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It certainly is, but your going to have to devote some time to the project. You'll need to take the unit apart very carefully and remove all the coins before reassembling the console. It may take less time to just drop it off at a repair man's, and pick it up another time.
I am guessing you had a disc in the drive when you took it apart (or maybe the coins had something to do with it).
What you need to do is disassemble the Bluray drive again. With the top cover off of the Bluray drive, power on the PS3, then hit the eject button. The plastic guides should snap into the right position and then you can reassemble and it will work again.
The system will have to be opened up. Blue ray player taken out and opened for pennies to be removed. Hopefully they didnt damage the lense or that will have to be replaced as well. You can email email@example.com if you would like me to fix it. I am located in southern california and run a home based pc repair business.
penny trick is when u tape 3 pennies together and put them on bottom of memorychips on the mother board total of twelve pennies for four memory chips on bottom this is done to fix the 3 red lights just a temp fix but i would recommend doing the x-clamp replacement better success