Another great sign of the GPU market returning to normal. Unless you need this right now, i would suggest holding off on it to reduce prices even further. This is amazing.
Galax NVIDIA GeForce RTX 3070 (1-Click OC) LHR 8GB Video Card $1099 + $9.90 Delivery ($0 SYD C&C) @ PCByte
680
LInc0004 on 11/03/2022 - 17:06 pcbyte.com.au (751 clicks)
Last edited 11/03/2022 - 23:30 by 2 other users
Last edited 11/03/2022 - 23:30 by 2 other users
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Tumbling down.
What happened? Everyone that needed one bought one so now it's dropping so the people that want it can afford it?
Mining is not profitable at the moment and energy prices are going up.
It's all mining. The price floor that was provided by crypto has essentially disappeared, so prices are now dropping down to ultimately whatever gamers are happy to pay (with a possible small stall at RRP?)
It's all mining
[citation needed]
GPU's are getting easier to get. The stock is increasing due to chip manufacturing getting back to normal, Ethereum meant to be going to Proof of stake soon(rumoured 1st half of 2022) so people selling their rigs while the GPU prices high. China and other places banning mining. Also lots of people probably selling off their 30 series cards while the price is high so they can get 40 series cards later in the year, also Intel Arc dropping in May.
I also suspect some people see 8gb cards as starting to be outdated with 4k gaming becoming more the norm.
stop it with this PoS ethereum myth in 2022, even if it does happen, which it wont, there are plenty of other profitable PoW coins to mine
and for prices of GPU to continue downwards the crypto bull market has to be over which isn't the case
we'll likely see a continued decline in GPU prices in the short term, as crypto prices recover demand and prices for GPUs will grow again until it reaches record highs at the blow off top of the crypto cycle, once that happens THEN we'll see a sustainable drop in GPU prices which will last about a couple of years
what we a simply seeing now is a combination of short term mining complexity increase combined with low crypto prices (inherent volatility) - this is a short term blip, we wont see a sustainable decrease in prices until that blow off top in crypto which has NOT happened yet
down voting what you hate to read doesn't mean it isn't relevant
you should be thanking me for a perspective that is completely foreign to your current thinking - especially when you realise it is what is happening
@desync: You're basing the whole GPU prices just on crypto, i named like 5 other factors that are contributing to GPU prices dropping.
@Zorololo: it's only about crypto, the price miners are wiling to pay are far higher than gamers as it is a business and profit based - profits will increase with
1 - higher crypto prices
2 - reduction in complexity due to recent drop in hash rate- supply is irrelevant (more cards more profit for miners)
- china banned crypto more than a year ago and that was due to energy issues which is now solved thanks to russia, also russia has more than compensated for any decline in mining since china banned ages ago
- there aren't even 10 used 30 series cards being sold used on ebay right now
you're a dreamer, you're wrong, and you need to stop with this false hope, it'll only bring another year and a half of pain for those you con
@desync: I agree with you mate, I think a lot of the commenters here just don't like the fact that GPU prices are tied to the crypto market ATM.
It does seem fairly likely that we will see Ethereum on Proof of Stake soon though!
@yoshi864: maybe ethereum makes the switch in 2022 but i think that's less than likely due to complexity, any slight wrinkle and it gets pushed back 6 months - and there will be more than wrinkles
@desync: so do you reckon the prices of second hand cars going up is also due to crypto? nothing to do with general electronic chip shortages that also affects the GPU market?
You can't just pump another alt-coin, or it will just crash. That's one thing I'm very thankful for right now, because this stuff is poison.
Also ETH difficulty is 2.5x higher than 12 months ago.
@jasswolf: that's not how it works
if switch mining from one coin to another it doesn't crash the price, if anything it will increase price of the token because supply from mining will no longer be sold into the market - ie miners sell their tokens, they have to pay electricity bills and also they like to pay themselves and also buy more GPUs
also mining difficulty is a function of chain hash rate, the more miners the harder it is to mine the more GPU power you need to be profitable
@desync: They will be volatile as people try and gauge them all.
Mining difficulty is also a function of maximum circulation, which is what is happening with ETH: it's hitting a wall.
@desync
Although people downvoted, I understand what you're saying because I've been in the stock and crypto market as well as the tech market for some years now.
Normies will not understand this and disagree.
Don't even worry about sharing info like this on a forum like this, as this isn't really a place where you'll find people with this type of back-end knowledge.
Goodluck with the tradesthe crypto bull market has to be over which isn't the case
Send links to the crystal ball you're using to determine this
which has NOT happened yet
Pro tip: just because something hasn't happened yet doesn't mean it won't happen at some point. How do you know that isn't right now?
The stock is increasing due to chip manufacturing getting back to normal
It has been at maximum capacity the whole time, what's now happening is that new capacity is coming online. Hell, we're so far into the pandemic that the stuff that was planned for in response to 2020 demand is not far from coming online.
If folk are selling off their 30 series cards, what are they using until the new ones appear?
More supply, mining changes, next gen on horizon, intel entering market. I just feel sorry for those that listened to a few on here last month telling people we were wrong and idiots for thinking prices would crash in march.
hoping for something doesn't mean it will happen
we aren't going to see a sustainable drop in prices until crypto has it's blow off top, thats likely 12 months away, during now and then prices are going to get tighter than ever
"what we a simply seeing now is a combination of short term mining complexity increase combined with low crypto prices (inherent volatility) - this is a short term blip"
Dude you must be new to the crypto scene, couple years max. Crypto has had the most amazing bull run this last couple of years, "blowing it's top" as you say. The markets are correcting as they are way overheated. Sound like your hodling for dear life my friend….
This POS is the reason why gamers can’t get their video cards at the normal RRP. He’s a miner, not a gamer, you can clearly tell by the way he talks about crypto and how much he’s invested in the whole crypto scene. He’s yet to speak one word about actual gaming, it’s all crypto crypto crypto talk. FOS
@Amb11760: I'm pretty sure there's more gamers in the world than miners
Even with mass mining factories, there's billions of gamers on the planet
@[Deactivated]: there aren't THAT many miners
you really aren't competing against some guy with 10 cards, you are competing with multi million/billion dollar mining outfits with purpose built datacenters in places with ultra cheap hydro electricity
their is no limit to the amount of cards they can buy - that being said i dont know if there are any purpose built facilities here in australia, i presume so, probably plugged into their own solar farm array/battery setup
@desync: Yes there are crypto miners in Australia. They buy up old industrial sites or even dairies that have access to cheap power and install their rigs. Sites in cooler climate best as lower energy cost. They freight the rigs in direct from Shenzhen. Upgrade them every six months or so.
@bulletbill88: that makes sense, i live with sydney electricity prices so automatically thought about renewables in the outback as a reliable and cheap source, but it makes sense that regional areas with low demand and close access to electrical infrastructure will get much better rates to make it viable
i wonder how much longer PoW will be a thing, bitcoins market share is shinking with every cycle but it looks like it's going to hang around for a while yet
@Amb11760: never mined a single coin - i stake coins, PoW is outdated tech
a friendly warning for those who are thinking of holding on for more than months rather than weeks, you will miss out
i get it, you don't want to be true but don't let cognitive dissonance prevent you from considering the possibility - it's only going to hurt you
personally i am looking at a 3070 ti, will be pulling the trigger in the next week or so for a VR build, my rtx 2060 just doesn't cut it
btw although i hate miners for this i hate the retailers more, right now prices are inflated purely because of retails, at these crypto prices miners are not buying cards - this is the ONLY reason there is stock, once the price of crypto recovers, and it will, all this stock is going to disappear instantly, i predict within the next month or 2 this is going to happen
come back and tell me so if it doesn't
This POS is the reason why gamers can’t get their video cards at the normal RRP. He’s a miner, not a gamer, you can clearly tell by the way he talks about crypto and how much he’s invested in the whole crypto scene. He’s yet to speak one word about actual gaming, it’s all crypto crypto crypto talk. FOS
Way to be a toxic witch hunter, god damn
RTX 3060 Ti seems to have better value:
https://www.bpctech.com.au/product/08g-p5-3663-kl-evga-gefor…
Ah no, I'd rather pay $150 for the 3070
Given how old the 3070 is now, it should be $599-$699, I won't pay for anything more, otherwise, I will wait for the 4070.
Good luck getting it for $599 even after 4XXX series comes out. Don’t get me wrong, I hope you’re right but I’m dubious
Sure next drop will be below $1k for 3070
Please HODL!
Couldn't they just clicked it for me so I don't have to OC myself… jeez.
Remember this is still around $200 more than RRP for a 2 year old card. Prices will keep falling without an incentive to mine. HODL!
bought the 3 fan version for $900 on launch. this still seems too high for me
Lol $1100 for a 3rd tier card. The GTX 570 was $349USD.
While it is overpriced, the cost of a card from over 11 year ago in a different currency isn’t exactly relevant.
Out of interest, I did the maths below to make it relevant.
That's equivalent to AUD572 in 2022.
I chose 500 series because that was the last gen unaffected by mining. Everything since has a premium attatched to it thanks to mining going mainstream. New gamers are ignorant to this as last decades prices is all they've ever known. GPU's had been around 15 years before the 500x series and never inflated.
What you call relevant/inflation/silicon shortage is simply idiots willing to pay more than back then. Why? mining. Along with idiots accepting the higher prices.
bought my first house in sydney for $20k, just hodling until it's that price again visibly shakes
2400 will be your year of reckoning.
you must be 80 years old now….
1 USD in 2011 was worth 1 AUD
1 USD now is worth 1.36 AUD
Cumulative inflation is 120.5% of 2011So the equivalent pricing to that GTX570 is now 3491.361.205=$572
So we're definitely paying a lot more, but this is a more accurate comparison.
Also inflation rate is taking into account of the whole economy.
The boom of crypto, gaming, rendering etc has been crazy the past 5 years. So obviously its going to outstrip the average inflation rate.
Oh 100%. I just thought it was interesting to compare it to CPI because that removes a lot of the variables and makes it a much fairer comparison.
I just thought it was interesting to compare it to CPI because…
A lot of people do this but I don't understand why. CPI is mostly unrelatable to the individual value of any one thing. It's false equivalence.
You’ve forgotten to account for inflation amongst a variety of other factors
These should be hitting below RRP soon at this rate, like the good old days.. 4000's on the horizon, Intel entering the market and AMD with rDNA3.. unless you need a card should prob hold out till below RRP levels or get new stuff at RRP when it launches.. Nvidia now has competition so if they get greedy it'll hurt them.. huzzar for competition..
important to put a time on that, id say in 12 to 18 months we'll see better GPU prices
between then and now prices will decline in the really short term (weeks to months) but as crypto price recovers we'll see the same drop in supply and increase in price which will last well into 2023, at which point we'll like see crypto crash, a bear market and as a result a oversupply of cards and low prices for years
HODL
When Bitcoin $0. Back to $499.99. Hopefully this year.
Hopefully
Relevant username, lol
If you're considering this GPU, then you'll probably going to want to weigh up the other deals on either side of this price bracket:
- EVGA RTX 3060 Ti - $949 shipped
- Gainward RTX 3070 Ti - $1,225 shipped
Using this as a guide for relative performance (1080p Ultra settings, compared to the top tier GPU on the market today):
- 3060 Ti: 69.9%
- 3070: 76.2%
- 3070 Ti: 79.6%
There's really not much between them so it'll boil down to other factors like brand, model and warranty support. That EVGA 3060 Ti is awfully tempting though..
Nice write up.
3070 ti is 19% faster than 3060 ti at 1440p. Which isn't far off the cost difference, especially since it's usually diminishing returns.
I remember waiting for a 1070ti to drop to ~535 delivered in 2018. now the 70 series is over 1k just in two gens.. 100% inflation in 3-4 years lol imagine where we'll be in 10years…
store in title pls :)