Crypto Miners Spent More Than $776 Million On GPUs In 2017

Cryptocurrency mining is getting more and more advanced. Over the past year, it has even led to a shortage in the GPU market and a shortage of GPUs in many countries. According to a new report, cryptocurrency miners have spent more than $776 million on buying GPUs in 2017.

There were more than 3 million GPUs sold for cryptocurrency mining in 2017 according to the report published by Jon Peddie Research (JPR). Currently, AMD holds the first place as the ultimate cryptocurrency mining brand before Nvidia.

Meanwhile, chip manufacturers have seen increased value of their shares. According to Dr. Jon Peddie who is the president of Jon Peddie Research:

“Gaming has been and will continue to be the primary driver for GPU sales, augmented by the demand from cryptocurrency miners. We expect demand to slacken from the miners as margins drop in response increasingly utilities costs and supply and demand forces that drive up AIB prices.”

In 2017, AMD’s market share increased by 8.1% while Nvidia’s share sunk by 6%. As a whole, the GPU market last year dipped 4.8%. According to experts, the preference for AMD over Nvidia is best justified by the lower price tag of the GPUs. According to Nvidia’s CEO, cryptocurrencies aren’t going away, but their priority is gamers over miners amid the graphics card shortage.

Last year, both AMD and Nvidia were optimistic about creating cheaper cryptocurrency mining GPUs (even though they both see the gaming market as their primary concern). As the best solution, Dr. Peddie suggests that it would be best if gamers use their GPUs to mine cryptocurrencies only when they are not using them for gaming.
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