Chia miners are selling used disks as new

Posted on Monday, Sep 06 2021 @ 21:37 CEST by Thomas De Maesschalck
TechPowerUp warns the crash of the Chia coin is resulting in a flood of disks hitting the second-hand market. Earlier this year, there was quite some buzz on the web about this new "green Bitcoin" alternative. Chia uses a Proof of Space (PoS) model and was touted to be significantly more energy-efficient than other cryptocurrency coins. But the greenness of Chia has been disputed and the coin is now down over 80 percent versus its all-time high of $1645.

The downside of this is that miners are now trying to sell loads of heavily used solid state disks. Chia mining can really wear out SSDs pretty quickly -- so you definitely don't want to buy one of these disks. TechPowerUp warns some miners are trying to sell worn-out disks as "brand new" to collect maximum money:
As these prices have declined a lot, miners are starting to look away from the coin and have started to resell their hardware. This massive SSD and HDD reselling has started to obtain new funds for miners to move to another alternative cryptocurrency. In the awe of this, some miners are rebranding their worn-out and used SSDs as brand new, and selling them in China advertising new conditions. As Chia plotting tends to destroy SSDs, it is only a matter of time before these "brand new" drives start failing. After China, we could see other markets flooded with these drives as well, so it is always best to be cautious with your purchase.

About the Author

Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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