Chia mining industry
Chia cryptocurrency miners are dumping their hard drives and solid state drives in droves as a result of the precipitous price reduction. As a result, they were forced to swallow losses and switch to alternative currencies. Hoang Trung, administrator of a Facebook page dedicated to Chia with over followers, tells us that he has noticed a spike in posts from people selling their hard drives. However, it began to decline shortly afterwards. Thuan entered the market in May, during a period of soaring Chia prices. Unlike other currencies that require a lot of GPU processing power, mining this coin requires a lot of storage.
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Content:
- Chia crypto miners sell hardware at a loss
- Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works
- How To Buy Chia In India? Learn About This New 'Proof Of Space' Cryptocurrency
- Chia miners are trying to sell potentially degraded plotting drives
- What is 'green' cryptocurrency Chia and just how eco-friendly is it?
- Chia space crypto-mining puts Seagate disk drive revenues in a spin
- The Impact Of Cryptocurrency Chia On Data Storage
- Chia mining craze is causing massive hard drive shortages in China
Chia crypto miners sell hardware at a loss
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. Bitcoin was meant to be decentralized so as to stay out of any central control. You enter this lottery by guessing numbers and running calculations on them as fast as possible—that is, you waste electricity to show your commitment.
There is one winner every 10 minutes; as more people join the lottery, the guessing gets harder to stay at one winner every 10 minutes. Bitcoin thus uses as much electricity as the Netherlands. Proof of work has economies of scale: The bigger you are, the more efficiently you can create lottery tickets. The majority of bitcoin mining is three large pools. An electricity outage in one small area of Xinjiang in April took a quarter of all bitcoin mining offline. Other cryptocurrencies are similarly wasteful.
Ethereum uses as much electricity as Peru. Cryptos failed as usable currencies , so their only remaining use case is to be traded in the hope of actual money. Bram Cohen is famed as the creator of the hugely popular BitTorrent file distribution protocol.
Cohen turned his attention to the proof-of-work problem. The resource Cohen chose to use for his so-called green cryptocurrency, Chia, was computer hard disk space. As more disk space is added to the network, the challenges get harder. During the COVID pandemic, manufacturing supply chains were already disrupted in multiple industries, leading to shortages of many basic components.
By April, just a month after it was launched, chia farmers were straining the hard disk market, with reports from Hong Kong of large disks, over 4 terabytes, having tripled in price.
Hard disk shortages and price rises were reported across Southeast Asia and in the United States. Secondhand SSDs and hard disks manufactured since can no longer be trusted not to be burnt-out wrecks. In Germany, the popular cloud service Hetzner has banned chia farming.
Instead of carbon dioxide, Chia produces vast quantities of e-waste—rare metals, assembled into expensive computing components, turned into toxic near-unrecyclable landfill within weeks. Chia failed at decentralization for the same reason that Bitcoin did: Centralization is more efficient.
The largest Chia pool, HPool, is winning 36 percent of chia farming rewards and increasing. Smaller chia farmers have complained that HPool was given a head start by Chia Network.
The first 21 million chia coins were created ahead of time and are held by Chia Network, in anticipation of being distributed in the event that Chia Network holds an initial public offering. Chia ran headlong into the known psychology of cryptocurrency mining: People will do anything that will generate a net profit—and damn the externalities. Cryptocurrency mining has also trashed the market for computer video cards. With the price of bitcoin in an economic asset bubble, the other coins have gone up as well; so high-end Nvidia video cards are all but unavailable, with prices going through the roof and the cards being snapped up as quickly as possible.
The latest Nvidia cards have resorted to drivers—the software that runs the hardware—that detect and block cryptocurrency mining. Almost any service that can do general computation is immediately swarmed by parasitical crypto miners. Continuous integration CI systems take computer program source code, and build it afresh after every change, to allow quick testing of all changes.
Some public CI services used to offer a free tier for small projects—but crypto miners started spamming these services with CPU-based crypto mining. And this trend is not slowing, it is only accelerating. Cryptocurrency decentralization is a performative waste of resources in order to avoid having to trust a government to issue currency.
Decentralized cryptocurrencies are a cyberpunk parody of unregulated capitalism. They are a disastrous resource drain on the world, by design. The designers look only for fresh resources to abuse. Every cryptocurrency is a new form of waste—and the only way to stop that is to stop cryptocurrencies.
David Gerard is the author of the book Attack of the 50 Foot Blockchain and the cryptocurrency and blockchain news blog of the same name.
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Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works
Over the past couple of years, the cryptocurrency market has seen explosive growth as prices of the most popular cryptocurrencies have skyrocketed and a lot of new cryptocurrencies have been launched. In this article, we'll be looking at Chia crypto, a new coin that has recently been launched. Siacoin has been created as an alternative to Bitcoin and aims to remove the environmental load that comes with mining Bitcoin. Over the past year, Altcoins have become a great investment opportunity for people. Basically, any coin other than a Bitcoin can be called an Altcoin. Over the past year, the prices of Altcoins have risen significantly, even overshadowing the percentage gains of Bitcoin and Ethereum. In this article, we will be taking a look at the new recently launched Chia Coin.
How To Buy Chia In India? Learn About This New 'Proof Of Space' Cryptocurrency
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. Jamie Crawley. By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy. Chia Network, a blockchain and smart transaction platform, published a white paper in February announcing its goal of making mining easier for individuals, letting them commit unused hard drive space to support its decentralized network. The system is geared toward supplanting the energy-intensive proof-of-work model as used by bitcoin with proof-of-space-time , whereby network participants show they have been storing data over a period of time.
Chia miners are trying to sell potentially degraded plotting drives
Use this calculator to estimate how much you can earn from farming the Chia cryptocurrency XCH [1] on the Chia Network. Input the number of plots hard disk space that you would like to dedicate, and the calculator will give you an overview of your estimated earnings and suggested hardware. The simplified view is based on a snapshot of today's price and a constant total network space. Use the advanced tab to simulate earnings over time with netspace growth taken into account. The above estimates are based on the statistically expected yield, but real-world returns will vary, especially over shorter time periods.
What is 'green' cryptocurrency Chia and just how eco-friendly is it?
Chia Network Inc. The Company expects its blockchain will be used in a range of transactions, including cross border payments, issuing financial assets, and stable coin issuance. Chia intends to sell software service and support for its open source blockchain and smart transaction software to governments, financial institutions, corporations, and large buyers and sellers of storage. Farming will allow even the smallest farmer running a node a chance to win rewards for validating the network. Running a node is also a more secure way to self-custody chia.
Chia space crypto-mining puts Seagate disk drive revenues in a spin
When the Chia crypto-coin XCH officially burst onto the scene back in April, there were gloomy forecasts of storage supplies drying up as the new coin relies on unused storage space for computation. And although certain storage components makers have reacted in interesting, albeit unwelcomed, ways so as to ward off such a situation, for the most part, HDDs and SSDs haven't really had the same shortage effect that people experience with graphics cards. And part of the reason for that could be the low profitability that Chia has to offer according to the findings of a Backblaze study. But with an assumption of a continuously growing Chia Netspace which does so exponentially, the income generated after week sixteen would be zero. And even assuming only a linear rate of growth for the Netspace, the income would still continue to drop although it wouldn't dip as steeply. And once costs of farming are brought into the mix, the equation changes again.
The Impact Of Cryptocurrency Chia On Data Storage
Visit the seaside port of Masua and discover the fascinating history of the mine of Porto Flavia on this tour from Chia. An engineering masterpiece awaits! After picking you up at your hotel in Chia at the selected time, we'll make our way to the coastal area of Masua. About an hour and a half away, this area is home to several mining operations, as it is rich in coal, sulfur, zinc, lead, silver and other precious metals for industry.
Chia mining craze is causing massive hard drive shortages in China
In , cryptocurrency mining will celebrate its 12th anniversary. However, the concept of mining using high-end computer gear is beginning to gain traction amongst the general public. Chia, on the other hand, is completely another animal. Although some of the essential blockchain concepts remain the same as before, Chia coin does away with the Proof of Work algorithm for protecting the network.
Chia is the basis for the bitcoin-like chiacoin cryptocurrency. It relies on a a linked blockchain of mathematical constructs based on a proof of having disk or SDD space over a time period. This is said to be less demanding in electricity supply terms than bitcoin, which relies on a proof-of-work, requiring large amounts of CPU processing. The chia-related demand is a bonus on top of this. We had — the industry added too much capacity for a few years. If the chia demand remains strong for another two or three quarters, then Seagate could look to increase its manufacturing capacity. Blocks and Files.
A new emerging crypto-currency, Chia, could do to the hard drive and SSD market what more traditional crypto-currencies like Bitcoin and Ethereum have done to GPUs: spike prices and make them next-to-impossible to buy. In Asia, the trend has reportedly already begun. All this means is that Chia put your surplus storage space to work, rather than your GPU. According to the Chia.
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