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.