News China Supreme Court Sides With Mining Operator in Battle Over 485,000 GPUs

[Admin]

China’s Supreme Court sided with Genesis Mining in a legal dispute over 485,681 AMD RX 470 8GB graphics cards.

China Supreme Court Sides With Mining Operator in Battle Over 485,000 GPUs : Read more

 

[InvalidError]

If 500k RX470s were put on the market, I doubt the $300 price point would hold. If they decide to sell their old GPUs, it will probably be in lots of 100-1000 as-is at $150 or so a pop, let someone else worry about testing, re-conditioning and re-selling those one by one.

 

[USAFRet]

Somebody got paid.

 

[thisisaname]

The scale of it boggles my mind.

 

[hannibal]

Yeah… USA did get Big shipment of 17000 new gpus! Wohoo!
And one mining farm has allmost 500000 gpus…
I feel myself so small in this gpu battle…

 

[InvalidError]

And one mining farm has allmost 500000 gpus…

Those 500k cards were seized two years ago though, who knows how many months the miner spent getting all of those RX470s.

It does put in perspective the magnitude of mining installations in need of GPU upgrades whenever something with a significant MH/W advantage comes out

 

[TheOtherOne]

Steam reports nVidia GPUs outnumber AMD by a large margin, even when combining all the AMD models vs just one of nVidia's.
Genesis Mining: We exists!

 

[zodiacfml]

too crazy. is the number accurate? having 1000 GPUs can be considered a mining company

 

[velocityg4]

If 500k RX470s were put on the market, I doubt the $300 price point would hold. If they decide to sell their old GPUs, it will probably be in lots of 100-1000 as-is at $150 or so a pop, let someone else worry about testing, re-conditioning and re-selling those one by one.

The market would definitely bottom out for a while. It wouldn't just cause a drop in that model. Models all around it would drop.

I doubt any seller would be reconditioning though. They'd be buying them by the pallet at discount. Then just refunding final buyers, any that don't work. Maybe testing if they POST before shipping.

Anyways, I doubt they'll make it to market. If that company doesn't want to deal with it. I'm sure other large scale mining operations are already contacting them and making big offers on the entire lot.

 

[NightLight]

Am I alone in never ever buying a used graphics card? Or CPU, or mobo for that matter... Gotta have that warranty man!

 

[GoofyOne]

They'll probably just melt them all down and extract copper, gold ... should be at least a couple ounces.

 

[Phaaze88]

Am I alone in never ever buying a used graphics card? Or CPU, or mobo for that matter...

No, you're not, but you gotta understand that we're in the minority with that kind of mindset.
If the price is right, just about everyone else isn't going to mind shopping 2nd hand.

 

[USAFRet]

Am I alone in never ever buying a used graphics card? Or CPU, or mobo for that matter... Gotta have that warranty man!

Witness the many people here asking if they should buy this thing from fleabay, or that thing from aliexpress.

And people here are a bit more clued in than the average.

 

[mrv_co]

I'm too lazy to go look it up, but (in the before before time) didn't my RX-480 cost less than $300 when it was new?

 

[Joseph_138]

A half million RX470's, that few people will actually consider to be an upgrade from what they already have, won't make a blip in the used GPU prices.

 

[Joseph_138]

They'll probably just melt them all down and extract copper, gold ... should be at least a couple ounces.

Nah, the amount of precious metals in a graphics card isn't worth extracting. They are worth more as graphics cards than they are as scrap gold. Selling them will be a problem, however, as they are old, and not even top of the line cards from the year they were manufactured.

 

[InvalidError]

I'm too lazy to go look it up, but (in the before before time) didn't my RX-480 cost less than $300 when it was new?

The RX480s were $200 for the 4GB model and $240 for the 8GB one at launch. After the first crypto crash though, the 8GB RX480/580 variants could be had for as little as $120 new and in some cases, that even included a free game on top due to AMD being desperate to clear excess stock from the channel.

 

[Deleted member 1560910]

So i guess china is not cracking down on mining ?

 

[InvalidError]

So i guess china is not cracking down on mining ?

It was a dispute between the miners' host and the miners for non-payment two years ago. China's regional crypto ban had nothing to do with it. The court are merely returning seized property, whether the miners will be able to resume mining in China or not is a different story. If they have to scout a new location to start over with their recovered GPUs, it would make sense for them to go outside China so they don't get hit with bans.

With only four more months to go before ETC mining might become obsolete, there may not be enough time to break even on setting up a new mining shop elsewhere to put those 500k RX470s back to work. Selling them off while they can still get good money for them possibly to the point of turning a net profit on the GPUs themselves would be a fairly smart move.

 

[Krotow]

Just for clarification. 485,000 GPUs in mining farm is sobering realization where all those new GPUs are going. And why new GPUs are so obscenely expensive.

 

[maik80]

Yeah… USA did get Big shipment of 17000 new gpus! Wohoo!
And one mining farm has allmost 500000 gpus…
I feel myself so small in this gpu battle…

If the US let mining farms invade the country, the price of electricity will increase a lot, if it is not lacking in some places

 

[VforV]

Am I alone in never ever buying a used graphics card? Or CPU, or mobo for that matter... Gotta have that warranty man!

Do you see the exorbitant prices in everything PC related we have nowadays, but especially GPUs???

Do you understand now why so many will buy used if the prices are right (as in much lower than now and lower than new)?

When that happens and it will at some point, a lot of people will take advantage of the situation. And rightfully so.

The majority of gamers are not rich so they don't have elitist views about this issue...

 

[InvalidError]

Am I alone in never ever buying a used graphics card? Or CPU, or mobo for that matter... Gotta have that warranty man!

I'm not a fan of buying used either but with price-performance on new GPUs being in such horrible shape right now, I can definitely see how people desperate to get anything worth gaming on but don't have $500+ for something new-in-box or $300+ for almost anything else that is still relevant today might be very interested in $150-200 8GB RX470s from a crypto-mining farm fire sale.

 

[digitalgriffin]

A new rx 570 8 gig was selling at $120 at one point and on a semi regular basis.

 

[artk2219]

Am I alone in never ever buying a used graphics card? Or CPU, or mobo for that matter... Gotta have that warranty man!

You're not alone, but as said before many people would be totally fine with it, on top of that sometimes used hardware does come with a warranty. MSI for example warranty's the part, not the buyer so as long as the serial number is still within warranty, you would be fine to RMA it with MSI.