A tour of boards in cryptocurrency mining networks reveals that miners need to promote their computer systems, graphic playing cards and the like.
A put up by Chi Held on a significant on-line group for cryptocurrency mining says: “I can not sustain with the pattern any longer, so I need to promote my 1060 6G graphic card to whoever needs it. Negotiable costs.”
Ngoc Van, an administrator of a web site that sells cryptocurrency mining instruments, stated the variety of folks seeking to promote their gear is greater than these seeking to purchase.
“Most sellers are small-scale miners. After they’ve recouped their investments, they’d need to liquidate their property to ebook earnings.” They worry that if the market begins to tumble their tools 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 significant provider of cryptocurrency mining tools in HCMC, stated there are two causes for the sell-off.
“Firstly, Vietnamese miners primarily deal with 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 need to safe their earnings early with none threat. So as a substitute of constant to mine, they flip investments as a substitute.”
Many sellers imagine the cryptocurrency market has reached a stage the place small-scale miners with out deep pockets are pressured to promote their gear whereas large-scale ones proceed to develop.
However promoting the tools 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 put up about somebody promoting their mining gear, folks would instantly snap it up. However now there are too many sellers, whereas homeowners 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 lack 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 – 6 occasions that value, and folks merely can not 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 offered cryptocurrency costs stay regular. However within the case of unstable objects like Bitcoin and Ethereum, which may not be doable, he stated.
“The demand continues to be there, however sellers want to cost their gear appropriately. Graphic playing cards for mining are solely sellable within the mining neighborhood, to not players, because the playing cards have been deteriorated considerably,” he added.