It has been reported that prices of some graphic cards have tumbled as much as two-thirds on Chinese e-commerce platforms after Sichuan province terminated mining operations. Asus’ flagship RTX 3060 card was reportedly down to 4,699 Chinese yuan ($730) on Monday from its peak price of 13,499 yuan ($2,100) in May on JD.com-operated online retail site Tmall.
However, Nvidia's Quadro P1000, a less advanced card, dropped to 2,429 yuan ($380) on a JD.com franchise store, down from a peak of about 3,000 yuan ($470) in early May, the SCMP reported, citing price changes tracked by e-commerce data provider Manmanbuy.
The report said that the price downturn aligns with a major sell-off on the cryptocurrency market, with Bitcoin (BTC) tumbling to $32,500 amid another wave of FUD in China. On Monday, China’s central bank reiterated the country’s ban on cryptocurrency trading, reportedly urging banks and payment institutions to halt services for accounts associated with crypto trading activity.
After banning crypto trading back in 2017, the Chinese government has been toughening its stance on crypto recently, launching a major crackdown on cryptocurrency mining.
Likewise, the latest news follows a series of mining bans in several major crypto mining hubs in China including hydropower-based provinces like Sichuan and Yunnan.
Thus, authorities in Xinjiang, Inner Mongolia, and Qinghai have also ordered mining operations to shutter.