Nvidia GPU Prices in China Fall Amid Bitcoin Mining Crackdown

Nvidia graphic card prices in China have fallen as much as two-thirds on Chinese e-commerce websites following the government’s crackdown on cryptocurrency mining.

As per a June 21 report by the South China Morning Post (SCMP), medium to advanced card prices fell on various e-commerce websites after Sichuan officials ordered the shutdown of several crypto mining facilities. The Nvidia Quadro P1000 model, an entry-level graphics card, was priced at 2,429 yuan (US$376) on JD.com, a popular online retailer in China.

The Asus RTX3060, which is a more advanced card, dropped from 13,499 yuan to 4,699 on June 21 on JD.com-operated online retailer site Tmall.

Mining Companies Pushed Overseas

Some miners plan to relocate from Guangzhou to US state Maryland, moving three tonnes of Bitcoin mining machines, according to a tweet from CNBC representative Eunice Yoon.

Xinjiang, Inner Mongolia and Sichuan were the three biggest provinces for crypto miners thanks to cheap electricity. But these areas have become hostile environments despite miners using hydroelectric energy instead of coal. This has pushed BTC mining companies overseas, some now looking at North America, Central Asia or South America.

One of the most attractive alternatives for miners is South America, which is becoming a mining hub as more countries follow El Salvador’s decision to make Bitcoin legal tender and facilitate BTC mining with wasted geothermal energy.