GPUprices are finally at normal levels, but a new generation is looming on the horizon - one that could bring with it another shortage if crypto soars.
GPU prices are down to normal levels, finally. Exhale, take a step back; the GPU shortage is over. But don’t get comfortable for long. I don’t have a crystal ball, but it’s a good idea to start planning now if you want one of the best graphics cards.
At the end of 2017 into 2018, the talk was all about Bitcoin. As I’ll dig into later, the demand for graphics cards went up as the price of Bitcoin did. The reason? Well, GPUs are much better than CPUs for mining, which is why they’re often targeted. But Bitcoin miners have an even more efficient tool these days — ASICs, or application-specific integrated circuits. As the name implies, they are computers optimized for one purposes only — and in this case, that’s cryptocurrency mining.
And make no mistake: Ethereum was the driving force behind mining-related sales. Ethereum miners spent about $15 billion on GPUs over the past year and a half, which is nearly 25% of all GPU sales. One report suggested that a quarter of GPU sales in the first half of 2021 went to miners, too. It’s true that the supply chain issues worsened and prolonged the GPU shortage, but we have historical context to see that it wasn’t the supply chain alone. Bitcoin, when it was still being mined with GPUs, went from around $7,000 per coin in November 2017 to nearly $18,000 at the beginning of 2018. And during that same period, the prices of GPUs nearly doubled. You don’t even need to look that far back to see the correlation.
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