The AMD Radeon RX580 Crypto Mining GPU Price is Down Two Thirds in Value Since Start of 2018
According to a report released yesterday by popular gaming magazine ‘PC Gamer’, the price of AMD’s famous Radeon RX580 unit has fallen by over 67% since the start of 2018. As a result of this drop, the the once popular GPU is now being sold for a mere $179.99 (as opposed to its former price of around $550).
For those who may remember, the mining market reached its peak sometime during February this year. However since then, the altcoin sector at large has been in the grips of bearish market conditions— with many miners being affected to such a degree that they have had to sell off their rigs and associated mining equipment.
Some Stats And Facts To Consider
Elaborating further on the state of the mining market right now, it is worth noting that as a result of 2018’s bear run, big name players such as Nvidia and AMD have seen their crypto-related sales ‘drop significantly’.
Additionally, earlier this year, AMD CEO Lisa Su had said that regardless of whether their crypto mining operations continue to succeed or not, her firm was keenly looking at blockchain technology— since it allows full-fledged corporations to facilitate peer-to-peer transactions through the use of a decentralized network.
She then went on to add:
“We believe blockchain or mining was about approximately 10 percent of our revenue during the [first] quarter. And the truth is there are a lot different factors in these estimates. We feel we have a very good idea of what people are using our products for. It’s a nice growth factor, but it’s certainly not the dominant growth factor in our story.”
Lastly, Nvidia’s latest financial reports reveal that all through Q3 2018, the firm’s share prices have taken a massive beating (as a result of which, company founder and CEO Jensen Huang said that moving forward, they will have to work on a new business plan so as to minimize their financial losses).
With crypto prices at an all time low, it remains to be seen what the future holds for this burgeoning market. However, one thing is for sure that the coming few weeks will see the prices of premier digital assets like Bitcoin, Ethereum, Litecoin either rise up or dip even further.