Running out of GPUs, now even SSDs are bought by Chinese 'miners': All because of this emerging coin

Worth mentioning, although Chia is still not listed for trading, miners in China have 'smelt' the potential of this coin and spent huge money to buy all existing storage devices.

The person who gave away 15,678 Bitcoins worth more than $800 million: 'I have no regrets'
Complicated friendship-enemy relationship between Bill Gates and Steve Jobs: 'Bill Gates is a man with no creative spirit, he hasn't really invented anything'
Bitcoin's energy consumption is 66 times higher than in 2015

In the Vietnamese market as well as in the world, buying a new graphics card (GPU) model like NVIDIA's RTX 30 series or AMD's RX 6000 is considered an impossible task. The explosion of the cryptocurrency market has led to miners constantly buying extremely large amounts of GPUs, causing gamers to have money but can't buy goods.

Worth mentioning, not only the GPU, a series of other PC components such as HDD and SSD are now also about to fall into serious shortage when becoming the hunting target of the crypto community. According to new information posted by HKEPC, miners in China are currently purchasing a huge number of HDDs and SSDs to mine Chia - an emerging cryptocurrency in China.

Out of GPU, now SSDs are also bought by Chinese miners: All because of this emerging coin - Photo 1.

It is known that Chia is one of the cryptocurrencies advertised as environmentally friendly. Unlike Bitcoin and ETH, which require users to use specialized equipment such as ASICs or GPUs to mine, Chia allows users to take advantage of the free space on primary storage devices such as HDDs. or SSD for mining.

Bram Cohen - the 'father' of Chia, and also the developer of BitTorrent said that SSDs and HDDs consume less power, are cheaper and more readily available than GPUs used to mine Ethereum.

Worth mentioning, although Chia is still not listed for trading, miners in China have "smelled" the potential of this coin. They are willing to spend huge money to buy all the storage devices available. Many experts estimate that the craze with storage drives may cause the cost of upgrading storage space in smartphones and PCs to increase in the future.

The larger the hard drive, the better the money

Chia mining requires a large amount of free space on the storage device, as the mining software runs a lot of data read/write commands. Simply put, the more free space on the hard drive, the more money the miner earns.

In this case, durability is just as important as speed, so general-purpose SSDs are not the best choice for Chia mining due to the low durability of the device and the running of large operations. This action will significantly reduce the life of the SSD. Instead, the targets of these miners are HDDs and SSDs used in data centers.

Out of GPUs, now SSDs are also bought by Chinese miners: All because of this emerging coin - Photo 2.

As a result, a large number of hard drives with capacities from 4TB to 18TB were bought by miners. In the Hong Kong region, the situation of hard drives being purchased in large quantities has caused the selling price of these devices to skyrocket from HKD 200 (USD 26) to HKD 600 (USD 76).

Jiahe Jinwei, a major SSD manufacturer in China, has announced that all of its Gloway and Asgard branded high-performance 1TB and 2TB NVMe M.2 SSDs are out of stock. The manufacturer itself also took measures to prevent miners from buying large amounts of consumer SSDs, while increasing the supply and developing storage drives specifically for Chia mining.

Of course, if the Chia coin officially launches, we may face a shortage of hard drives and SSDs. While SSDs won't be as effective at mining Chia, less savvy buyers still buy them to "FOMO" under this new cryptocurrency. This further increases the risk for secondary users if they accidentally buy SSDs that used to be 'coined' to mine for Chia, because repetitive read and write operations significantly reduce the lifespan of the SSD.

Operate and exploit advertising by iCOMM Vietnam Media and Technology Joint Stock Company.
116 Thai Ha, Trung Liet Ward, Dong Da District, Hanoi.
Email: [email protected]
Editor in chief: Tran Vo
Tel: (+84) 903076053/7 Fax: (+84) 903030935
Responsible agency: Union of Science and High-Tech Production and Telecommunications (HTI) - Vietnam Academy of Science and Technology
Copyright © 2020 iCOMM Tech JSC