The Effect of the Ethereum Merge on the GPU market

Updated 9/6/2022

Selling your used GPUs on eBay or elsewhere online is starting to become increasingly challenging as supply is dramatically outpacing demand as we are going into the Merge as early as next week Wednesday. Our in-depth article on this topic provides a lot more detail on these recent developments.

How It Started

Supply ballooning as volume & demand are shrinking

One of the key market metrics that we keep an eye on is the supply (no. of GPU listings) in relation to demand (GPUs sold). We are now a week or so out from the merge and the sold to supply ratio is at it’s lowest, meaning that the number GPUs actually selling in relation to the number of listed, unsold GPUs is low and plummeting fast, about 20% in the past two weeks.

So, what does this mean for selling GPUs on eBay, or anywhere else for that matter, during the black swan event of the ETH merge? It means that prices will continue to fall and volume will continue to be low for the number of miners trying to sell their GPUs, resulting in a slow-selling market except at the lowest prices.

How It’s Going

Is Bitpro buying GPUs during the Ethereum Merge?

So, is selling GPUs to Bitpro still a fast & convenient way to exit mining? We are doing our best to be. We aren’t sitting on the sidelines in spite of this extremely volatile market, as long as sellers understand that we need to offer a price that takes the merge’s impact on prices into account. We’re projecting the trend of falling GPU prices to accelerate and delayed buyer demand due to cheaper hardware constantly becoming available (as well as the Nvidia launch mid-October, but that’s a post for another day).