Chia Crypto Miners Sell Hardware At A Loss

The creators of the Chia cryptocurrency presented the project as the most environmentally friendly and at the same time profitable mining. Users needed to install as many drives as possible in the system and get a solid income. In May, 1 XCH cost $1600. However, by the end of May, the price of Chia had lost 50%.

Now crypto miners using HDDs and SSDs have started to sell their drives. The Facebook group of over 5,000 Chia traders has recorded a large number of drive-related ads. According to the trader, the fluctuation in Chia prices prompted investors to sell their hardware at a loss. In May, at the peak of Chia's price, the cost of a 6TB hard drive skyrocketed to nearly $300. Now crypto miners are selling such a HDD for $110.

The owner of a computer store in Ho Chi Minh City says that selling hard drives is much more difficult than video cards due to the nature of the farming industry. According to him, a 1 terabyte hard drive lasts about 80 days in farming, and up to 10 years in normal use. The hype around Chia in China happened in April, after which it quickly spread to many neighboring regions, including Vietnam. This cryptocurrency quickly attracted a large number of people due to its low entry threshold and low electricity costs. But in the end, farming failed.

Image: Market Realist