Mining no longer brings tangible profits and hardly covers electricity costs, market participants say.
- Several market players told about the mass sale of video cards on Avito Forbes . According to one of them, miners with expensive electricity have “gone to zero” or mine cryptocurrency at a loss. At the same time, prices for video cards in June fell by about three times compared to March-April.
- from the equipment, the interlocutors said. In June, the cost of bitcoin fell below $19,000 for the first time since November 2020, and the dollar exchange rate on the Moscow Exchange dropped below 55 rubles for the first time since June 2015.
In March-April, when the ruble dropped, bitcoin returns skyrocketed. I changed it at the rate of 5.2 million rubles per coin. Although at that time bitcoin was worth about $40 thousand, which is far from the highs of 2021, but thanks to the depreciation of the ruble more than twice the ruble yield soared.
- According to another miner who sells video cards on Avito, mining now does not bring “tangible profits.” The announcement service said that in April, sales of video cards on the site fell by 7% yoy, and in May – by 3.5% yoy. The company did not provide data on how the number of such announcements has changed.
- sales of Nvidia GeForce RTX 3060 video cards and 731 announcements with GeForce RTX 3090. According to these data, we can conclude that miners are actively “throwping off” them while they can still sell them, he believes.
- Reports from public mining companies showed that they had to quadruple their cryptocurrency sales to make ends meet and survive the crypto winter, Antonov points out. If there are no savings, you have to cut costs and sell equipment.
- Other market participants surveyed by Forbes note that “home” miners are more likely to panic, who are faster than professionals, come out in a falling market – their offers appear on Avito. During the rapid decline in cryptocurrency quotes, a large number of cryptocurrency miners turn off old equipment that becomes unprofitable, including video cards.
Bitcoin exchange rate dynamics over the past year on Coindesk