It doesn't feel like Chinese are out of mining business

[Stanlo]

I think GPU will drive back to their scarcity state soon, it doesn't even feel like china are out of mining business anymore, both BTC and ETH mining difficulty are surging again like WTF is going on, it seems like no matter what crypto faces its in for quick recovery

[Bitcoin_Arena]

You really thought the mining difficulty would stay down for long, especially during the bull market?

Not a chance. Whether Chinese miners are out or still in business, there's always going to be a surge of more people setting up mining farms since the venture is still lucrative. The common reason that was limiting some people from getting into the mining game was because the mining equipment was out of stock or sold out in almost all official outlets.

[TheMimic1]

It's not the Chinese it's other people from other countries buying those GPUs from China, right now it's very hard to find used GPUs again, used cards like rx5700xt, rx580 and Vega 56 are not available anymore,  imagine how crazy that is lol

[swogerino]

They are coming back relocating in other places,not all of them but some of them have explicitly said in interviews that they are already relocating with Bitmain confirming this.Of course it is not only the Chinese who are back in the game,in this time everyone wants a piece of the pie but those who are not in for the long run will suffer really bad from this because of price/difficulty ratio which will decrease their earnings,mining is not for beginners anymore.

[ololajulo]

Have been looking for the time to prove Adam Back wrong on his comment ' that the effect of China FUD will short live' but the few miners left will have profitable enterprise . If Chinese can catch them during the FUD they can also catch them now but the aim was to help the prevailing FUD at the moment to dump the price and fill their bags.

[adaseb]

The large Chinese farms might be out of business but I am sure some of the small ones are still operational. However the fact that the difficulty is going up shouldn't be a big surprise. Those ASICs or GPUs were never destroyed. They were just relocated.

If a large mining farm was profitable, then its in their best interest to just relocate to a different country. There are many countries that would welcome their business to improve their economy. So the miners were shutdown.... and packaged up... and shipped to some other country. And there they were powered back up again.

People assumed this would take months but apparently they were quick and it only took a few weeks.

[batsonxl]

Remember last bullmarket in 2018 after 1 year later cheap cards started, so we had bullrun ended in may so wait till next year minimum or 2022. Dont worry everybody will get cards because nobody will be buying them Lets see what happens.

[Bitcoin_Arena]

so we had bullrun ended in may so wait till next year minimum or 2022. Dont worry everybody will get cards because nobody will be buying them Lets see what happens.

Are you sure the bull run already ended in May this year, mate?

I mean, we still have Bitcoin up around $40K, 2 times higher than the last bull runs ATH of 20K. We still have several altcoins high up, like Ether at $2,600. So I don't think it's over yet, we may have a chance of getting past $60K again

And who knows? The game might change whereby even in the bear market, GPUs might remain in high demand in preparation for the next bull run

[Bitbtc8]

I have a friend in China who left the country recently because of his mining business, way convenient for him because he isn't married yet and I talked to him about getting me more GPUs on his way out of China, the fact is GPUs aren't going to be cheaper like that of 2019 even if bear market comes

[anu1908]

the lack of supply also comes into play. i'm pretty sure things would be different if we have enough supply of new gpus. no one will buy a used 1660ti for $500 if that were the case. hopefully next-gen would be better, if not, maybe we can kiss goodbye to gpus under $500 that can handle 1080p gaming or mining quite well.