Why Cryptocurrency Is Making Graphics Cards Hard to Find
Cryptocurrencies are all the rage these days, and this is because of one of their primary selling points: anonymity. What this means is that, unlike fiat currencies like the US Dollar, a cryptocurrency (like Bitcoin) is not backed by any nation-state. As a result, there is no central authority that can potentially seize your funds (like a bank), limit or even shut down your account (such as a credit card company), or freeze your assets (such as a government).
The cryptocurrency mining craze is on the rise, with graphics cards (GPUs) the primary weapon of choice for mining. For those unfamiliar with how mining works, imagine that instead of using money to purchase a game or movie, you are instead using it to purchase a small amount of computing power. If you were to do this, you would need to set up your own dedicated hardware (GPU) to aid in the mining process.
Graphics processors have come a long way since the first game consoles were introduced. In the early 2000s, the average graphics card was about the size of a small piece of paper and packed with tens to hundreds of thousands of transistors. Now, a graphics card can have millions of transistors and cost a large amount of money. The reason is that the computer’s CPU and GPU are now working in tandem; the CPU handles the mundane computing tasks, like running your PC’s operating system, while the GPU handles graphics.
Since the launch of cryptocurrency in 2009, graphics cards (or GPUs) have been in high demand. The available GPUs were not powerful enough to mine cryptocurrencies. Today, the situation is different, and they have become the backbone of what is known as a cryptocurrency mining operation.
Cryptocurrency has become an increasingly popular way to spend online. While Bitcoin is the most popular form of digital currency, over a thousand different cryptocurrencies are in use today. Unfortunately, cryptocurrency mining has become a big problem for graphics cards. Even though graphics cards are supposed to be fast for rendering graphics, cryptocurrency mining has caused many graphics cards to reach the end of their lifespan.
The cryptocurrency market is currently in a state of flux, and graphics card manufacturers are feeling the pinch. The cryptocurrency craze has created an insatiable demand for graphics cards, which has driven up prices and created a shortage.
When it comes to the PC market, the graphics card is the most expensive component. However, the demand for GPUs is on the rise due to cryptocurrency mining. In fact, many of the midrange and high-end graphics cards are completely sold out. Some vendors even said they would take pre-orders for cards that won’t be available until October, with the most expensive cards starting at $700.
Cryptocurrency has entered the mainstream consciousness in a big way lately, with the price of Bitcoin reaching $11,000 over the last couple of months. But with the price of Bitcoin so high, graphics card manufacturers now have to pay an extra set of taxes on the products they sell.
The cryptocurrency market has been one of the most volatile markets in the world over the last couple of years. With the current market price of $750 billion and a hard cap limit of $115 billion monthly, it’s easy to see why these digital currencies are so popular. The popularity can be attributed to the fact that it is a decentralized system, which means that no single authority can control it. The cryptocurrency market has also stirred up a storm in the graphics card industry. This is because the prices of graphics cards have been skyrocketing over the last year and also because the graphics card industry has been facing issues with miners who use the graphics cards for mining.
The various cryptographic currencies that have been created in recent years have spurred the growth of a new market that could turn out to be the next big thing. Graphics cards (or GPUs) are used in almost every computer, and they are a common target for digital currency miners, who purchase them only to mine the currency that backs the units.