Ever since the world was hit by the coronavirus pandemic, the prices of GPUs and Game consoles like the PS5 and the Xbox Series X have skyrocketed due to the shortage of these items. Leaving many gamers frustrated and angry. The reason for the GPUs and consoles to have these shortages is because, according to the manufacturers, due to global chip shortage because of the pandemic. Not just that, due to the high demand, the prices of these items increase significantly. Another factor on why graphic cards and game consoles become so expensive is because of GPU mining for cryptocurrency. GPU miners will usually buy graphic cards and game consoles in bulk.
Crypto mining is nothing new. In fact, it was first started in 2009. However, it got extremely popular in 2020 as many people are jumping on the bandwagon by hopping onto the crypto trend. Usually to earn money. Crypto mining is the same as gold mining. Both require heavy use of energy. In order to mine cryptocurrency, you need a very powerful computer to be able to mine crypto. One desktop is not powerful enough if you wish to mine cryptocurrency. Hence, that’s why these people stock up all of the GPUs and Game consoles for their patch to richness. With all credits given, investing and mining for cryptocurrency is difficult. Just like investing in stock markets, they have to study the crypto trends by going to Crypto Coin Market News to get the latest news with cryptocurrency.
Another factor on why GPUs and consoles are so expensive and hard to get is because of scalpers. Since there is a high demand and low supply for GPUs and consoles, scalpers take advantage of this situation by purchasing and stocking up all of the GPUs and consoles and selling them at a high inflation rate. These scalpers often use a program or a bot to purchase the items immediately when it restocks. Thus, leaving genuine buyers with nothing. There needs to be a law to make scalping illegal. Another thing that people can do is to not give in by purchasing it from scalpers. It is easier said than done, as some people are in need of the latest technology for their own reasons.
Well, if these two are not enough. Recently, there is this new cryptocurrency called ‘NFT’. NFT is a non-fungible token, a digital asset that acts like a real-world object. Even though it has been around since 2014, it recently gained popularity as people are once again jumping on the hype trend to buy and sell digital artwork. Those who invest in NFT claim that they are helping out artists. To what extent, we are not sure.
The global shortage of graphic cards and consoles does not seem to be ending anytime soon. According to studies, it predicts that the global shortage will end by 2022. We hope that this problem will end as soon as possible as we want to get GPUs and consoles at a reasonable price again.