Miners have already started selling hard drives and solid-state drives at a loss, which are used for altcoin mining.
The Chia Coin price has dropped 84% over the past four months. On September 6, the cryptocurrency is trading at $ 258. Altcoin capitalization dropped to $ 424.4 million.In mid-May, the value of the Chia Coin token reached an all-time high of $ 1.64 thousand.
Chia Coin miners began to massively sell hard drives (HDD), which are used to mine cryptocurrency, VNExpress reports. According to the publication, miners began to sell drives to themselves at a loss, since the fall in the value of Chia Coin tokens made its mining unprofitable.
In April of this year, due to the rapid growth of Chia Coin, Hong Kong experienced a shortage of hard drives and solid state drives (SSD). Component prices have tripled
The Chia Network blockchain was created by the American BitTorrent developer and creator Bram Cohen. He believes that Bitcoin and other Proof-of-Work (PoW) cryptocurrencies are using too much electricity.
Chia runs on a Proof-of-Space-and-Time algorithm and uses disk space as a transaction validator. Users who provide their own disk space to support the network are rewarded for this.
In July, Chia Coin cryptocurrency developer Bram Cohen announced plans to launch a decentralized exchange and automated market maker. More DeFi products will be developed in the Chia ecosystem in the future, Cohen said.