Bitcoin and other cryptocurrencies like Ethereum, Ripple, and Litecoin have soared in value over the past year. As the price of cryptocurrencies has increased, graphics cards have also seen big price increases thanks to retail stock shortages. A range of mid- or high-end graphics cards from AMD or Nvidia is in short supply, mostly due to cryptocurrency miners buying them in bulk to build machines to mine bitcoin and similar cryptocurrencies.
Polygon is reporting that pricing for Nvidia’s GeForce GTX 1070 should be around $380 (depending on the model), but that some cards are now being sold for more than $700 due to the stock shortages – an increase of more than 80 percent.
To add context to this, cryptocurrency miners use stacks of graphics cards to solve the mathematical problems need to authenticate payments on the network and create new bitcoin. There’s only a finite number of bitcoins available, and because of the way the network is designed, each new bitcoin takes more power to mine. This has led to increased demand for more powerful graphics cards to tackle multiple cryptocurrencies.
It's a problem which has now spread worldwide and there is no end to it in sight until we see a drop in mining and all these 2nd hand cards go back on the market for ridiculously low prices. I don't know about you, but I'd rather just get one now.