Chia miners sell their HDD and SSD at a loss

Cryptocurrency miners Divide they are selling their HDDs and SSDs en masse because of the huge price drop. This led them to absorb losses and switch to other currencies.

Hoang Trung, administrator of a Facebook page with more than 5000 users dedicated to Chia, tells us that he has seen a significant number of posts from people selling their hard drives.

“The fluctuation of Chia forced investors to sell hardware at a loss, there are more sellers than buyers”

In May Chia doubled in price to $ 1,685 USD over the course of a week. But it started to go down soon after. Today it is at $ 215, with a loss of 87%.

“I am selling the hardware that I bought just three months ago at a loss,” said Quang Thuan, a miner from Chia in southern Dong Nai province, Republic of Vietnam. Thuan entered the market in May, when Chia prices were skyrocketing.

Mining this cryptocurrency requires a large amount of storage, unlike other currencies that use a lot of GPU processing power. For this reason, in his day a hard drive with 6 terabytes of storage increased by 60%.

“I have not found buyers in the last 3 days. I may have to lower the price so I can mine other currencies, ”says Thuan.

Stores are also selling these units. Hoang Tuan, owner of a computer store in Ho Chi Minh City, claims that selling hard drives is much more difficult than selling GPUs because of Chia mining which rapidly deteriorates these units. “A 1 TB SSD lasts only 80 days mining, while with normal use it can last 10 years,” he added.

“Most of these hard drives are used for security cameras. Some gamers buy them if the prices are reasonable, ”said Nguyen Sinh, a spokesman for a computer services company in Ho Chi Minh.

“Some people buy a batch, ‘repair’ it, and sell it domestically or export it to China,” he added.

The rush to invest in Chia started in April and quickly spread to other countries like Vietnam. Mining this coin uses less energy than Bitcoin and Ethereum, for example. In fact it was known as the “green” cryptocurrency.

But the outlook is not good for Chia at the moment, especially considering that her investors are going to other currencies. We will see how the price of HDDs and SSDs behaves now that the currency is no longer booming.

Source: VnExpress International