Miners of the Chia cryptocurrency, which burst into the market loudly in early May 2021, are forced to sell their equipment in the form of tens and hundreds of hard drives in bulk. This trend was noticed by the administrators of many communities in such social networks and messengers as Facebook, Twitter, WhatsApp, and Telegram.
Investors were disappointed in XCH due to strong price fluctuations. Within a week of its market launch, Chia caused a wild boom and surged from $700-800 to $1,680 on major exchanges. However, after just two weeks of trading, the value of tokens began to plummet and today stands at $253.36 per token on Huobi.
This disappointing situation undermined the trust in the asset not only among those who purchased XCH tokens but also among those who mined them. Many crypto-miners now literally dream of selling the equipment they previously purchased to someone in bulk, even at a loss.
According to administrators of many of the Facebook communities associated with Chia and cryptocurrency mining, the groups are flooded with ads for wholesale hard drives that played the role of mining capacity in Chia's case. At the same time, the owners of the groups note that there are many times more sellers than those who want to buy hard drives "not of the first freshness."
To make matters worse, with the massive sale of solid-state drives, many gamers, small store owners, and other potential hand-held computer hardware buyers risk hundreds of advertisements for attractively priced hard drives. Apparently, in the next six months or even longer, the most reasonable decision will be to buy goods on the primary rather than the secondary market.
It would seem, what could be dangerous about buying an HDD SSD off hand? The fact is that the standard life cycle of a 1Tb drive is up to 10 years with normal use. But as soon as it comes to mining Chia, then the disk becomes obsolete in just 80 days, after which many miners tend to “dump” their goods to the buyer on one of the local sites with ads, or eBay.
At the beginning of its market cycle, Chia even managed to cause HDD and SSD shortages in the Asia-Pacific region. Then the miners swept from the shelves not only SSDs but also ordinary hard drives. Including, even small disks from 128Gb to 512Gb. Now, for a 6Tb HDD for $300, disappointed miners ask several times less about $110 per unit.
How Chia's fate will turn out further is still unknown. The token has an established community, but how long its enthusiasm will last amid a series of bad news and falling quotes is unknown.
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