Russia faces shortage of PC graphics cards due to Cryptocurrency mining

[alyssa85]

https://www.rt.com/business/393179-russia-bitcoin-mining-video-card/

An ordinary Russian consumer may face difficulty buying a video card for his home PC, Vedomosti newspaper reports. The recent surge in the value of bitcoin has caused a jump in demand for video cards, which are used in cryptocurrency mining.

People buy up to 600 video cards at once, sources in the industry told the media, causing a nearly 80 percent price surge since the spring.

Over the past two months, video card shipments have tripled, said IT-distributor Treolan. Market demand exceeds supply, it added.

Russia has about 5-7 percent of the mining sources, mining business owner Dmitry Marinichev told Vedomosti.

Russia is still under sanctions from the west, which means they can't easily import graphics cards.

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[stompix]

https://www.rt.com/business/393179-russia-bitcoin-mining-video-card/

An ordinary Russian consumer may face difficulty buying a video card for his home PC, Vedomosti newspaper reports. The recent surge in the value of bitcoin has caused a jump in demand for video cards, which are used in cryptocurrency mining.

People buy up to 600 video cards at once, sources in the industry told the media, causing a nearly 80 percent price surge since the spring.

Over the past two months, video card shipments have tripled, said IT-distributor Treolan. Market demand exceeds supply, it added.

Russia has about 5-7 percent of the mining sources, mining business owner Dmitry Marinichev told Vedomosti.

Russia is still under sanctions from the west, which means they can't easily import graphics cards.

Sanction are not over video cards.
Russia has put its own ban on food and other stuff from the EU and US , again nothing about videocards.

And... all the cards come from China, what do the sanctions have to do with that?

Also just checked..where is the shortage?
https://market.yandex.ru/catalog/55314/list?hid=91031&track=pieces&glfilter=7893318%3A762082&local-offers-first=0&deliveryincluded=0&onstock=1

[bartolo]

This is supply and demand, not anymore. When the demand increases too fast in a short time there is a shortage because there is no time to increase production and distribution to compensate the new level of sales. Who will be happier with this is the sellers who will sell more and more expensive.

[carlfebz2]

This is supply and demand, not anymore. When the demand increases too fast in a short time there is a shortage because there is no time to increase production and distribution to compensate the new level of sales. Who will be happier with this is the sellers who will sell more and more expensive.

Just as expected if theres demand then expect for the prices to surge on and same on my country most of graphics card are already sold out on any computer store that I go because of this cryptomining which is really popular in my country.Have you heard about the news that those GPU companies would make a new gpu that are good on mining.This means they do really feel the demand.

[bartolo]

This is supply and demand, not anymore. When the demand increases too fast in a short time there is a shortage because there is no time to increase production and distribution to compensate the new level of sales. Who will be happier with this is the sellers who will sell more and more expensive.

Just as expected if theres demand then expect for the prices to surge on and same on my country most of graphics card are already sold out on any computer store that I go because of this cryptomining which is really popular in my country.Have you heard about the news that those GPU companies would make a new gpu that are good on mining.This means they do really feel the demand.

I have read that NVIDIA is creating two graphics cards designed specifically to mine cryptocoins, they want to enter the market fully because there is a lot of demand and that means better benefits.

[Lancusters]

Mining is not very profitable so I'm not sure that the lack of cards in Russia is connected with it. Besides, the old GPU mined coins are not worse than new, and are thus much cheaper. Most likely there is a shortage of second-hand graphics cards.

[Baofeng]

How can they mine bitcoin or crypto's in Russia when there is government is anti-bitcoin/crypto's? I think mining it Russia will mostly be an underground culture there, because the government recently has been releasing news about bitcoin, and it you have to read between the lines then you would understand that they are really against any crypto's or blockchain technology.

[OliynyK]

It is not a problem facing Russia alone,the sudden demand of graphic cards have affected everywhere around the globe and it will take some time to get the cards you wanted and the retailers will be demanding more money if you are ordering more cards because it is not readily available,good times for Nvidia and AMD.

[FlamingFingers]

I have read that NVIDIA is creating two graphics cards designed specifically to mine cryptocoins, they want to enter the market fully because there is a lot of demand and that means better benefits.

Yeah. NVIDIA will simply refurbish their old (unsold) GPUs to sell them to miners for an average price, all that because they don't want their precious gaming GPUs falling in the hands of miners (or non-gamers).

How can they mine bitcoin or crypto's in Russia when there is government is anti-bitcoin/crypto's? I think mining it Russia will mostly be an underground culture there, because the government recently has been releasing news about bitcoin, and it you have to read between the lines then you would understand that they are really against any crypto's or blockchain technology.

Nope, it is not. Russian government has legalized bitcoin usage on probation, it's not banned there. But they wouldn't just say, "Hey, we love bitcoins, it's a decentralized peer-to-peer crypto currency, which eliminates our banking ecosystem," would they?

I think Russia is a great place to mine bitcoin – its relatively low electricity cost, and cold weather (for nearly 8 months) are great factors that make mining very profitable.

[Barbut]

Mining is not very profitable so I'm not sure that the lack of cards in Russia is connected with it. Besides, the old GPU mined coins are not worse than new, and are thus much cheaper. Most likely there is a shortage of second-hand graphics cards.

Why it's not profitable? People mine different alts and prices went very high, plus when you sell this coins for bitcoin that worth a lot I can't see why wouldn't you have profit with mining.
This news about Russia is the sane I heard for my country recently, shortage of good graphic cards is happening in many towns in my country. Even when they say how new one are coming they are sold in first hour.
It's becoming very profitable to mine some alt, especially if that alt have a future and if price can skyrocket then some guys will become millionaires very soon. Even I'm thinking about mining some coin, but I'm not sure in my self.

[Wendigo]

Russia is not the only affected country. Gamers have a hard time finding new graphics cards for their computers because miners have been buying up all the available stock for months and there are even people deliberately buying AMD cards then reselling them for higher prices to get a quick profit. Miners will pay the price no matter what lol. It's actually cheaper to buy and ship cards from overseas than to buy from a local shop. Crazy eh?

[Kprawn]

I think most of this is driven by the spike in sales of Alt coins lately, but people investing in GPU mining will have to be cautious because most of

these coins are ScamCoins/ShitCoins. I predict a massive decline in Alt coin trade once the biggest ScamCoin goes down... which is Ethereum.

You do not want to be invested massively into GPU's when the shit hits the fan. 

[mk4]

https://www.rt.com/business/393179-russia-bitcoin-mining-video-card/
Russia is still under sanctions from the west, which means they can't easily import graphics cards.

No wonder they had a shortage. When I first read the title, I was like "how though? arent those graphics cards imported goods anyway?".

Anyway, I wonder how the smuggling industry is at Russia. I'd bet a successful graphics card smuggler would make big bucks.

[Ayers]

Mining is not very profitable so I'm not sure that the lack of cards in Russia is connected with it. Besides, the old GPU mined coins are not worse than new, and are thus much cheaper. Most likely there is a shortage of second-hand graphics cards.

lol not very profitable? you don't know what you are talking about, probrably just spamming with your sig, mining is more than profitable, one rig of six gpu can earn you more than $1000 a month, the guy buying 600 gpu, have 100 rig, 100 rig are more than $100k per month

[SONG GEET]

lol not very profitable? you don't know what you are talking about, probrably just spamming with your sig, mining is more than profitable, one rig of six gpu can earn you more than $1000 a month, the guy buying 600 gpu, have 100 rig, 100 rig are more than $100k per month

How did you calculated this? $1000 a month with just six GPU is a nice profit but have you deducted electricity cost on this calculation? If you don't have cheap or free electricity than I don't think mining any crypto is profitable right now.

[cellard]

It looks like AMD and nVidia are going to start getting into cryptocurrency mining industry by focusing on cards that have extra performance to mine coins. I've heard the new Quadro cards will be the best cards to mine coins with.

I just wish that AMD, Nvidia and Intel would all join the ASIC production industry to end the Bitmain monopoly. We need big players outside of China.

[Gotottack]

https://www.rt.com/business/393179-russia-bitcoin-mining-video-card/

An ordinary Russian consumer may face difficulty buying a video card for his home PC, Vedomosti newspaper reports. The recent surge in the value of bitcoin has caused a jump in demand for video cards, which are used in cryptocurrency mining.

People buy up to 600 video cards at once, sources in the industry told the media, causing a nearly 80 percent price surge since the spring.

Over the past two months, video card shipments have tripled, said IT-distributor Treolan. Market demand exceeds supply, it added.

Russia has about 5-7 percent of the mining sources, mining business owner Dmitry Marinichev told Vedomosti.

Russia is still under sanctions from the west, which means they can't easily import graphics cards.

I think this is happening all over the world not just russia. I have friends over at the UK who build Rigs for a living and they said they are having problems too ordering some RX 470 and they switched to RX 480 just so they can still operate. They even consider using Nvidia cards, but the cost really turned them off.

[bill gator]

https://www.rt.com/business/393179-russia-bitcoin-mining-video-card/

An ordinary Russian consumer may face difficulty buying a video card for his home PC, Vedomosti newspaper reports. The recent surge in the value of bitcoin has caused a jump in demand for video cards, which are used in cryptocurrency mining.

People buy up to 600 video cards at once, sources in the industry told the media, causing a nearly 80 percent price surge since the spring.

Over the past two months, video card shipments have tripled, said IT-distributor Treolan. Market demand exceeds supply, it added.

Russia has about 5-7 percent of the mining sources, mining business owner Dmitry Marinichev told Vedomosti.

Russia is still under sanctions from the west, which means they can't easily import graphics cards.

I don't even want to believe that people are still breaking $600 video cards to mine $5 of bitcoin over 15-months. The ROI using video cards to mine BTC just seems laughable to me, they're better off just buying bitcoin with the $ instead of the cards, they'd profit more and sooner...

[ElPerrito]

Not only Russia, most of the slavic, old soviet countries are facing the same problem and it's not possible to buy a graphic card from a technology store.

[Zadicar]

https://www.rt.com/business/393179-russia-bitcoin-mining-video-card/

An ordinary Russian consumer may face difficulty buying a video card for his home PC, Vedomosti newspaper reports. The recent surge in the value of bitcoin has caused a jump in demand for video cards, which are used in cryptocurrency mining.

People buy up to 600 video cards at once, sources in the industry told the media, causing a nearly 80 percent price surge since the spring.

Over the past two months, video card shipments have tripled, said IT-distributor Treolan. Market demand exceeds supply, it added.

Russia has about 5-7 percent of the mining sources, mining business owner Dmitry Marinichev told Vedomosti.

Russia is still under sanctions from the west, which means they can't easily import graphics cards.

I don't even want to believe that people are still breaking $600 video cards to mine $5 of bitcoin over 15-months. The ROI using video cards to mine BTC just seems laughable to me, they're better off just buying bitcoin with the $ instead of the cards, they'd profit more and sooner...

You cant blame them since they want to mine altcoin by using those GPU's, ROI might be longer but the extent of mining on altcoin would be greater than asics which really a good option or advantage when a certain altcoin would go pop out in the market.Knowing capable gpu would easily mine them but as expected profits will be smaller depending on which coin you do mine.

[carlfebz2]

This is supply and demand, not anymore. When the demand increases too fast in a short time there is a shortage because there is no time to increase production and distribution to compensate the new level of sales. Who will be happier with this is the sellers who will sell more and more expensive.

Just as expected if theres demand then expect for the prices to surge on and same on my country most of graphics card are already sold out on any computer store that I go because of this cryptomining which is really popular in my country.Have you heard about the news that those GPU companies would make a new gpu that are good on mining.This means they do really feel the demand.

I have read that NVIDIA is creating two graphics cards designed specifically to mine cryptocoins, they want to enter the market fully because there is a lot of demand and that means better benefits.

Well this is how business works on which if they would see that theres a potential on earning huge profits then they will surely jump into it to gain even more because they do observed that demand is increasing on purchased gpu not only on the essence of pc building but also on crypto mining which have more demand than on tradition purpose of it that is why they decide to make a new gpu which is designed for mining.Expect this one would be expensive compared on traditional ones.

[Ayers]

Only AMD RX 470/480/570/580 which is sold out almost everywhere, regular customer still can buy older generation of AMD GPU or buy Nvidia which isn't that good for mining (exception for ZEC mining).
Also, i think this will end soon since ETH mining difficulty raising a lot and AMD/Nvidia will release GPU specific for cryptocurrency mining with better price/performance without gaming features (unless miners plan to sell used GPU after mining isn't profitable anymore).

amd is planning to release dedicated gpu for mining, so there will be no more shortage, but they have only a warranty of 3 months, and no display port, so no good for selling to gamers

[digaran]

Bitcoin was under the hottest spot lights and despite it they managed to mine using ASICboost undetected for a long time, who can imagine what kinds of dark magic they are using to mine coins other than Bitcoin? what models are the best to mine alts any ways? I might be able to find a few hundred thousands of various types and models where I live and send them some GPUs.

[dimadimaivchenko]

woooow
that is a perfect conditions to make money on that right now!!!!

[ActiveP]

A few users on reddit were complaining that GTX 1060 price is increasing very steeply, which may be an overstatement of the situation, although not totally untrue. These were US based customers, so I wouldn't be surprised to hear that there are shortages elsewhere.

People are looking to tap into bitcoins, and with the current price rise a lot of investors will be going into mining, driving the price of  mining equipments up.

[jak3]

It sounds like one of the previous traders experience where they have bought a coin and the price has recently fall down, market demand and supply theory is suitable for anyone so we can see this scnireo as one of the market's strategy and sad to say this but this quick mining stuff actually works and that the reason Russians takeover to this 5% of the bitcoin network just like other countries.

[squatz1]

Well this isn't something that's only stuck on Russia at the moment, this an issue all over the world that is because of the mining alt coins with GPU's If you're in the US right now and trying to find a AMD RX 470, 480, 570, 580 you're just not going to find it at normal price, you're going to have to pay a high premium to even get it and that's just due to the amount of money that's being pumped into mining.

There's really nothing you can do about that except sit and wait for the bubble to pop in the crypto sphere and see what happens because of it, I think these GPU's are going to be trying to be sold for cheap because there's going to be an insane supply but little to no demand.

So, I can't wait!

[Yakamoto]

https://www.rt.com/business/393179-russia-bitcoin-mining-video-card/

An ordinary Russian consumer may face difficulty buying a video card for his home PC, Vedomosti newspaper reports. The recent surge in the value of bitcoin has caused a jump in demand for video cards, which are used in cryptocurrency mining.

People buy up to 600 video cards at once, sources in the industry told the media, causing a nearly 80 percent price surge since the spring.

Over the past two months, video card shipments have tripled, said IT-distributor Treolan. Market demand exceeds supply, it added.

Russia has about 5-7 percent of the mining sources, mining business owner Dmitry Marinichev told Vedomosti.

Russia is still under sanctions from the west, which means they can't easily import graphics cards.

Damn now that's impressive if there are people who are buying that many video cards; I can't expect for most of them being very high-quality since they'd be spending something along the lines of $600k if the cards are the newer versions from Nvidia. Maybe slightly under $400k if they're earlier versions and now more outdated. Both of those are staggering amounts of money though.

[cellard]

A few users on reddit were complaining that GTX 1060 price is increasing very steeply, which may be an overstatement of the situation, although not totally untrue. These were US based customers, so I wouldn't be surprised to hear that there are shortages elsewhere.

People are looking to tap into bitcoins, and with the current price rise a lot of investors will be going into mining, driving the price of  mining equipments up.

I remember that the Radeon x series went up in price a lot because people were buying chunks of used ones to stack up and create GPU farms then the Scrypt craze started back then with LTC, then Doge and other alts. I suspect a lot of graphic cards will go up in price as demand grows for mining purposes.

[KrakAJAX]

Well this isn't something that's only stuck on Russia at the moment, this an issue all over the world that is because of the mining alt coins with GPU's If you're in the US right now and trying to find a AMD RX 470, 480, 570, 580 you're just not going to find it at normal price, you're going to have to pay a high premium to even get it and that's just due to the amount of money that's being pumped into mining.

There's really nothing you can do about that except sit and wait for the bubble to pop in the crypto sphere and see what happens because of it, I think these GPU's are going to be trying to be sold for cheap because there's going to be an insane supply but little to no demand.

So, I can't wait!

Yes I believe there's also a shortage in North America. Games would be better off using their cards for mining, or at least while they are asleep or something :p Graphic companies should have anticipated this and manufactured more, they are losing money!

[ImHash]

What is stopping them to buy thousands of graphic cards already in the market especially from China? I think Russians are lying just like when hash ocean told us that they are mining with GPU and because they buy from wholesale it will be profitable and other lame excuses
I could open an online shop right now and order as many as GPUs I'd like and could afford to pay for and receive them after a week at my doorstep.
We're living in a modern age, we have internet now you couldn't possibly fall for this propaganda made up to show that coins like ETH and other coins which we could mine using GPU are very good and profitable.

[swogerino]

There is shortage of Pc graphic cards everywhere and not only in Russia. Just give a look to Amazon website and you will see price for graphic cards like Rx 480 or Rx 580 are more than 600 dollars which is crazy as with that amount you can get a used gtx 1080 and mine more. Too much speculation in this market.

[coolcoinz]

What is stopping them to buy thousands of graphic cards already in the market especially from China? I think Russians are lying just like when hash ocean told us that they are mining with GPU and because they buy from wholesale it will be profitable and other lame excuses
I could open an online shop right now and order as many as GPUs I'd like and could afford to pay for and receive them after a week at my doorstep.
We're living in a modern age, we have internet now you couldn't possibly fall for this propaganda made up to show that coins like ETH and other coins which we could mine using GPU are very good and profitable.

Correct. They may have shortages locally, but there's always import.
Chinese stores are offering cheap shipment to Russia and it takes maybe 5 days for a product to reach you. Also their prices are sometimes much lower than retail. If you're determined to buy hardware there's no stopping you. Also, like you said, there's so much used hardware on the market, but miners are afraid of buying those because they're planning to stress their cards and need long warranty.

[bryant.coleman]

The real problem is not the Cryptocurrency mining. Everyone is ignoring the real issue here. Unless the Russian companies start manufacturing these cards in Russia itself, these problems will persist in the future as well. You can't expect the imports to remain steady, especially when the country is emerging as a major rival to the NATO alliance.

[Sex Video Chat VKcams.com]

I could open an online shop right now and order as many as GPUs I'd like and could afford to pay for and receive them after a week at my doorstep.

Do You Think, that Amazon is banned in Russia?

[bill gator]

https://www.rt.com/business/393179-russia-bitcoin-mining-video-card/

An ordinary Russian consumer may face difficulty buying a video card for his home PC, Vedomosti newspaper reports. The recent surge in the value of bitcoin has caused a jump in demand for video cards, which are used in cryptocurrency mining.

People buy up to 600 video cards at once, sources in the industry told the media, causing a nearly 80 percent price surge since the spring.

Over the past two months, video card shipments have tripled, said IT-distributor Treolan. Market demand exceeds supply, it added.

Russia has about 5-7 percent of the mining sources, mining business owner Dmitry Marinichev told Vedomosti.

Russia is still under sanctions from the west, which means they can't easily import graphics cards.

I don't even want to believe that people are still breaking $600 video cards to mine $5 of bitcoin over 15-months. The ROI using video cards to mine BTC just seems laughable to me, they're better off just buying bitcoin with the $ instead of the cards, they'd profit more and sooner...

You cant blame them since they want to mine altcoin by using those GPU's, ROI might be longer but the extent of mining on altcoin would be greater than asics which really a good option or advantage when a certain altcoin would go pop out in the market.Knowing capable gpu would easily mine them but as expected profits will be smaller depending on which coin you do mine.

I feel like a huge jackass, but I wasn't even considering them mining Alt-coins as a possibility; that is much more believable than mining bitcoin with them! Alt-coins just seem really flimsy and shady for the most part, I've seen too many off them come and go to consider buying a bunch of GPUs and dedicating them specifically to that. Anyone who can have that kind of faith and take that leap, more power to you!

Learn something new everyday, I guess

[audaciousbeing]

https://www.rt.com/business/393179-russia-bitcoin-mining-video-card/

An ordinary Russian consumer may face difficulty buying a video card for his home PC, Vedomosti newspaper reports. The recent surge in the value of bitcoin has caused a jump in demand for video cards, which are used in cryptocurrency mining.

People buy up to 600 video cards at once, sources in the industry told the media, causing a nearly 80 percent price surge since the spring.

Over the past two months, video card shipments have tripled, said IT-distributor Treolan. Market demand exceeds supply, it added.

Russia has about 5-7 percent of the mining sources, mining business owner Dmitry Marinichev told Vedomosti.

Russia is still under sanctions from the west, which means they can't easily import graphics cards.

This is what is expected to happen when people see more value in a particular item more than the face value. It happened before over here when some set of people start buying antiques watch and what used to be so much in abundance became excessively scarce in the environment. But I wonder how much bitcoin they will be able get with their video cards or maybe they are mining alts but because the only common crypto is bitcoin that is why all attention is on it.