A tour of boards in cryptocurrency mining networks reveals that miners need to promote their computer systems, graphic playing cards and the like.
A publish by Chi Held on a significant on-line group for cryptocurrency mining says: “I am unable to sustain with the development any longer, so I need 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, mentioned the variety of folks trying to promote their gear is increased than these trying to purchase.
“Most sellers are small-scale miners. After they’ve recouped their investments, they might need to liquidate their belongings to ebook 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 mentioned.
Sinh Le, who works for a significant provider of cryptocurrency mining gear in HCMC, mentioned there are two causes for the sell-off.
“Firstly, Vietnamese miners primarily concentrate on Ethereum, however the problem 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 danger. So as an alternative of continuous to mine, they flip investments as an alternative.”
Many sellers imagine 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 shouldn’t be straightforward: 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, folks would instantly snap it up. However now there are too many sellers, whereas house owners of enormous mining operations are secure. Which means new miners don’t dare leap in and promoting the gear turns into very tough.”
Different causes for the shortcoming to promote embrace excessive costs. HCMC tech retail chain Tin hoc Ngoi sao mentioned miners as soon as purchased a set for VND5 million ($216.96) however now want to promote it at 5 or 6 instances that worth, and other people merely can’t afford it.
Minh Hieu of the southern Dong Nai Province, a veteran miner, mentioned after spending VND500 million it could take round half a yr 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 potential, he mentioned.
“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 players, because the playing cards have been deteriorated considerably,” he added.