Until recently, the hype around the greenest coin in the history of cryptocurrency was at its peak, but now the owners of equipment for mining it do not know how to get rid of it. It all started with Elon Musk.
Back in the spring, when bitcoin was growing, but growing steadily, Elon Musk, propumping Doge, said that bitcoin poses a threat to nature due to mining. It was then that the bitcoin rate sank. Many were upset by this, but not the creators of another project, which positioned itself as an alternative to Bitcoin, and indeed to the entire cryptocurrency. And this project, as you understand, is Chia. Yes, at first glance everything is fine: nature is resting, and anyone can mine coins. But there was also a reverse side of the coin, which few people knew about (and some did not believe in it). In addition, this side was rarely discussed in the media. That is why it was concluded that this is a temporary hype, which has now been proven.
But even then, at a very early stage in the development of the project, there were people who really looked at the prospects for Chia. Yes, at first they assumed the growth of such a hyped product, but will it be able to stay on the market for so long? Few believed in this and they were right. At the time the project entered the market and the start of the coin mining process, in China (and throughout the world), there was a shortage of hard drives. After that, the price of the remaining ones rose on the shelves. Many rushed to mine the coin without analyzing what would come of it.
“Well, okay, even a penny dripped from mining,” thought the unlucky miners who did not wait for the turn at all. And how it all began beautifully. In mid-May, the price of the Chia project coin reached $ 1,550. How happy everyone was ... But they did not take into account one thing - the murder of their hard drives. According to the analysts of the experts, the average lifespan of a regular SSD disk is reduced from five years to two months! The further is even worse.
After all, the price of the Chia coin at the time of this writing is $ 245! Imagine a systematic drop from $ 1,500 to $ 245. This is 85% of the maximum price. This decline speaks volumes. Firstly, other assets did not sag so much or did not sag at all, and secondly, for such a status coin, which was considered Chia, this is simply unacceptable, which indicates the possible fragility of the project.
What's going on now? It's all very bad. We know about the fall in the price of an asset, imagine what troubles those who mined this cryptocurrency are now suffering ... But, in addition to the financial collapse, they also lose their equipment, which during the production has completely and ahead of schedule exhausted its resources. What's next? And nothing, it remains only to sell this equipment, of course, at reduced prices. If during the hype of the project, hard drives, for example 6 TB HDDs, were bought for $ 300, then getting rid of them now for more than $ 100 is simply pointless. And this process has already started, as an advertisement for the sale of hard drives appeared on many social networks. What is very bad, few people know in what conditions they worked and how long they will work. This whole situation is reminiscent of the time when bitcoin miners with video cards were also doing. Do you think that interest in the Chia project has faded completely or is it just a big price correction?
351.472 SRY