Chia mining fails - cryptocurrency has fallen in price by almost 90% and miners are selling equipment at a loss

The creators of the digital currency Chia made a loud statement. The main advantage of mining was environmental friendliness. At one time the rate of cryptocurrency exceeded $1,900, but now miners are ready to sell SSD and HDD at a loss, just to minimize losses.

What happened?

Solid-state drives (SSDs) and hard disk drives (HDDs) are used to mine Chia, and the process itself is called pharming, not mining. By early May this year, the digital currency had surpassed the $1,600 mark. However, by the end of the same month, Chia had already fallen in price by half.

Now cryptocurrency miners are starting to sell SSDs and HDDs en masse. One of Chinese users claims that he purchased a 6TB hard drive for $300 three months ago. Now he is ready to sell it for $110, but does not exclude the possibility that the price will have to be further reduced. At the same time the user does not specify how much he was able to earn in what state the drive is in.

Recall that the boom of the Chia family came in April of this year. According to CoinMarketCap, the cryptocurrency peaked at around $1,934. Now a single coin is valued at only $260 (-87%).

Source: CoinMarketCap