15 billion spent by miners on GPUs in 2021: was it worth it?

15 billion spent by miners on GPUs in 2021: was it worth it?

15 billion spent by miners on GPUs in 2021

Finally, as we reported yesterday, players can breathe a sigh of relief, given that the prices of video cards have finally decreased, so much so that they reach, on average, those recommended (and sometimes even less). Those who were less happy with the current situation are the miners, who had bought the cards at a high price in 2021 with the boom in the value of cryptocurrencies (which saw Bitcoin and Ethereum reach historic highs of 67,000 and 4,800 dollars, respectively). .

According to a recent article published by Bloomberg, miners have spent a total of $ 15 billion on the purchase of GPUs, not counting the additional costs inherent in, for example, cabling and power supplies. Unfortunately, 2022 saw a trend reversal inherent in the cryptocurrency market, caused by multiple factors, which made it much less attractive to speculators and miners. The latter, in particular, found themselves in a really thorny situation, as it forced them to sell their video cards, paid for dearly in 2021, at a loss on sites like eBay or various classifieds.

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We also remind you that by the end of the year the new GeForce RTX 40 series "Ada Lovelace" by NVIDIA and Radeon RX 7000 by AMD will also debut, reviving the entire GPU market with even more performing products for gamers.

$15 billion spent on GPUs by crypto miners, not gamers, in 2021

I'm sure you've heard by now that the cryptocurrency market has had the arse fall out of it, with Bitcoin circling $20,000 or so -- leaving crypto miners, small, and big -- shuffling on the spot.


In a new report from Bloomberg, we're being told crypto miners across the world spent around $15 billion in 2021 alone... taking up more GPUs than gamers. Yes, crypto miners purchased more graphics cards than gamers, which should shock some, and not shock others that know crypto miners are buying 10s, 100s, or 1000s of graphics cards at once.

Bloomberg reported: 'Ethereum miners have spent approximately $15 billion on graphics processing units (GPUs), according to Bitpro Consulting, and that doesn't include ancillary costs like wiring and transformers'.

We've had the worst-ever graphics card shortage in history in the last couple of years, with prices skyrocketing and now dropping back down from their 3x MSRP peaks. Bitcoin has dropped from its highs of $67,000 to around $19,700 at the time of writing, while Ethereum has dropped from $4800 to $1080 at the time of writing. Crypto mining profits, cratered.