, authorities are now trying to crack down on activities in Sichuan.
As reported by the South China Morning Post (SCMP) (via) Coin desk), The National Development and Reform Commission branch of Sichuan Province (along with the Energy Bureau) has issued a decree to crack down on mining projects.
This is another major move towards cryptocurrencies, as the Sichuan region is one of China’s largest cryptocurrency mining hubs.
In fact, according to statistics released by the University of Cambridge, it is the second largest Bitcoin mining area after the Xinjiang Uygur Autonomous Region (again, measures have been taken). Reuters A recent report describing clampdowns that can occur in highly power-consuming operations.
This action may be good news for gamers who want to buy something new. Graphic card Inventory levels were very low as the main part was crypto miners competing for GPUs, resulting in significant price increases. Demand far exceeds supply The number of cards that Nvidia or AMD can currently create.
Is the price plummeting?
As a result of the crackdown, SCMP claims that the price of graphics cards in China has dropped by as much as two-thirds in some popular online stores.Estimated price cuts include Asus RTX 3060 GPUs at Tmall (Alibaba) are now down 65% from the high asking price of 13,499 yuan (about $ 2,100) in May to 4,699 yuan (about $ 730).
Nvidia’s Quadro P1000, which may not be a consumer graphics card, dropped its price tag from about 3,000 yuan (about $ 460) last month to 2,429 yuan (about $ 375).
More interestingly, not only are prices falling in China, but the impact of this decline in demand is already reflected in the Australian GPU market. In Australia, prices have fallen by about 5% to 10% and inventory levels are beginning to return to normal levels seen before the pandemic.
It’s important to receive this news with due care, but it’s easy to imagine that China’s hard-line stance towards miners could help ease the global equity problem.according to Recent reports, 25% of graphics cards were purchased by Cryptocurrency Miners and scalpers in the first quarter of 2021 alone.
Remember more about graphics card makers ASRock also recently chimed There is positive news about GPU sales declines in China and how card prices have fallen.
https://www.techradar.com/news/china-crypto-mining-crackdown-could-give-you-a-better-chance-of-getting-a-new-rtx-3080/ China’s crypto mining crackdown could increase the likelihood of getting a new RTX 3080