Q1 2018 - AMD & Nvidia shipped 18 million graphics cards
Q1 2021 - AMD & Nvidia shipped 12 million graphics cards
That's a 33% reduction in production. We don't know how many of those were sold to minors but it would have been a lot because LHR wasn't released until Q2.
I don't think facts or logic are going to convince any of the "it's all the miners" crowd.
Mining is obviously a very big factor as we can see the graph of the ETH's global hashrate and work out how many cards the increased would require.
We can also take the Steam survey data and work out how many cards are in gamer's hand, or more accurately people who run Steam.
Now some of the people in group two could be gamers who mine part time (possibly to get back some of them money on a card they overpaid for).
Anyway, my take is that demand from both miners and gamers has been crazy. And while if crypto wasn't booming there would be more cards for gamers, I still think prices would have gone crazy.
Crazy as opposed to
totally crazy which is what we've seen this year.
What is impossible to know is how much of the excess price is due to mining greed and how much is due to gamer's willing to pay excess because they-are-worth-it.
But let's imagine:
If demand had been only miners, prices would have risen 20%
If demand had been only gamers, prices would have risen 20%.
If demand had been from both, prices would have risen
by?
I would suspect it would be a lot more than 40% and I think that is what has actually happened.