Sunday, February 5, 2023

China Stockpiling Hard Drives, Vietnam Sell A Huge Stock To Miners

The growing crypto mining craze in China is one of the reasons the hard drives in Vietnam are virtually going out of stock in large capacity.  

As per the sources, the localities in Vietnam are purchasing the hard drives in bulk to resell them to Chinese miners. Due to this bulk purchasing, the country is having a shortage of hard drives and the people who actually need them are not able to get one. Many people have registered an online complaint regarding the issue. They have further mentioned that as they are not getting 6TB or large spaced hard drives, therefore, they to settle down for the smaller ones to merge into large ones.

Recently, while discussing data storage, the Subject Matter Expert of data storage company Seagate Vietnam, Hoang Lam, said, “Seagate’s 4TB hard drives have been out of stock since last month because many of our customers bought the hard drives in bulk, from hundreds to thousands in one order, instead of a few units in one order as usual.”

Till March 2021, even though the price of the computer components were increased by 10-20 percent, the distributors in HCMC experienced a 50 percent surge in their sales. But in the month of April, all the distributors went out of stock.

Thanh Phong, one of the crypto miners, believes that Vietnam has been facing this hard drive shortage problem because of Chia, which is being mined in a huge amount in China. 

Unlike Bitcoin and Ethereum, Chia does not use graphic cards, instead, this cryptocurrency is developed around a new cryptographic technique called Proof of Space and Time. This technique allows the miner to mint a new cryptocurrency with unused storage space on a hard drive.

According to the report, the Chinese have been planning to launch Chia in the market in May 2021, therefore, the miners were accumulating the hard drive. Further, it has been reported that currently, there is a shortage of hard drives with large capacities because they have been sold out to the miners through a Chinese e-commerce platform.

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