There has been a lot of tension built up between gamers and miners over the past few years as miners have been snatching up any GPU they could get their hands on. It appears the Ethereum Merge on September 6th, 2022 which transitioned Ethereum from Proof of Work to Proof of Stake, was the final dagger.
Mining crypto currencies has been around long before the pandemic. Historically, crypto mining has had two main ginormous trends which have occurred in relation to rocketing crypto prices. Once in 2017-18 and again in 2020-22. Unfortunately, as fast as the crypto mining trend comes, it will disappear just as quickly as we are seeing now.
Right now is a very interesting time for GPU manufactures, most notably AMD and Nvidia. All throughout the past 2-3 years there has been way more demand than supply which caused any in stock items priced at MSRP to sell within minutes if not seconds due to bots (which is a whole other story... maybe another day). It would not be uncommon to easily sell a new GPU at more than double MSRP.
GPU manufactures have finally been able to catch supply up with demand.
This can be contributed by a variety of reasons but mainly the drop consumer demand. However, there was and is one main issue that was not factored in. Crypto miners are all trying to liquidate/sell their GPU's at the same time.
This is great for gamers, creators and anyone else who benefits from using GPU's! GPU manufacturers and their stock prices... not so much.
New GPU's are usually announced every 2-3 years with new features increase in performance and new look. It appears that both Nvidia and AMD will be releasing their new lineup this Fall-Winter. Starting to see the issue?
There have been reports that Nvida still has a massive amount of older generation GPU's that have not been sold. All while there are still thousands of dirt cheap GPU's on the used market and getting very close to releasing their new lineup.
As for the rest of the story, time will tell.
But one thing that is for certain is the digital gold rush has come to an end.