Wallapop is filling up with expensive mining rigs

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These are not good times for crypto miners. From hoarding graphics cards, being one of the keys to the GPU shortage and taking refuge in illegal installations, to face the closest thing to a perfect storm. The puncture in crypto values ​​together with the high cost of electricity has made many miners rethink profitability of their activity… and the future of the equipment they bought in times of fat cows or, at least, when they thought it was a good deal.

There is no need to speculate on the change in trend. It is clearly seen in one of the most unexpected places: Wallapop. Mining rigs are arriving on the second-hand trading platform, equipment that goes on sale coinciding with the collapse of crypto values ​​and the rise in energy prices, one of the main fixed costs for crypto miners.

Perhaps the data that stands out most in some offers is the high selling price. In Walapop you can find rigs by 6,500, 17,999, 18,000, 28,000, 39,999… Or even the 50,000 euros —“little negotiable”, he warns— that a user asks for eight rigs with a power of 3.5GHS. The web also offers the assembly of a 3000 mh/s rig with rtx 3090 for 65,000.

I sell equipment

Similar ads can be found on other platforms, such as Milanuncios, where less than a month ago the ad for two pre-owned rigs for 10,100 euros, more than a week ago it was uploaded another one for Etherum for 4,900 and at the end of April was added another of 4,200.

The purchase and sale of equipment is just one more indicator of the Change of trend of the last few months. From reaching $68,000 barely half a year ago, Bitcoin has gone below $24,000, the value at which it was moving earlier this week.

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The value crashes are just as pronounced in other cryptocurrencies and securities, such as Ethereum, Cardano or Solana, which has partially evaporated the interest that they aroused only a few months ago… and, consequently, the attractiveness of mining itself as a profitable business.

If that scenario were not complex enough in itself, another equally key factor is added to it: the high price of electricity, much higher than just a year ago, and has forced the Government to adopt measures, such as the gas cap. Despite the decrease in recent days, electricity was still 80% more expensive in the middle of this week than in 2021. From €90/MWh just a year ago, we have gone to an average price of €165.59.

Via | ForumCars

Cover image | Marco Verch Professional Photographer (Flickr)

These are not good times for crypto miners. From hoarding graphics cards, being one of the keys to the GPU…

These are not good times for crypto miners. From hoarding graphics cards, being one of the keys to the GPU…

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