Chia coin crypto

United States Dollar. Chia is down 5. It has a circulating supply of 2,, XCH coins and the max. You can find others listed on our crypto exchanges page. Chia Network XCH is a layer 1 blockchain that uses its own custom-designed programming language called Chialisp and a novel consensus mechanism called proof-of-space-and-time PoST. The combination of these two allows the blockchain to use less energy without compromising network security.

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Chia (XCH)

Its founders herald it as the green successor to Bitcoin. So, what potentially is the long-term effect of Chia cryptocurrency farming on the data storage market? A Prolific Founder : The first thing to know about Chia is that it has an illustrious founder. Bram Cohen, inventor of distributed file sharing protocol BitTorrent , established Chia Network in This model draws heavily on processing power, which shows in its energy footprint; if Bitcoin were a country, it would rank alongside the top 30 nations in the world in terms of total energy consumption.

Chia, by contrast, uses a Proof of Space and Time protocol based around storage capacity. The plotting stage, in which data is encrypted and allocated to a storage device, is the most computationally intensive stage. After the data is plotted, plots will be called at random by the Chia network to prove that the encrypted data still resides in the space to which it was allocated. If your plot is selected, and the data is still stored there, you are rewarded with Chia coin. This operation of checking for a Proof of Space is fast and very efficient — farmers are known to farm a petabyte on one Raspberry Pi.

Storage needs depend on the stage. SSD cards are optimal for fast and efficient plotting, though other storage devices can be used. After the initial plotting is finished, the plot can be moved to whatever affordable device can store the most data, typically a high-capacity HDD. The upshot is that the growth in Chia is driving demand for a variety of storage devices, as Chia farmers mix and match to figure out which hardware is most efficient.

This premise did not ultimately prove to be correct but it was prescient to search for a vast excess commodity. Instead of consuming massive amounts of electricity and wasteful single-purpose ASIC hardware to validate transactions, Proof of Space leverages the over-provisioned exabytes of disk space that already exist in the world today. Here the narrative is less straightforward. A whirlwind few months followed. In China and neighboring countries, it sparked a buying frenzy, with Chia farmers gravitating toward enterprise devices due to their higher capacities and endurance.

It spiked prices and triggered shortages for both consumer and enterprise-grade devices. Meanwhile, prices of consumer-oriented drives are still rising, or staying at expensive levels.

The global storage footprint associated with Chia farming quickly racked up. In the first two weeks of May alone, the number of exabytes dedicated to Chia farming increased sixfold. Recently, the growth curve appears to be leveling out. But the total netspace still stands at almost 30EiB. The question is what happens next? How long will demand for Chia storage persist? Bram Cohen speculated in a mid-May tweet the growth curve might top out around EiB. But he was equally quick to point out how difficult it is to predict the exact behavior of an S-growth curve.

And unlike Bitcoin, there is no cap on the number of Chia coins that can eventually be farmed. For their part, Chia executives argue that the new currency will prove beneficial for the data storage market in a number of ways. Not only will Chia increase marketplace demand, Chia farmers will help utilize storage capacity that currently sits fallow. There are other creative uses.

Storage manufacturers can generate additional revenue by turning over their drive burn-in and quality assurance processes to plotting and farming Chia. The drive makers are certainly warming up to the possibility of increased production over the long term. Though the sudden surge in storage demand was unprecedented, it helped Seagate utilize its extra storage capacity, he explained.

The company plans to take advantage of the new demand for as long as it lasts. Meanwhile, Western Digital sees Chia as a new vertical market providing an extra boost to what was already projected to be a strong year. Bitcoin is not exactly a green technology. As we mentioned, its total annual energy draw is among that of the 30 largest energy-consuming countries in the world. Just ask Elon Musk about his decision to stop accepting Bitcoin for vehicle transactions until BTC develops greener ways:.

Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment. Of course, HDDs used in chia farming are hardly known for their power efficiency compared with the SSDs used in chia plotting. Fast and efficient SSDs would be used for chia plotting, and the encrypted plots would then be moved to SSDs with high storage capacity.

Consider the staggering explosion in data generation set to take place in the next few years. Given this, Chia farmers will likely continue to gravitate toward where the capacity is most readily and affordably available—namely, HDDs.

Not that deploying SSD for crypto farming is without its environmental impacts—frequent overwriting of the drive shortens the lifespan of flash.

This can be misleading, as the plotting stage is the most computationally intensive part of the chia protocol. While still less intensive than the proof-of-work calculations, plotting calculations wear through SSD cards. The leads to e-waste, as computing components containing rare metals are toxic and near-unrecyclable after use. But it could prolong the life of otherwise functioning drives by encouraging the secondary market for data center storage.

The firm readily makes this point. Instead the Bitcoin winners have turned out to be those with access to the most powerful computer hardware and the cheapest sources of electricity, largely based on fossil fuels. Surely, similar hacks will emerge over time for storage-based crypto. That said, the principle of basing a cryptocurrency on storage rather than processing power is less energy intensive and greener by nature. And, for that, Chia deserves credit, even at this early stage.

As with any craze, only time will tell how permanent an impact Chia will have on the data storage marketplace. For now, the smart money is on it remaining a noticeable market force, at least for the foreseeable future.

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Just two weeks after launch, storage-based cryptocurrency Chiacoin drives up disk prices

Finder makes money from featured partners , but editorial opinions are our own. Advertiser Disclosure. The easiest way to buy Chia is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or hour customer support.

Initially, Chia's CEO Bram Cohen debuted his solution to Bitcoin in late , which he said resolves alleged centralization concerns with the.

How to mine Chia (XCH): Easily farm crypto with your storage drives

Chia is one of the newest cryptocurrencies on the internet. What, though, is fuelling the big hype behind this seemingly early-stage cryptocurrency? Created by Bram Cohen, the founder of BitTorrent, the biggest onus of the Chia network is in how it operates. At the heart of it is the cryptocurrency being much more viable than more established crypto coins such as Bitcoin and Ethereum. With Chia, technically any user with a fairly average PC can get down to mining the currency. In simpler terms, the Chia Network states that instead of high performance graphics cards and processors, Chia will use available empty disc space for farming of the currency. As a result, users need to show that they are assigning chunks of their storage space over a continued span of time, which can be done even with a fairly regular computer configuration.

New Chia cryptocurrency promises to be greener than Bitcoin, but may drive up hard drive prices

chia coin crypto

Bram Cohen invented torrenting. Chia Network co-founder and president Ryan Singer. Chia will do a pre-mine of its currency but initially retain ownership of percent of the coins, using the mini-IPO to foster a community of investors. Once a clearing price is locked in, everyone who bid below it will get no shares and their deposit back, while those who bid over get their shares plus a refund of the difference between their high bid and actual price. After Cohen invented the torrenting file transfer protocol in and co-founded a company around it called BitTorrent, the startup suffered through a decade of mismanagement by other CEOs.

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When Shannon Hames, a public relations specialist at Western Digital, first heard about the cryptocurrency Chia, she was curious about its buzz as news cropped up on the storage-enabled virtual coin. The idea is that everybody has some spare storage. With this concept in mind, Shannon saw an opportunity to repurpose a few hard drives that she had around the house. It was just sitting there. Why not actually utilize it?

Chia Network Launches Native Peer-to-Peer Trading Services for Wallet Holders

Its founders herald it as the green successor to Bitcoin. So, what potentially is the long-term effect of Chia cryptocurrency farming on the data storage market? A Prolific Founder : The first thing to know about Chia is that it has an illustrious founder. Bram Cohen, inventor of distributed file sharing protocol BitTorrent , established Chia Network in This model draws heavily on processing power, which shows in its energy footprint; if Bitcoin were a country, it would rank alongside the top 30 nations in the world in terms of total energy consumption.

Chia Network is a blockchain that supports the creation and execution of smart contracts written in a custom-designed programming language called Chialisp.

The green cryptocurrency Chia is an eco-friendly alternative to Bitcoin: Here’s how it works?

Mohiuddin Ahmed does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. It has been a big year for cryptocurrency. Bitcoin is worth six times what it was 12 months ago, and the joke currency Dogecoin has seen a hundredfold increase in price. With this growth has come renewed scrutiny, with critics attacking Bitcoin in particular as a speculative bubble that uses vast amounts of electricity and produces no real value.

The Impact Of Cryptocurrency Chia On Data Storage

RELATED VIDEO: Chia Still Worth Farming In 2022

Chia is delivering critical security and compliance needed to enable safer and easier peer-to-peer transactions. With Offers, two people can propose and complete a trade wherein neither side can cheat or need an escrow. Learn More. Founded by Bram Cohen, the inventor of BitTorrent, Chia is a next-generation, open source blockchain that has been built from the ground up to meet the needs of the future of interconnected markets. Building on the benefits of existing technologies that are secure and public, we extended them and added sustainability, compliance and programmability while enhancing security.

The cloud is a world where a lot happens, every day, in an uncontrolled way, for the best, and sometimes for the worst.

Chia Network, the energy-efficient, blockchain and smart transaction platform, is launching native, peer-to-peer exchange services for Chia wallet holders. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights , which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG. James Rubin.

Bitcoin, the first cryptocurrency, has a problem: It uses ghastly quantities of electricity and thus generates as much carbon emissions as a medium-sized country. This is by design. A new cryptocurrency, Chia, avoids this problem—in favor of creating huge amounts of a different kind of waste.

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