On Chinese e-commerce platforms, graphics card prices are said to have decreased by up to two-thirds.
Graphic cards from major GPU providers like Nvidia and Asus are getting more affordable amid China’s continuous ban on cryptocurrency mining.
According to a Monday article by the South China Morning Post (SCMP), prices of various graphic cards on Chinese e-commerce platforms have dropped by as much as two-thirds after Sichuan province stopped mining activities.
On Monday, the price of Asus’ flagship RTX 3060 card on JD.com’s online retail site Tmall was reported to have dropped to 4,699 Chinese yuan ($730), down from a peak of 13,499 yuan ($2,100) in May.
According to the SCMP, the price of Nvidia’s Quadro P1000, a less advanced card, has decreased to 2,429 yuan ($380) on a JD.com franchise store, down from a peak of almost 3,000 yuan ($470) in early May.
The price drop coincides with a significant sell-off in the cryptocurrency industry, with Bitcoin (BTC) plummeting to $32,500 after fresh FUD from China. A Bitcoin press release is the best place to publish news about your crypto company to the crypto world.
China’s central bank reaffirmed the country’s prohibition on cryptocurrency trading on Monday, allegedly instructing banks and payment institutions to cease services for accounts linked to cryptocurrency trading. If you’re looking for a place to promote your crypto product or service, Cryptocurrency and fintech ads are the place to be.
After outlawing cryptocurrency trading in 2017, China’s government has recently stepped up its anti-crypto rhetoric, beginning a significant crackdown on cryptocurrency mining.
The newest news comes after a slew of mining prohibitions across China, especially in hydropower-dependent areas like Sichuan and Yunnan. Mining activities have also been ordered to close in Xinjiang, Inner Mongolia, and Qinghai.
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