News Ethereum Miners Spent $15 Billion on GPUs Alone During Latest Cryptocraze


49M GPUs for 51G$ averaging over $1000 per GPU and analysts estimate only 10% of those went to crypto-miners? It seems infinitely suspicious to me that there are enough enthusiasts in existence to soak up that many overpriced GPUs when enthusiasts make up less than 10% of the PC market and 1.5 years is only about 130M PCs.

I would expect the share of GPUs going to crypto to be much higher once all of the different paths from manufacturers to farms are accounted for.
These miners cost we gamers either a LOT of money trying to get overpriced almost non-existent GPUs (like me paying $1399 for an RTX 3080 Ti on a lottery shuffle win to purchase on NewEgg), or they forced people to hold out on their old GPU longer praying it doesn't die on them. I only have three words for the cryptocurrency miners and users:

Heh, hehehe, hehehehe...
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Tens of billions of dollars were spent on GPUs for Ethereum mining and the other gear, according to a new report.

Ethereum Miners Spent $15 Billion on GPUs Alone During Latest Cryptocraze : Read more
I find it very hard to believe only 10% went to crypto. The pricing data does not support this. Historic trends in a non-mining market shows that after initial demand, prices fall off ~6 months after introduction. A 10% shortage would have met market demand of normal users by month 7/8. While in fact prices were only heading to doubling suggesting not a 10% normal buyer shortage but a SEVERE shortage.
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Jun 4, 2022
I agree the figures in the article don't seem to stack up at all. $15b is a lot higher than the figures previously indicated from Nvidia in their earnings calls (around $450m if I remember correctly?) and due to the fact supply to regular buyers was virtually zero for months on end I don't believe only 10% went to cryptominers. More like 90% went to them and 10% made it's way to the wider market.


Jul 13, 2016
Don't forget the GPU market is, in roughly descending order of units sold:
  • OEMs adding GPUs to pre-builds, both desktop and laptop (highest volume, but usually lowest margin)
  • HPC (highest margins, but also high volumes)
  • Enthusiasts (also high margins, but only due to skew towards higher end SKUs)
  • Miners

The first two are the ones who will be able to swing guaranteed-quantity-guaranteed-delivery contracts (with penalties for failure to deliver) with GPU suppliers, so in a supply constrained market they will be getting their orders filled in preference to enthusiasts and miners.


Mar 16, 2020
The numbers may be right but clearly skewed. The reason is because Nvidia also sells low end cards like GT 730, GTX 1050, GTX 1650, MX350, MX450, etc, which miners are not interested. The mid and high end cards mostly ended up with miners, but the numbers will pale in comparison to these low end GPU sale. Chances is that if we ask for split of miner vs gamer sales for mid end cards or higher, I feel it’s more like 90% gone to miners. That explains why cards were super duper rare when cryptocurrency is booming, and now, we see so many cards at MSRP or lower when crypto crashed. I doubt Nvidia and AMD actually ramped up supply knowing that they will be announcing next gen GPUs later this year. So the only explanation is that demand plunged.