AMD’s popular Radeon RX580 GPU, which has been widely used by crypto miners, is now being sold for $179.99

The AMD Radeon RX580 GPU favored by crypto miners is now 67% cheaper than it was the beginning of this year, due to the bearish market.

As reported by the PC Gamer magazine, the prefered graphics card for cryptocurrency miners is now being sold for $179.99, compared to an average price of $550 in February of this year.

It is not a complete surprise that crypto mining units and the parts used to build these units are dropping in price. The bear market has had an effect on everything surrounding the crypto world. The revenue drops have caused those in the crypto mining industry to sell off their mining rigs and quit the industry due to it not being profitable enough for consumer grade crypto mining units.

Nvidia and AMD, the producers of popular graphics cards favored by miners, have also been affected by this “crypto winter.” They saw a decline in sales as the market dropped and AMD went as far to say that their crypto related sales in Q3 of this year were “negligible.”

AMD CEO Lisa Su, spoke on the impact that blockchain mining has had in regards to their business, in the Spring of this year:

“We believe blockchain or mining was about approximately 10 percent of our revenue during the [first] quarter. And the truth is there are a lot different factors in these estimates. We feel we have a very good idea of what people are using our products for. It’s a nice growth factor, but it’s certainly not the dominant growth factor in our story.”

Also read: Crypto hardware wallet supplier Ledger has signed an agreement with crypto payment startup Crypto.com to allow users to pay for its products with crypto

Source: https://www.chepicap.com/en/news/6071/favored-mining-gpu-has-seen-a-price-drop-of-almost-70-this-year.html