MarketsGlobal GPU price drops to compensate Miners

Global GPU price drops to compensate Miners

GPU prices are highly down which opened a great opportunity for small miners to buy more powerful and efficient mining equipment.

In this declining market especially with falling bitcoin prices, total revenue earned by bitcoin miners is dropped to almost one year low which is around $14.98 million in July. So this fall in the price of GPU or graphic cards is set to help miners to bear their mining costs and expenses in a lighter way.

The revenue of Bitcoin mining drops to 80% in the last 9 months which was at an all-time high of nearly 74.5 Million in Oct 2021. Unfortunately due to the Coronavirus pandemic and also the shortage of global chips shot the prices of GPU (graphic cards). It further impacts the miners.

Card manufacturers are resuming manufacturing operations around the world. So GPU prices are down and it can further see a massive decline with some cards selling for below MSRPs. GPU prices dropped more than 15% on average as supply exceeded the market demand. A recent influx in GPU has forced the prices on used mining rigs to go down which was up due to sellers on the secondary market.

Bitcoin miners were promising to survive the bear market even with their low revenue. So, Argo, CleanSpark, Riot & Marathon are some of the miners who have stable mining revenue to operational cost ratio which is a good indication of good health.

Well, a heavy drop in GPU prices created a nice opportunity for small miners to purchase efficient and more powerful mining equipment.

Related: Bitcoin Miners Are Selling Their Bitcoin But Why? You Must Know this.

VP of corporate communication Charlie Schumacher shared his insights on their overall operations that in Q1 of 2022 their production cost of a bitcoin was around $6,200. He also mentioned that their firm has fixed the power issues.

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