The mining of Chia cryptocurrency using hard drives and SSDs ended in failure. Miners sell drives at a loss amid Chia’s value collapsed by almost 90%
The creators of the Chia cryptocurrency made a powerful statement about themselves: the project was presented as almost the most environmentally friendly, and at the same time profitable mining. All users had to do was install as many drives as possible on the system. And at the same time receive a solid income: in May for 1 XCH they gave more than 1600 dollars! But everything began to change with the fall in the value of Chia: by the end of May, it had lost 50% of the price.
Now people who have entered pharming (mining cryptocurrency using HDD and SSD) began to massively sell drives at a loss. On a Facebook group of more than 5,000 Chia traders, administrator Hoang Trung has posted a large number of drive-related ads. “Chia price volatility prompts investors to sell their equipment at a loss as there are more sellers than buyers“, He says.
«I am selling my equipment I bought three months ago at a loss“, – comments on the situation Quang Tuan (Quang Thuan), a crypto-miner from China. Tuan started farming in May, at the peak of Chia’s value. Then the cost of a 6 TB hard drive skyrocketed to nearly $ 300. Now the crypto miner is selling such a HDD for $ 110. At the same time, there are not particularly buyers, so Tuan does not exclude further cost reductions.
Stores also sell hard drives used for farming, but this is not so simple either. Hoang Tuan, owner of a computer store in Ho Chi Minh City, says hard drives are much more difficult to sell than graphics cards because of the way they are framed. According to him, a 1 terabyte solid-state drive lasts about 80 days in pharming, and up to 10 years in normal use. “Most of these hard drives [использовавшихся для добычи Chia] bought for CCTV cameras and others sold to gamers at reasonable prices“Says Nguyen Sinh, a spokesman for a computer service company.
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 the low entry threshold (against the background of the cost of video cards, the price of HDD and SSD remained low) and low energy costs, but in fact, the pharming failed.