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Merchants Are Selling Mining GPUs in Chinese Livestream Auctions

By Weilin Li
Jun. 23, 2022 updated 10:13

The prices of the cryptocurrency dropped significantly recently and pushed crypto miners to sell their mining GPUs in live stream auctions in the second-hand market.

As a Baidu post shows, these livestreams can be found everywhere. Where a “nearly new” RTX 3060Ti was sold at 2699 CNY (~402 USD), compared to its 3500 to 4000 CNY (~520 USD to 600 USD) regular first-hand market prices.

According to insiders, miners were selling large quantities of GPUs to make up for their losses due to investing too much in cryptocurrency.

A second-hand RTX 3060Ti was sold at 2699 CNY (~402 USD)A second-hand RTX 3060Ti was sold at 2699 CNY (~402 USD)

The GPUs are being sold via live stream on second-hand e-commerce platformsThe GPUs are being sold via live stream on second-hand e-commerce platforms

However, these auctions may not bring bargains to the people in need.

When peddling these products, some vendors claim that the GPUs are from retired internet cafés, while some directly stated that the GPUs were from crypto mining hubs. This created a dodgy situation for buyers, since nobody knows what these GPUs have been through, and many of these cheap GPUs are not refundable.

Crypto mining in China is facing a set of regulations since January and is considered an occupation that has been “knocked out”.

Source: Baidu Tieba