Price drop of Chia is pushing investors to sell mining hardware

Price drop Chia (XCH) has reached approximately 89% since reaching its all-time high of around $ 1,645.

Chia coin miners are dissatisfied with the continuing decline in the price of XCH over the past few months. The price of Chia dropped from $ 1,645 achieved in mid-May to $ 210 at the time of writing. As a result, some Chia miners, who bought mining hardware at high prices, including high-capacity SSDs and HDDs, are now selling their equipment at a loss.

Chia price drop, hardware sales

“I’m selling my hardware, which I bought three months ago, at a loss,” said Quang Thuan, a Chia Coin miner in southern Dong Nai Province. Thuan joined the miners at a time when the price of XCH was pumping strongly at the beginning of the year.

The coin was introduced as an alternative to energy-intensive crypto assets such as BTC, which rely on proof-of-work to secure transactions and mine new coins. At their peak, HDD and SSD prices have increased several times in some countries.

However, as the number of Chia coin sellers outpaced buyers, prices fell to new lows. According to the data, the price of Chia fell to its lowest level of around $ 162.89. Currently, the price is 89% from its all-time high of around $ 1,645.

1,642,328 Chia tokens are in circulation out of a specified maximum of 22,642,046. This means that more XCH tokens are waiting to be retrieved by providing storage space.

Chia and its network have a market capitalization of approximately $ 426,029,891 and an average daily trading volume of around $ 79.6 million at the time of writing.

Chia coin and its mining

The coin, founded by Bram Cohen, the creator of the BitTorrent network, proved to be the best proof-of-space token. The biggest profit from the Chia coin came from retailers and hardware manufacturers. Mainly because XCH token mining significantly degrades storage hardware and ultimately reduces its lifespan.

According to some figures, a single terabyte SSD will last approximately 80 days, while in normal use, according to Hoang Tuan, the owner of a computer store in Ho Chi Minh City, it could work for 10 years.

We hereby draw the attention of online buyers of HDDs and SDDs to the increased caution at sellers selling “new” products at low prices.

In addition, as despair begins, more retailers are likely to lower HDD and SSD prices in the coming days.