Chia Miners Are Selling Their Hardware Due to Plummeting Value

[Peter_Brosdahl]

Image: GALAX



The value of Chia cryptocurrency has plummeted by more than 87 percent. It is currently sitting at around $215, a far cry from its high of $1,685 in May. At one point it even dropped to around $180. An admin of a Chia Facebook group has noticed that many users are now trying to sell storage drives, which are used to farm Chia.



Chia farming relies on generating plots on storage devices, but the process puts a heavy load on drives, quickly reducing their lifespan. A 1 TB drive that lasts 10 years could reach EOL within 80 days. Some manufacturers have threatened to void the warranty of drives used for mining. Now that Chia’s value has dropped, some investors are attempting to sell their drives at up to a 62 percent loss. Even with such...

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[Grimlakin]

I would NOT buy storage used for mining. It's been thrashed to all heck and back.

 

[LazyGamer]

I would NOT buy storage used for mining. It's been thrashed to all heck and back.

It's good advice in general, but it's not universal: GPUs, for example, tend to not be run as hard when used for mining. You're still taking the chance that the unit you're considering has or hasn't been abused otherwise during handling.

For SSDs, I can say that the extremely low write volume that say a home server boot drive might be a good candidate for really cheap storage.

But only for the brave!

 

[Brian_B]

I don’t buy used storage as a general rule in the first place. Either HDD or SSD they have limited lifespans and I treat them as a consumable commodity. Just like I don’t buy used air filters or engine oil.