The Merge upgrade for Ethereum, which primarily sought to transition the blockchain into a

Following the Ethereum upgrade, GPU prices in China saw a significant drop as the blockchain moved away from the power-intensive proof-of-work (PoW) consensus mechanism.

As Cointelegraph reported, the Nvidia GeForce RTX 3080’s price dropped from 8,000 yuan, or $1,118, to 5,000 yuan within three months, according to a Chinese merchant. The merchant further stated that no one in China is buying new computers, let alone new GPUs.