Since the middle of this year, the Vietnamese crypto community has been increasingly interested in DePin projects. Along with that, many businesses and individuals have invested in machinery and equipment to mine Aethir (ATH). Many PoW miners have also switched to mining ATH.
However, until now, although the price of Bitcoin (BTC) has set a new ATH, some DePin projects like Aethir have not really taken off. In addition, Aethir is also facing competition from other equally attractive DePin projects.
Also Read: The Vietnamese Crypto Community is Increasingly Interested in Mining Aethir (ATH) Using Aethir Edge
Aethir (ATH) Price Maintains a Sideways Range, Causing ATH Miners to Take a Long Time to Recover Their Capital
Observing the price fluctuations of Aethir (ATH) since its listing, the largest liquidation price range is between 0.04 USD - 0.07 USD. Some Altcoins in the DePin field such as Render (RNDR), Bittensor (TAO), Grass (GRASS), Io.net (IO)... have created higher prices than the previous quarter, but Aethir (ATH) is still being heavily sold when it reaches the 0.07 USD resistance.
Aethir (ATH) price fluctuations with the Volume Profile indicator. Source: TradingView.Meanwhile, miners spend around 35 - 40 million to buy an Aethir Edge device. This device mines an average of 100 ATH per day (according to the seller's advertisement). Thus, miners earn about 5 USD - 6 USD per day per machine. And since the ATH price has not risen sharply, for miners to recoup the money spent on the machine, they need to wait at least 8.5 months, not to mention depreciation and electricity costs.
The only hope for ATH miners in Vietnam to quickly recover their capital is for the ATH price to rise. But it seems that market capital is being attracted to other DePin projects. According to BeInCrypto's observation, after many months of testing, some miners have started posting ads to sell their Aethir Edge devices. The Aethir Edge device trading market still exists and has transactions, although it lacks excitement.
"If it's so quick to recover the capital, why not keep mining instead of selling. Does anyone go and sell the machines to make money for others?" - Nguyen Thai Son commented.
According to Myedge's announcement, there are currently more than 38,000 Aethir Edge devices in operation.
DePin Investors Have More Attractive Choices Than Aethir (ATH)
Let's compare the model of Aethir and Grass. With the Aethir Edge mining method, small investors need to invest a relatively large initial capital and have a long capital recovery time. In addition, the Edge device cannot be used to mine other coin systems.
On the other hand, with the resource sharing model like Grass, investors only need to install an extension on their browser or install software on their computer, and utilize available resources to earn GRASS.
Meanwhile, the price of GRASS has increased by 400% in early November, attracting more than 2.8 million users. This comparison makes Aethir (ATH) less attractive compared to similar projects like Grass.
Aethir (ATH) token unlock schedule. Source: Cryptorank.In addition, according to Cryptorank data, about 4.28 million ATH are unlocked daily, equivalent to 0.01 of the total supply. Currently, only 9.6% of the ATH supply has been put into circulation, equivalent to 4 billion ATH out of a total of 42 billion ATH. The unlock process lasts for many years and continuously adds psychological pressure and selling pressure on holders.
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