Due to the collapse of the price of Chia, cryptocurrency farmers are massively selling their SSD.
Chia’s price doubled to $ 1,685 in week after launching but began to decline shortly thereafter. The “green alternative to Bitcoin” has lost about 90% of its value in just three months.
Now, farmers who bought SSD during the HYIP want to get rid of them. However, selling SSDs after mining Chia isn’t easy.
Since Chia is currently only $ 219, there are far more sellers than buyers. Thus, former farmers are forced to give SSDs for next to nothing.
Ch-ch-ch-Chia! HDD sales soar to record levels as latest crypto craze sweeps Europe https://t.co/kuSuR27GYW
— Chia Project (@chia_project) August 5, 2021
Under normal conditions, SSD typically lasts about 10 years. Unfortunately, this period can be reduced to just a few months in the case of Chia.
Thus, sellers need to be lucky to find a buyer.
Not only are Chia’s environmental claims hotly controversial, but the venture capital-backed project has made some oversights by doing nothing to improve the project’s image.
In June, Chia Network Inc. demanded that the Chia-oriented blog The Chia Plot change its name. Chia Network Inc. argued that readers may falsely believe that this is an official publication.
As you can see, instead of expanding the community and attracting new members, Chia focused on disputes and proceedings.
The steady drop in the price of cryptocurrency is proof of this. Thus, it becomes clear that not many new people are joining the Chia ecosystem, and it is mainly those who are dedicated to their business that farm.
We would not recommend launch Chia farm now. Only if there is an opportunity to get bulk storage for free, or at least for cheap. But if you buy new hard drives every time, farming is insanely expensive.
However, those who invested in the very beginning refer to farming more as a hobby that will probably start to make a profit in the long term.
For them, the low price of Chia also has advantages, as it slows down the overall growth of the network. And if in the future the rate of Chia increases, the cost of the plots will also increase.
In addition, Chia performs well against other major cryptocurrencies, and the Proof of Space and Time algorithm may prove to be a real contender.