If it continued indefinitely then high end PC gaming would effectively be dead. an already niche sector would become absolutely miniscule (halo products generally don't shift huge numbers...a least not in normal times :S).
Low end could end up on relying on integrated graphics as all GPUs would be hoovered up by crypto. there would be no motivation to make a low end GPU for low margin when they can sell higher end GPUs at ridiculous profits. the entry point of a mid range would also be nasty (think 1500+ to build a PC with a 6600Xt/RTX 3060 class gpu).
PC gaming can't really die....but it would be a very nasty blow and reduce the diversity of the platform.
If it continues for the next yew years (especially if the shortage is crypto driven rather than the current situation where its a mixture of crypto and just not enough capacity at fabs) it could also have a nasty knock on effect on consoles (and anything else really). AMD, intel and Nvidia would be a lot less motivated to make console SOCs when they can just sell GPUs for stupid money. more money per mm^2 of silicon. so sony, Ms and Nintendo would need to pay more to get those SOCs designed and manufactured. The only other option is using mobile hardware as a base.
In saying that i dont think it will continue forever (but it doesnt look like it will be fixed this year either). New fabs will be coming online over the next few years to meet demand. Even with crypto (which, unfortunately, doesnt looks like its going away) GPU prices should fall a good deal.
For me: if my V64 died i have a laptop with a mobile RTX2060 and an RX 460 in storage as backup. i wont be desperate to to get a new GPU ASAP. if i had to buy a GPU now though i probably would just swallow the bitter pill and get a 6900XT (the price difference between a 6800XT and 6900Xt where i am is small enough that i may as well get the fully package).
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