Shenzhen cryptocurrency mining hardware retail hotspot turns into a ghost town »alt =» retail access point for cryptocurrency mining hardware Shenzhen turns into a ghost town 101 ″ class = »content-img» /> Source: Adobe / Photocreo Bednarek

An iconic outlet for Chinese cryptocurrency miners has fallen under a mysterious veil of silence as the country’s mining industry comes to an abrupt halt.

Beijing-led mining crackdown has caused many of the country’s top cryptocurrency mining provinces to phase out industrial mining, with additional sanctions imposed on the crypto-related banking sector.

All this has caused a sharp drop in hardware sales nationwide. Global Financial Chain (via Jinse) reported that the prices of some mining hardware components have dropped by as much as 50%. media reported that graphics cards have become “wildly unsaleable” to the point that “nobody cares, even if prices are lowered.”

While it was difficult to even find graphics cards a few months ago, there seems to be a surplus of GPUs now, particularly with many looking to sell their hardware on the second-hand market.

report’s author reported from Shenzhen’s SEG Plaza, the city’s fifth tallest skyscraper, located in the heart of the bustling Huaqiangbei electronics district.

fifth and sixth floors of the plaza have traditionally been dedicated to the retail of hardware for cryptocurrency mining and, until recently, they were a veritable hive of activity. Just a few months ago, the plaza’s mining merchants could only offer buyers empty boxes to look at, complaining that there simply weren’t enough GPUs available to meet demand, particularly as the global semiconductor crisis continues to take its toll.

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Now, the news outlet explained, the two floors have become something of a ghost town, despite the fact that there are now many stocks on the shelves.

Some stall owners from other parts of the country have permanently closed their stores and “returned to their places of origin.”

In addition to the drop in GPU prices, mining-grade servers were also cut by roughly half. And the same goes for memory-related products.

A few months ago, an enterprise-class 16T hard drive would report a buyer of around $ 8,200 and such devices “were often out of stock and had to be pre-ordered.” Today, the price of the same 16T unit has dropped to just under $ 3,100.

outlet added that the drop in prices was “inseparable” from China’s “tightening of mining policies” and “more regulatory tightening in the mining sector.”

He concluded that the demise of the mining industry in China was now a ‘foregone conclusion’ .____ To find out more: – Bitcoin mining difficulty drops to June 2020 level – China’s global Bitcoin hashrate was in decline before of repression.

– This is what Bitcoin Mining Crackdown 2.0 looks like in China – China is not done with its cryptocurrency mining crackdown yet – Researcher

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