Chia miners are ditching and selling used SSDs

The Chia Coin cryptocurrency started out incredibly strong and promising to be a green alternative to cryptocurrencies like Ethereum and Bitcoin and caused a shortage of hard drives and SSDs by miners. But the coin has now dropped to roughly 15% of its initial peak in the past three months, so miners are abandoning the Chia mining.

According to a report from VNExpress, some miners are now ditching their inventory and reselling refurbished used SSDs as new. The Chia coin promised to offer green mining through the Proof of Space mining technique instead of Proof of Work, making SSDs the best for Chia mining because of their speed.

After the huge Chia peak, its mining plummets

Chia miners initially purchased massive amounts of storage for the Chia plot, leading to a shortage of SSDs and hard drives. Since then, the cryptocurrency has dropped from a brief spike of $ 1.685 a few months ago to just $ 220. The miners want to go out of business and move to another cryptocurrency, but they will need as they need liquid capital for the new mining equipment, they have to sell their inventory.

But Chia mining dramatically shortens the lifespan of an SSD as it constantly writes an incredible amount of new data. As the SSD is used over time, it wears out, thus approaching its point of failure and reducing its value and usefulness to practically zero.

At the beginning of chia mining, the median selling price for a 6TB SSD was around $ 286, and that price is back at $ 110. Some sellers point out that they may have to lower the price further, even below market value to liquidate them.

It should be said that these SSDs are not worth much since their useful life will have been greatly reduced. Chia mining can destroy an SSD in as little as two months. The report even says that used units are bought in bulk, later reconditioned and sold as new in the country or in China, where demand for these units remains very high.

Source: Tom's Hardware

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Benjamin Rosa

Madrileño whose publishing career began in 2009. I love investigating curiosities that I later bring to you, readers, in articles. I studied photography, a skill that I use to create humorous photomontages.

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