Ethereum miners alone have reportedly spent around $15 billion on graphics cards in the last 18 months. This figure does not include GPUs that are used for both gaming and mining by players trying to recoup some of the cost of their equipment by mining their playing cards.
According to a new report, Ethereum miners have spent about $15 billion on GPUs over the past 1.5 years. This figure does not include the cost of CPUs, motherboards, power supplies, and other components needed for a mining rig.
In the late 2020s, many cryptocurrencies experienced a dramatic price spike, prompting millions of people to buy GPUs to mine Ethereum and make some quick cash.
Demand far outstripped supply, driving up prices, not to mention hardware resellers, which complicated matters even more. According to Jon Peddie Research, the average incremental selling price of graphics cards in 2019 was about $400, compared to nearly $800 last year.
Those who got into mining early have seen high profits on their investments.
However, Ethereum has lost 80 percent of its value in recent months, leaving many struggling to recoup costs. Bloomberg reports on one man who has so far earned only $5,000 from his initial $30,000 investment in cryptocurrencies.
Now that Ethereum has switched to a proof-of-stake model, GPU miners will no longer be able to mine the cryptocurrency. The developers claim that this change will come in August, although it could be delayed once again.