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During The Most Recent Cryptocurrency Boom, Ethereum Miners Spent $15 Billion On GPUs Alone


While GPU manufacturers are reticent to discuss sales to miners, Bitpro Consulting researchers believe that Ethereum miners purchased $15 billion worth of GPUs in the last 1.5 years.

When the cost of other elements for their mining setup (CPUs, PSUs, and chassis) is included, the total cost of Ethereum mining hardware becomes even more remarkable. In the last 1.5 years, miners may have devoured around 10% of discrete GPU supply.

When the price of Ethereum skyrocketed in October-November 2020, millions of people began mining Ethereum coins to make quick cash.

They used graphics cards purchased at retail, coinciding with a surge in gaming demand when AMD and Nvidia debuted highly competitive Radeon RX 6000 and RX 6000X graphics cards.


Because demand from gamers and miners outstripped supply, prices skyrocketed. As a result, average GPU selling prices, which were already high in late 2020 due to the surge of PC gaming during the COVID-19 epidemic, soared to previously unheard-of heights.

Consuming GPUs

According to Jon Peddie Research, the average selling price for a high-end graphics card (with an MSRP of $649 or more) was $1,358 in Q1 2021, while the average selling price for a lower-tier GPU was $1,062.

According to JPR, total desktop GPU sales in 2021 were $51.8 billion. The total number of GPUs sold was 49.021 million, a four-year record. In typical pricing, we’re looking at $1,056 per unit in 2021.

We can estimate that Ethereum miners consumed around 14.2 GPUs from the fourth quarter of 2020 to the end of the first quarter of 2022, now that we know the approximate average pricing for a graphics card in 2021 and the number of money miners spent on GPUs. However, the figure isn’t entirely accurate because some miners utilized special-purpose mining cards (which JPR didn’t count), while others mined on gaming notebooks. As a result, the actual number of GPUs used in mining farms may differ, as reported by Tomshardware.

Nonetheless, 14.2 million is impressive, especially considering we talked about six quarters when Ethereum mining was at its peak. Around 73.55 million desktop discrete GPUs were sold from Q4 2020 to Q1 2022. We are keeping in mind that, in today’s world.

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An aspiring novelist and a random blogger, Nitish is also a porky-mouthed banter specialist when it comes to football (soccer), films, TV Series, History and socio-economic issues. He travels, indulges in music and plays outdoor sports to get his creative juices flowing.