China tightens its measures against crypto currencies and GPU prices fall
one of the consequences of the new blocking measures that the country is implementing against crypto currencies and gpu prices fall.
The prices of processors in China have fallen as one of the consequences of the new blocking measures that the country is implementing against crypto currencies and gpu prices fall.
The People's Bank of China has issued an order for the main banks of the country not to allow the transaction of crypto currencies. This new restrictive measure results in the drop in the value of crypto currencies and the price of the GPUs that were used for mining.
The Chinese authorities have declared war on the world of Bitcoin and other cryptos. A recent report pointed out that the Asian country represented more than 75% of Bitcoin's hash power or calculations. However, in recent weeks China has closed 90% of mining farms, partially reversing the shortage of chips.
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NVIDIA already warned at the beginning of the year that mining was responsible in large part for the lack of GPUs available for other markets such as video games and applied in its RTX 3060 Ti, RTX 3070 and RTX 3080 cards, LHR anti-mining technology to balance the market . With this new move by China, the price of modern and old GPUs has dropped.
The 14nm Nvidia Quadro P1000 launched in 2017 costs 2,429 Yuan (315.72 euros) at JD.com and this year's Asus GeForce RTX3060 has dropped from 13,499 Yuan (1,752.97 euros) to 4,699 Yuan (640, 88 euros), in Tmall, both Chinese suppliers. Some users have also noticed it on reddit, so the price drop would also be reaching the international market.
In its statement, The People's Bank of China noted that "virtual currency trading activities disrupt the normal economic and financial order, generate risks of illegal cross-border transfers of assets, money laundering and other illegal and criminal activities, and seriously violate the security of people's property ". China has been disapproving of this new digital market for years, but that had not prevented its growth among the population.
In addition to the negative influence that the crypto industry is having on the sale and shortage of processors for other devices such as computers for video games, and the reluctance of countries to some currencies that they cannot control such as legal tender, crypto currencies also they have made a name for themselves as polluters.
