What you need to know
- Chia crypto miners are selling used SSDs to try to make up for their losses.
- SSDs used to mine Chia will have a dramatically shorter lifespan than new drives.
- The price of Chia dropped by 87% compared to May 2021.
The value of cryptocurrency can fluctuate quickly, which can cause miners to rush to cover losses. Chia, a cryptocurrency that relies on hard drive space rather than a CPU or GPU, has rapidly fallen since its peak earlier this year. This drop has sent Chia miners to sell SSDs to make back what they can (via VNExpress).
Unlike the most popular forms of cryptocurrency, Chia requires a large amount of hard drive space rather than a powerful CPU or GPU. Some have called it a "green" cryptocurrency for requiring less power than other currencies, though that's a topic of debate.
Using an SSD to mine Chia is extremely taxing on the drive. Hoang Tuan, an owner of a computer store in Ho Chi Minh City told VNExpress that a 1TB SSD that was used for Chia mining would only last around 80 days. That's compared to the 10 years of use you'd see from drives in other use cases, according to Tuan.
In some instances, people are selling the SSDs while claiming that they are new. This could cause disappointment as someone would expect a new drive to last years rather than months.
Following its launch in May, Chia hit a price of $1,685. It has since plummeted to as low as $212 at the end of August 2021, which is less than 20% of what the currency was worth at launch.
While the price of a used SSD may be tempting, it is likely a better option to pick up one of the best SSDs as a new piece of hardware. New SSDs should have a much longer lifespan and be under warranty.
Sean Endicott brings nearly a decade of experience covering Microsoft and Windows news to Windows Central. He joined our team in 2017 as an app reviewer and now heads up our day-to-day news coverage. If you have a news tip or an app to review, hit him up at email@example.com (opens in new tab).
I am convinced all these digital currencies are basically pyramid schemes for the digital ages.
They are, 100%. And people are falling hard for it. I don't care if people are stupid and lose money on this new get rich quick scheme. What pisses me off is that they screw people who want to buy the hardware for rhe use it was designed for.
NFTs are even worse.
Poorly understood? Check
Promises unreasonable returns? Check
Early investors made fortunes? Check
Hyped by amateur investors? Check
Avoided government scrutiny? Check
Similar investments have recently crashed? Check
Profits highly dependent on attracting more investors? Check Definitely pyramid schemes.
And ones that reap ridiculous environmental damage and exacerbate the chip shortage while they defraud investors.
It's a joke all right, but I don't think a pyramid scheme is quite the right model for crypto. There's too much ideology at the "top", and too many Bitcoin and other crypto owners are holding on to their coin or evergreen buying even though the smart thing to do would be to bail, or at least keep the portfolio to a minimum (if you were a prominent holder that knew it was all a mirage, you'd publicly keep some just to make sure not to spook the others in the market, who are keeping value up). Think of the Winkelvoss twins. They seem just as gullible as the little guy why gets investment advice from Reddit and buys car rental company stocks. But yeah, it's an elaborate scam. Now tell that to whoever greenlights the mining how-tos at Windows Central.
It's been appalling to see outlets like Windows Central just jump in the bandwagon of promoting crypto hardware just for the ad money. I mean, it's a fad.
Yeah, it doesn't say good things. I totally respect that WC is a business and I want it to thrive financially. But crypto is a fad that could financially ruin lots of young, impressionable men, who are exactly the target demographic AND main producers of content of tech enthusiast sites like WC. It's great for AMD though.
I would never buy a second hand drive, SSD or mechanical, I made that mistake years ago
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