Bitcoin rose 12% in a week to $42,000. Bitcoin previously reached this level in April 2022. According to experts, there are two main reasons for this rise. Increasing confidence that a Bitcoin exchange-traded fund (ETF) will be approved and the expectation of a rate cut in the US.
Mining with a graphics card is no longer profitable
The increase in Bitcoin has created concerns among players that graphics card prices will increase again. However, it is not possible for such a thing to happen. GPU mining is not the profitable business it used to be. Currently, it is possible to earn more than 1 dollar a day by mining with RTX 4090, after deducting the energy cost. However, years of mining are required to extract the cost of the card.
US sanctions increase prices
Currently, the main threat to graphics cards is seen as the US imposing sanctions on China for artificial intelligence processors. Prices have entered an upward trend as graphics cards are being tried to be smuggled into China by smugglers. At the same time, GPU manufacturers began to prioritize AI-centric GPUs. This may be a development that increases prices.
The Ethereum merger had not yet taken place in April 2022, when Bitcoin last rose by $42,000. Therefore, cryptocurrency mining could be done with gaming graphics cards. For this reason, graphics card prices had increased 3-4 times. Today, mining Bitcoin and other cryptocurrencies is largely done with ASICs and other specialized processors. Although mining with GPU is still limited, it is not as profitable as it used to be.
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