Chia mining will become unprofitable in four months
Backblaze estimates that mining Chia will become unprofitable in four months, even if the free disk space is used for mining.
Backblaze used 150 petabytes of spare disk space and $250,000 of Chia’s weekly mining revenue to make the calculations.
The company’s analysts said that due to the ever-growing difficulty of mining, the weekly income from mining Chia will be almost zero in 16 weeks.
According to the company, it costs $175,000 a week to maintain 150 petabytes of drives. Therefore, due to the increase in the complexity of mining, the number of expenses will exceed the level of income from about 28 weeks. And then the enterprise will operate at a loss.
The calculations took into account the cost of Chia at $584.6. Since then, the price has more than halved.
Previously, one of the largest exchanges in China, the Huobi mining pool, planned to launch Chia mining in the near future.