A tour of boards in cryptocurrency mining networks reveals that miners wish to promote their computer systems, graphic playing cards and the like.
A publish by Chi Held on a serious on-line group for cryptocurrency mining says: “I can not sustain with the development any longer, so I wish to promote my 1060 6G graphic card to whoever desires it. Negotiable costs.”
Ngoc Van, an administrator of a website that sells cryptocurrency mining instruments, stated the variety of individuals trying to promote their gear is larger than these trying to purchase.
“Most sellers are small-scale miners. After they’ve recouped their investments, they’d wish to liquidate their property to e-book earnings.” They worry that if the market begins to tumble their gear would sit on the shelf as occurred throughout a earlier Bitcoin bust a number of years in the past, he stated.
Sinh Le, who works for a serious provider of cryptocurrency mining gear in HCMC, stated there are two causes for the sell-off.
“Firstly, Vietnamese miners primarily concentrate on Ethereum, however the issue in harvesting it has elevated as extra machines began to mine for it, resulting in decrease productiveness and earnings.
“Secondly, miners wish to safe their earnings early with none threat. So as an alternative of continuous to mine, they flip investments as an alternative.”
Many sellers consider the cryptocurrency market has reached a stage the place small-scale miners with out deep pockets are compelled to promote their gear whereas large-scale ones proceed to broaden.
However promoting the gear just isn’t simple: A number of days after posting his advert, Hung has not discovered a purchaser.
He defined: “Even a month in the past if there was a publish about somebody promoting their mining gear, individuals would instantly snap it up. However now there are too many sellers, whereas house owners of huge mining operations are steady. Meaning new miners don’t dare soar in and promoting the gear turns into very troublesome.”
Different causes for the shortcoming to promote embody excessive costs. HCMC tech retail chain Tin hoc Ngoi sao stated miners as soon as purchased a set for VND5 million ($216.96) however now want to promote it at 5 or 6 instances that value, and folks merely can’t afford it.
Minh Hieu of the southern Dong Nai Province, a veteran miner, stated after spending VND500 million it might take round half a 12 months for a miner to recoup the cash supplied cryptocurrency costs stay regular. However within the case of unstable gadgets like Bitcoin and Ethereum, that may not be doable, he stated.
“The demand remains to be there, however sellers want to cost their gear appropriately. Graphic playing cards for mining are solely sellable within the mining group, to not avid gamers, because the playing cards have been deteriorated considerably,” he added.