Chia Miners Are Selling Their Hardware Due to Plummeting Value

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Image: GALAX

The value of Chia cryptocurrency has plummeted by more than 87 percent. It is currently sitting at around $215, a far cry from its high of $1,685 in May. At one point it even dropped to around $180. An admin of a Chia Facebook group has noticed that many users are now trying to sell storage drives, which are used to farm Chia.

Chia farming relies on generating plots on storage devices, but the process puts a heavy load on drives, quickly reducing their lifespan. A 1 TB drive that lasts 10 years could reach EOL within 80 days. Some manufacturers have threatened to void the warranty of drives used for mining. Now that Chia’s value has dropped, some investors are attempting to sell their drives at up to a 62 percent loss. Even with such discounts, they are finding it difficult to find buyers in the now-flooded market.

Investors of the cryptocurrency Chia are selling their hard drives in bulk as plunging prices urged them to accept losses and switch to other coins.

Source: VnExpress (via OC3D)

Peter Brosdahl
As a child of the 70’s I was part of the many who became enthralled by the video arcade invasion of the 1980’s. Saving money from various odd jobs I purchased my first computer from a friend of my dad, a used Atari 400, around 1982. Eventually it would end up being a lifelong passion of upgrading and modifying equipment that, of course, led into a career in IT support.

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