Why Chia Coin miners are selling their used storage options?

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The sudden improve within the worth of the cryptocurrency has introduced a craze within the mining market. Currently, crypto mining is without doubt one of the hottest matters on the planet. However, there may be one main drawback to the entire crypto-mining course of. And it’s that the method of mining cryptocurrency causes extreme injury to the atmosphere and makes use of great quantities of electrical energy, particularly in creating nations.

Enter, Chia Coin is the choice cryptocurrency coin that’s designed to be a greener resolution to the cryptocurrency. In the start, it began as an incredible digital coming and even had a robust lead. It even brought on extreme shortages in HDDs.

However, now issues are not fairly good for the Chia coin, as at the moment, the speed of the coin has tumbled right down to roughly ~15% of its preliminary peak over the past three months, so miners are reportedly fleeing to different platforms.

According to sources, some miners are now dumping drives and reselling ‘renewed’ used SSDs as model new. This is a drastic change of occasions which exhibits that the excessive time of the Chia coin is all however over.

Promising to ship inexperienced mining by means of a novel Proof of Space (PoS) mining approach, chia provided an alternative choice to different cash. In a world the place the cash used Proof of Work (PoW) and immense computing sources, Chia used a way the place the SSDs and HDDs would retailer plots that earn money over time.

During the preliminary days, miners had bought large quantities of storage for Chia plotting. This had triggered large shortages of SSDs and HDDs and raised the costs.

However, since then the worth of Chia Coin has tumbled from a quick peak of $1,685 a number of months in the past to a mere $220 as we speak, three months later. So it’s solely pure that a number of the miners are making an attempt to exit the enterprise and transfer onto one thing else, however they’ll want contemporary capital. Hence they are selling the prevailing {hardware} that they used for Chia mining. 


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About the Author: Daniel