The value of Ether has fallen alongside the rest of the crypto market, according to CoinDesk. That could be good news for anyone hoping to buy a new GPU without having to compete with Ethereum miners for the best graphics cards.
Ether is the native token of the Ethereum blockchain. It's valued at roughly $1,795 at the time of writing, which means its price fell by approximately 1.1% in the last 24 hours, but it's also down over 10% during the past week. Ether has suffered from similar drops over the last three months—the coin is now worth less than half of the peak $4,132 price that it briefly enjoyed on May 11.
A variety of factors have influenced Ether's declining value. CoinDesk said it can be attributed in part to the financial market's concerns about the resurgence of COVID-19. The coin also suffers when the value of Bitcoin falls, and the crypto-wunderkind has struggled to maintain a price above $30,000 in recent months. There's also the upcoming hard fork away from proof of work mining to proof of stake, which will mean Ethereum miners will need to look for other, likely less profitable, options.
Ether's loss could be enthusiasts' gain. It's nearly impossible to profitably mine Bitcoin without very specific hardware (or many, many rigs, or stealing power). Ethereum can be mined using consumer GPUs, however, especially if they've been properly optimized. That means PC builders are mostly competing with Ethereum miners for new gear.
It would make sense for the availability of modern graphics cards to improve as Ethereum mining becomes less profitable, and evidence suggests that is indeed the case. Many products still cost more than MSRP, but they're still more affordable than they were when Bitcoin and Ethereum were at their peak.
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Nathaniel Mott is a freelance news and features writer for Tom's Hardware US, covering breaking news, security, and the silliest aspects of the tech industry.
Malaysia cracking down on crypto, destroying over a thousand mining rigs probably helped too.Reply
Good news, we just need more countries to crack down on this monopoly money.Reply
daworstplaya said:Good news, we just need more countries to crack down on this monopoly money.
Seriously ? What is the US dollar backed by? Talk about monopoly money. The FED makes it out of thin air we pay the interest .
Crypto is the only currency that regularly goes up-down in exchange rate by a factor of 3-5X. You cannot build a remotely stable economy on BS like that. The devaluation of most fiat currencies is only the 2-3% of annual inflation.svan71 said:Seriously ? What is the US dollar backed by? Talk about monopoly money. The FED makes it out of thin air we pay the interest .
I feel price decline for popular cryptocurrencies are only a temporary relieve for GPU market. As prices are expected to go up and down, so will demand for GPUs for mining work.Reply
Prices are going back up, because weekly 10% ups and downs in value seems like something totally stable and legitimate.Reply
Yeah, just like ALL cryptos are also pulled out of thin air! The difference is that fiat currencies are guaranteed by the State to have value (i.e. fiat is backed both by both the Govt and military) and are super convenient to buy literally anything (including, ironically, cryptos), whereas cryptos have no inherent value whatsoever (other than quoted by their nebulous "markets" - and always back to fiat of course) and can't be used to trivially buy goods and services (at least not without cost) or exchange to actual money.svan71 said:Seriously ? What is the US dollar backed by? Talk about monopoly money. The FED makes it out of thin air we pay the interest .
Yes crypto is the worst when it comes to trust, but let's not kid ourselves, don't forget about the 28 trillion $ US debt, which makes USD as reliable as crypto.Reply
I can't wait for the next global financial crysis to come and we can thank the USD for that. It should be glorious, the biggest one yet and possibly the last one in many ways...
svan71 said:Seriously ? What is the US dollar backed by? Talk about monopoly money. The FED makes it out of thin air we pay the interest .
It is backed by the full faith and credit of the United States. The US is one of the very, very few governments that have never, in their history, defaulted on a loan. That is why the Dollar is the world's reserve currency.
I would suggest that you take a couple of college level econ courses, and actually learn how money works - because you obviously don't have a clue.
The problem I'm seeing now is that a lot of miners are convinced they need to "buy the dip" and keep investing money in equipment. I love seeing the cryptocurrencies get hammered, but that doesn't seem to be having an impact on the GPU market. The supposed drop right now is just a little blip -- you still can't readily buy new GPUs anywhere.Reply
That saying "the more things change, the more they stay the same" appears to apply right now. We can celebrate when MicroCenter has shelves full of GPUs -- each coming with a game at no-additional-cost like things used to be.