The world of cryptocurrencies continues in popularity and controversy, as miners for the recently launched Chia coin are now selling their heavily used SSDs after its value crashed, and reselling them as ‘brand new’, sparking multiple PSAs online warning users to be careful about buying second-hand storage devices.
Chia coin was touted as an alternative to Bitcoin or Ethereum by using the storage space and power of an SSD instead of the raw computational power of graphics cards and processors. The launch of Chia coin caused a spike in high capacity storage device prices and production specifically for the cryptocurrency, but prices have since normalized.
Chia coin was valued at a peak of $1,600 after its launch back in May this year, but since then has dropped down significantly to around $200. Of course, as with all cryptocurrencies, the value remains volatile, but the sharp drop has caused many miners to start selling their SSDs used for mining, mostly to cover losses, as they move on to other crypto opportunities.
Just like mining GPUs, an SSD used for Chia coin can have its performance significantly reduced after a certain amount of time due to them being run at maximum performance for long periods of time. Unfortunately, if they are being labelled as ‘new’ then there’s no real way of checking before you buy.
Normal hard drives and solid state drives can last anywhere up to 10 years, with official warranties averaging around 5 years. However, an SSD made specifically for mining Chia coin can become ineffective after 80 days (and sometimes even as little as just 6 weeks).
As others have suggested though, you can use a program like Samsung Magician to see how much data has already been written onto the SSD prior to your purchase, but by that time it might already be too late to do anything about it. So in short, be careful where you buy your storage devices from in the near future.
What do you think? Have you ever bought a second-hand HDD/SSD? How did it go for you? Have you noticed any used storage devices at significantly lower prices? Which storage type do you normally go for? HDD or SSD? Let us know!