Altcoin Market in Panic Mode As Ethereum Miners Dump Their GPUs

Altcoin traders are having a nerve-wracking moment on Tuesday as the leading altcoin, ether, has come under selling pressure.

Weak buying pressure from institutional investors has been unable to save ether from the bear claws as weekly crypto investment product volume dropped to its lowest level in several months.

At the time of writing this report, Ethereum was struggling to stay above $2,000. The flagship altcoin has posted a weekly loss of 14% and has lost more than half of its value since reaching its all-time high in May.

Investors are reducing their crypto exposure significantly as former miners in China dump their GPUs primarily used for blockchain mining in boosting speed and efficiency. This further suggests that at least some of the mining capacity will likely not return.

Also, Ethereum miners are now trying to sell those computing machines featuring RTX 3060 mobile GPUs bought out so quickly in the first quarter of the year. Current selling prices for these laptops are around $1,000 but can go even lower.

Investors had earlier increased their buying pressure on Ethereum as it has become the most popular and most-used development platform and posts the biggest recorded real use-case among all smart contract applications.

Ethereum is a global, open-source platform for decentralized applications. In other words, the vision was to create a platform that anyone can build applications in a decentralized manner, while data is distributed and publicly accessible.