Ethereum doesn't require cryptocurrency mining anymore.
GPU prices in China have dropped significantly since Ethereum's Merge – a change to proof of stake that made it so the cryptocurrency can't be mined now, which in turn means you don't really need so many powerful GPUs.
According to South China Morning Post, the prices are at the "lowest level ever", with the RTX 3080 falling from about 8,000 yuan ($1,115) to 5,000 yuan ($697) in three months.
“When the wave of bitcoin mining was at its peak, people from the mining companies just walked in the stores with cash and took away all the graphics cards we had in store,” said on of the merchants. “But now look at the stores. No one is buying new computers because of the coronavirus, not to mention those who want to install a new graphics card.”
Consumer demand is slowing overall in China. According to data from market research institute Canalys, personal computer shipments in the country fell 16% year on year in the second quarter, marking the worst decline since 2013.
Meanwhile, AMD and NVIDIA both reduce prices for some of their graphics cards. Earlier, China Times' report assumed PC-making companies would "aggressively push finished products to the channel through discounts and promotions."