Bad news for crypto miners is good news for gamers. While GPU prices have steadily fallen over the past few months, the ongoing cryptocurrency crash appears to be accelerating the return to MSRP. As Tom’s Hardware Reports, GPU prices fell about 15% in May after declines of 10% to 15% in previous months. In some cases, prices drop below recommended prices.
For now, the used market on eBay is falling at a faster rate, although prices for new GPUs are also dropping steadily. Retail prices have fallen 2% over the past two weeks; it may not look like much, but this drop was compensated by a 9% increase in the price of the RTX 3080 (12 GB).
Top graphics cards from Nvidia and AMD have seen significant price drops, with the RTX 3070 and RTX 3070 Ti dropping 7% and the RTX 3050 now being 6% more affordable than before. Even the flagship RTX 3090 Ti is down 5%. Things were more stable on the AMD front, although prices for the Radeon RX 6600 XT and RX 6600 fell by 3%. Most of Team Red’s other cards held their price month over month, but were already close to MSRP, while Nvidia cards have a longer return path.
Looking at the average retail price versus the suggested price, only Nvidia’s high-end cards (RTX 3090 Ti, RTX 3090, RTX 3080 Ti) sell for MSRP or below. The others, including the RTX 3080, 3070, 3060 Ti, 3060, and 3050, remain $50 to $100 above demand.
The second-hand market, as indicated above, sinks at an even faster rate. Over the past two weeks, Nvidia’s RTX 3060 Ti has dropped by 19%, the RTX 3080 by 17%, and the RTX 3070 by 15%. Average selling prices on eBay dropped 10% in just 14 days, and if you ignore the new AMD RX 6750 XT and RX 6400 (which are hard to find anyway), the average drop was 12%.
Tom’s Hardware suggests that these cards are resold, in part, due to the sharp decline in the value of the cryptocurrency. With the crypto crash and energy prices rising, miners are giving up and trying to recoup some of the money they lost buying hardware before everyone else sold their GPUs to a Lower price. Bitcoin, by the way, fell from a high of around $32,000 around $21,000 for the past few weeks while Ethereum is around $1,100, down from $1,900. Keep in mind that the GPUs used might be the overloaded leftovers used by crypto miners, and might not have much life left in them.
Either way, the result is more affordable GPUs for gamers who have been sidelined for the past two years as supply chain issues and scalpers have made it nearly impossible to buy. of a graphics card and even more difficult to find one at a reasonable price. As Tom’s Hardware points out, the RTX 3080 cost over $1,000 just a few months ago; now you can find one for around $640 or, in a particular offer, $418 when you buy six.
So should you go out and buy a GPU right now? Not exactly. Nvidia should come out RTX 40 series cards later this year, while AMD will compete with the RX 7000 series GPUs. These will no doubt bring significant performance gains over the outgoing cards, but the real question is whether there will have enough stock – and sufficiently competitive prices – to make them worthwhile upgrades over the now more affordable current-gen.