The crypto world shuddered, but Shenzhen's Huaqiangbei district only worked harder.
On May 20, just 19 hours after the "bloodbath" in cryptocurrencies, delivery workers raced through Huaqiangbei’s mining hardware hub, pushing carts loaded with graphics cards and ASIC miners. The demand was urgent—these devices are the lifeline of crypto fortunes.
The night before, on May 19, the crypto market collapsed. Bitcoin plunged nearly 30%, Ethereum dropped over 40%, and Dogecoin lost half its value. Over 48,000 traders were liquidated, with losses totaling $59 billion. Yet, in Huaqiangbei—the world’s largest mining hardware marketplace—business thrived.
"Graphics Cards Cheaper? Dream On"
Prices for GPUs and mining rigs didn’t drop—they rose slightly.
- RTX 3080 cards skyrocketed to ¥16,000 (up 300%).
- Entry-level models doubled in cost.
- Supplies ran dry: "I can’t even quote a price—it changes hourly," one vendor admitted.
Even after Bitcoin briefly rebounded to $40,000, volatility stayed high. But Huaqiangbei’s veterans weren’t worried.
Faith in Crypto Remains Unshaken
Miners and sellers here share a mantra: "Hold coins, stay calm."
- Mining isn’t trading: Miners accumulate coins over time, waiting for peaks to cash out.
- "It’ll bounce back": Vendors-turned-miners point to insatiable hardware demand as proof.
- Ethereum example: A single GPU mines ~¥5,000/year after costs—slow but steady.
"You Need ¥1M+ Just to Start Here"
Huaqiangbei’s hardware tycoons revealed:
- 2020’s IC chip boom paid ¥1M+ profits per shop.
- Smart storage wins: "Buy warehouses, hoard the right gear, repeat."
- No panic: "We’re not chasing trends—we are the trend."
FAQ
Q: Will GPU prices drop soon?
A: Unlikely. Global shortages and mining demand keep costs high.
Q: Is mining still profitable after the crash?
A: Yes—just slower. Long-term miners ignore short-term dips.
Q: How did Huaqiangbei handle the 2018 crypto winter?
A: By diversifying. Now, they’re all-in on hardware as crypto’s backbone.
👉 How OKX supports mining hardware trends
Prices and market data updated as of May 2021. No promotional content included.