That is definitely driving the demand on older cards, but it's a perfect storm of multiple issues. People are stuck at home and want to game, there is a global chip shortage, shipping and supply chains are broken, and of course the crypto thing. The reason I say demand on older cards is nVidia artificially throttles mining hashes by 50% on their RTX 3060 cards and subsequent newer cards to dissuade crypto mining and reserve stock for gamers. That's one of the reasons you see old GTX 1070s going for $500 on the secondary market. The whole thing to your point though, is insane.