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Chia Coin price crash forces miners to sell SSDs and HDDs at a loss

Chia Coin cryptocurrency price crashes, miners start offloading their SSDs and HDDs -- for well below what they paid for them.

@anthony256
Published Tue, Sep 7 2021 10:06 PM CDT

The price of Chia Coin has pushed Chia crypto miners to offload their hardware, with bundles of SSDs and HDDs hitting the market -- at a loss. Unlike GPU miners that could've purchased graphics cards last year, and sold them at a profit this year.

Chia Coin price crash forces miners to sell SSDs and HDDs at a loss 06 | TweakTown.com
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The price of XCH has dropped from around $290 just a few days ago, down into the $210 area -- after spending most of August 2021 above $250. XCH was at manic peaks back in March 2021 when Chia Coin was at its maximum hype period, breaching $1600... before dropping close to 8x down to $216 at the time of writing.

One of the admins on the Chia Coin Facebook group, which has over 5000 Chia traders, has noticed a big uptick in Chia miners selling their old mining-abused SSDs and HDDs. Chia Coin Facebook group admin Hoang Trung explains: "The fluctuation of Chia prices has urged investors to sell their hardware at a loss, with sellers outnumbering buyers".

Chia Coin price crash forces miners to sell SSDs and HDDs at a loss 05 | TweakTown.com

Quang Thuan, a Chia Coin crypto miner in the southern province of Dong Nai, said: "I am selling my hardware I bought three months ago for a loss. I haven't found a buyer in the last three days. I might have to bring the price down to VND2 million so I can switch to mining another coin".

Not only that, but retail stores are having more trouble selling storage products these days compared to graphics cards, because Chia Coin crypto mining is destroying the HDDs. For example, a 1TB SSD would normally last up to 10 years under normal use, but if they've been thrashed with Chia Coin you're looking at just 80 days.

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NEWS SOURCE:e.vnexpress.net

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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