Chia coin miners are now selling their heavily used SSDs as brand new on online marketplaces

Written by Stuart Thomas on Tue, Sep 7, 2021 12:00 PM

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!

Have you ever bought a second hand HDD or SSD?

What do you currently have as your main storage option on PC?

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02:22 Sep-11-2021

That's China for you! First comes communism then comes the corruption. Though that probably existed already.

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08:48 Sep-09-2021

"Just like mining GPUs, an SSD used for Chia coin can have its performance significantly reduced"


Not the case for GPUs. There have been people testing that and it's been proven that there is no measurable performance degradation due to mining. It was just a bullsh*t statement from manufacturers to discourage people from buying second hand GPUs, so they can sell their new ones.

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23:57 Sep-07-2021

I have a 240gb sata ssd for my boot n a 500gb M.2 for some games n uni/work stuff. Everything else like music, backlog games, movies, etc are on my hdd.6tb of slow n 720gbs of fast. I do plan on upgrading soon tho. Going to replace some of the hdd with M.2 storage

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23:29 Sep-07-2021

I never bought used HDD or SSD simply because they can be of questionable reliability. You never know what used hardware went through and sure, it sucks when anything fails, but at least I know there is less chance of losing my data, if I buy new. So storage and PSUs are something I would avoid buying used. Also I always do advise everyone to have backup of important stuff, because you truly never know when your storage will fail. But at least I like to have best chances of failure not occurring at all. Still, I did have new HDDs die on me within one month too, but still.


As for now, I only got SSDs in my PC. Both are SATA, 512GB OS SSD, Samsung 750 EVO and 1TB game and data SSD, Crucial MX500. Though I will eventually go on NVMe, so far there wasn't much of a reason, so I was kind of postponing it till I would be upgrading something else.... well that will have to wait for a while with how things are..

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03:37 Sep-08-2021

Couldnt this be the same with any other used hardware??

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23:00 Sep-08-2021

Anything can die, in the end even new hardware can fail. But based on damage potential, PSU and HDD/SSD kind of top it off. Also certain parts fail less frequently, like CPU itself is far more likely to degrade over time, rather than fail completely. Similar with GPU itself. Provided they weren't ran in really extreme conditions. You will more likely have something else fail, like VRM on motherboard or graphic card for example. But still, even if lets say my graphic card fails, then it is usually only that, it won't take my data with it, it usually doesn't fry other components,... hence why I would buy used graphic card, if I get good deal on it. But yes, all used hardware comes with risks, just some has bit bigger risks than other. And it really doesn't make a difference, if previous owner was gamer or whoever else. Just because it ran just for few hours per day in bad conditions, it really won't make it less likely to fail and you never know how good someone took care of their hardware.

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19:23 Sep-07-2021

Here´s a story of mine when i bought my gtx 1080ti(530€) i went into the sellers place, tested the card in heaven bench on his pc and compared the scores to other 1080ti´s (you can flash the bios into anything but you cant fake performance) . Also bought second hand ram for my laptop by bringing it with me and putting in the ram and confirming everything worked fine before handing over any money. Always confirm these second hand deals never deal in public places and test the purchase if you can.

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14:55 Sep-07-2021

So I have a few different drives, two of them I've had for 8 and 16 years respectively, both are working great to this day! Although the 16 year old is an old WD Black HDD and only used for picture/video storage these days. But if SSDs work like GPUs then mining won't have ruined the performance.


LTT ran a video not long ago comparing cards that had been mined on for years and one that's brand new. The difference in performance was within factory tolerances so it didn't really matter if you bought a new card or a mined one. If it's the same for SSDs then honestly it would be a great buy if they weren't trying to rip everyone off lmao. If anyone is curious I would recommend checking out that video from them!

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13:22 Sep-07-2021

China behind shady practices and ripping off consumers? Nah, I don't believe it.


In unrelated news, The Semiconductor Heist Of The Century | Arm China Has Gone Completely Rogue, Operating As An Independent Company With Inhouse IP/R&D


https://semianalysis.substack.com/p/the-semiconductor-heist-of-the-century

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13:17 Sep-07-2021

And how can you not hate miners when they do bs like this

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13:20 Sep-07-2021

Not all Miners are from China. It is almost exclusively China that is behind this sort of crap.


China is behind 96% of all cheaters in online gaming. China controls most of the worlds mining despite the crack downs. China is behind the huge thefts of thousands of new GPU's from warehouses that were supposed to be sent to shops for consumers. China is behind out-biding vast amounts of brand new GPU's before they can be sold to shops and distributors.... I could go on, but you get the point. It's not miners so much as it is Chinese miners.

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13:56 Sep-07-2021

Shhhh, don't educate this person! Let him keep thinking that we're all pricks, buying and stealing things by the palette! Life is easier when you don't allow for any nuance 😆

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03:47 Sep-08-2021

xD

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13:16 Sep-07-2021

Personally iv never bought 2nd hand pc parts and never will tbh, i dont trust sellers i dont know

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13:57 Sep-07-2021

Never will, huh? I guess you'll never be into retro PCs and consoles then, since that market doesn't trade in brand new parts (for obvious reasons).

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14:18 Sep-07-2021

Nope, i use emulators for old console games so im all good, my last console was the ps2

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13:02 Sep-07-2021

I wonder what will crystal disk say about their health status.

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13:54 Sep-07-2021

The drives will report having covid 🤣

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14:37 Sep-07-2021

I bet that the sellers will spoof the SMART data like they spoof GPUs. The GPU shows up on the device manager as an RTX 3080, but in reality it's a rebranded GTX 650.

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