Faced with Chia Coin Crash, Digital Currency Miners Begin to Sell Hard Drives in Mass

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Chia Coin investors began to liquidate the hard drives, used to mine this digital currency, since the fall in their price forced them to accept losses and opt for other financial instruments, reported the Vnexpress portal.

“The price fluctuation de Chia has prompted investors to sell their ‘hardware’ at a loss, and sellers outnumber buyers, “said Hoang Trung, manager of a Facebook group of more than 5,000 cryptocurrency traders.

Hoang Tuan, owner of a computer store in Ho Chi Minh City, Vietnam, said that selling second-hand hard drives is more difficult than graphics cards because mining in Chia causes a devastating impact in these pieces.

Chia Coin price dropped more than 85% in the last four months, until reaching $ 230 this Tuesday, according the Coinmarketcap portal. It should be noted that in May 2021 its price reached an all-time high of $ 1,614.

What is Chia Coin?

Chia Coin is a cryptocurrency of the Chia Network blockchain, which is based on the ‘Proof-of-Space-and-Time’ (PoST) algorithm instead of the ‘Proof-of-Work’ (PoW), as in the case of bitcoin. It was invented by Bram Cohen, creator of the BitTorrent protocol. According to Cohen, PoST consumes less electricity than its rival, by using storage disk space as a transaction validator.

As Chia mining requires a large amount of hard disk space, in April this year, due to the rapid growth in popularity of the digital currency, Occurred a shortage of these units in Hong Kong.

However, in May 2021 it was revealed that China, positioned as a green alternative to the most popular digital currencies, can end the life of storage drives much earlier than expected and destroy a solid state drive (SSD) of conventional use in a matter of weeks.

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