Ethereum Spike Causes Surge in Price of Gaming GPUs

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In Brief
  • The surge in Ethereum has caused Nivdia GPUs used in mining shoot up in price.

  • Some models have seen a rise in price of almost 20% over the last few weeks.

  • The price of Ethereum has been steadily climbing back towards $4,000.

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The price of Nvidia graphics cards has shot up 18% in China as Ethereum prices bounce back to a near all-time high level. 

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According to a report from MyDrivers, Nvidia graphics cards used for cryptocurrency mining are out of stock in China and prices are skyrocketing. This is bad news for both gamers who rely on the cards for HD gaming as well as for cryptocurrency miners. 

The rise in price coincides with a spike in the price of Ethereum over the last couple of weeks and comes after GPU prices bottomed out in July. The price of ETH has surged over the past week, rising more than 25% from around $3,100 to $3,934 at the time of writing.

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The report states that profits from mining Ethereum have nearly doubled since the beginning of August. 

Ethereum price increasing interest in mining

Now, with ethereum back in the $4,000 range, mining is on the rise and therefore GPU prices are once again on the rise. Nvidia GPUs, along with those from AMD and others, saw a cooldown during the cryptocurrency lull earlier in the year.  GPU prices dropped from around 300% markup down to less than 150% during the dip. But, with the market increase, GPUs are again in high demand. Specifically, the global supply of Nvidia RTX 30 series, AMD 6000 series cards — even ASUS graphics cards are going to be an issue moving forward. 

The report states that the RTX 3070 Ti was the most affected GPU, seeing a price increase of nearly $100 in the last week and becoming increasingly hard to find. RTX 3080 and RTX 3070 units increased in price by more than $60 with other series seeing an increase in the price of between $20 and $50. Even the older generations of chips are seeing a price jump in these times of need. The increase in prices represents a jump of between 15% and 20% in a relatively short period of time. The report added that the price increase for some of the cards makes no sense because they are so old that they are barely capable of mining for cryptocurrency. This really goes a long way to illustrate the desperation people have for these GPUs right now. 

And the problem isn’t isolated to just China. The prices for these cards will continue to go up worldwide and be harder to find until the market can be resupplied with fresh GPUs or alternative options are released. A German company that tracks GPU prices, 3DCenter, tweeted a graph showing the markup on Nvidia cards in Germany had risen 9% since Aug 8. 

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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