Bitcoin and Ethereum Values Tumbles as Russia Considers Banning Crypto Trading & Mining
Ethereum's drop in value should be refreshing news for gamers
Published: 24th January 2022 | Source: Various Sources |
Great news for gamers, the value of crypto is falling
Today, Ethereum dropped to lows of below $2,200, a low that represents a decrease in value of over 45% when compared to the currency's value of over 4,000 last month. Bitcoin has seen its value decrease as well, dropping from over $42,000 on January 20th to around $33,000 today.
These decreases in value should come as great news to PC gamers, many of which are frustrated at the current state of the GPU market, as cryptocurrency mining has had a major impact on the world's supply of graphics cards. Demand from cryptocurrency miners has contributed to today's inflated graphics card prices and has made it difficult for gamers to get access to gaming hardware at reasonable prices.
Much of the blame for last weekend's drop in crypto pricing is due to new recommendations from Russia's central bank to impose a blanket ban on cryptocurrency mining and trading within the nation. To the Russian central bank, cryptocurrencies undermine the nation's monetary policies and has impacted the nation's energy supply. Large cryptocurrency mining operations require insane amounts of electricity, and that is having a huge impact on the power grids of the regions where cryptocurrency mining has grown in popularity.
The Russian central bank's plans for cryptocurrencies would also forbid the exchange of cryptocurrencies for traditional currencies within Russia. If Russia follows China's lead by declaring cryptocurrencies illegal, another of the world's crypto mining hot spots will be eliminated.
Anecdotally, we have heard of large shipments of graphics cards making their way into the Russian Federation for cryptocurrency mining. Should Russia crack down on cryptocurrencies, this supply of graphics cards into the nation will be lowered dramatically, freeing up supply for the world's gamers.
Today's Ethereum Value - Via Coindesk
As it stands, cryptocurrencies like Bitcoin and Ethereum are ecologically devastating, requiring huge amounts of electricity to produce and maintain. This electricity use is responsible for the creation of a huge amount of greenhouse gases. Beyond that, there is the ecological impact and wasted resources that are associated with the creation and disposal of cryptocurrency mining hardware, and their contribution to the world's semiconductor shortage.
For the PC gaming market, cryptocurrency mining has contributed to a graphics card shortage that has lasted for almost 18 months. This has led to dissatisfaction amongst gamers, and is actively destroying PC gaming has a hobby. As a PC enthusiast, I want Russia to kill off cryptocurrency mining within its borders, and other nations to follow suit.
you can join the discussion on Russia considering a ban on cryptocurrency mining on the OC3D Forums.
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