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.
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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“.
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.