Demand for computer components has skyrocketed with the surge of cryptocurrency mining, with prices more than doubling the past 12 months in some cases as suppliers are struggling to build enough capacity to meet the needs of the emerging market.Prices of PC Components Skyrocket Due to Bitcoin MiningThe cryptocurrency mining boom is taking the blame for the inflationary prices in the PC hardware industry. The exponential demand for processing power and memory needed to mine crypto hashes for cryptocurrency is not being followed by similar growth in industrial capacity to supply those items. As miners buy video cards and sticks of RAM in bulk to set up their mining rigs, retailers have a hard time getting them from suppliers such as Samsung, AMD, and NVIDIA.Miners are demanding more powerful rigs that can include up to 500 graphics cards each which has created a worldwide shortage of the cards allowing manufacturers and retailers to gauge buyers on the price. Checking the price of the 5 most popular graphics cards from last year and comparing it with the updated version shows a general price increase of between 70 and 100%. Nvidia’s GeForce GTX 1070 should cost around $380, but some cards are now being sold for more than $700 due to the massive shortages in the consumer GPU market.
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