Finance:Chia (cryptocurrency)

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Short description: Cryptocurrency
Chia
Ticker symbolXCH
Source modelOpen source
LicenseApache License
Websitewww.chia.net
Ledger
Timestamping schemeProof of space
Block explorerwww.chiaexplorer.com

Chia is a cryptocurrency where mining is based on the amount of hard disk storage space devoted to it rather than processing power, as with Proof of Work cryptocurrencies such as Bitcoin. The platform was created by a company called Chia Network, which saw a valuation of $500 million in a recent investment round, and claims to be aiming for an IPO before the end of 2021.[1][2][3]

History

The Chia Network was founded in 2017 by American computer programmer Bram Cohen, the author of the BitTorrent protocol.[4] In China stockpiling ahead of the May 2021 launch led to shortages and an increase in the price of Hard disk drives (HDD) and Solid-state drives (SSD).[5] Shortages were also reported in Vietnam.[6] Phison, a Taiwanese electronics manufacturing company, estimated that SSD prices will rise by 10% in 2021 as a result of Chia.[7] Hard drive manufacturer Seagate said in May 2021 that the company was experiencing strong orders and that staff were working to "adjust to market demand".[6] In May 2021 Gene Hoffman, the president of Chia Networks, admitted that "we’ve kind of destroyed the short-term supply chain" for hard disks.[8] Concerns have also been raised about the mining process also potentially being harmful to drives' lifetime.[9]

References

  1. ↑ "Blockchain Startup Chia Nabs $500 Million Valuation, Eyes IPO". Bloomberg News. https://www.bloomberg.com/news/articles/2021-05-24/blockchain-startup-chia-nabs-500-million-valuation-eyes-ipo. 
  2. ↑ "Chia, the 'green' Bitcoin alternative, looks to IPO as early as this year". Fortune. https://fortune.com/2021/05/25/chia-network-green-blockchain-valuation-ipo/. 
  3. ↑ "Green crypto startup Chia Network doubles its valuation to $500 million and is mulling an IPO, report says". Business Insider. https://markets.businessinsider.com/currencies/news/chia-network-green-crypto-startup-doubles-valuation-mulling-ipo-report-2021-5-1030462892. 
  4. ↑ Benveniste, Alexis (6 May 2021). "This crypto claims to solve bitcoin's biggest problem" (in en). CNN Business. https://edition.cnn.com/2021/05/06/investing/green-cryptocurrency-chia/index.html. 
  5. ↑ Xue, Yujie; Feng, Coco (23 April 2021). "Chinese coin miners flock to new cryptocurrency Chia resulting in hard drive shortages and price surges" (in en). South China Morning Post. https://www.scmp.com/tech/big-tech/article/3130683/chinese-coin-miners-flock-new-cryptocurrency-chia-resulting-hard. 
  6. ↑ 6.0 6.1 Sparkes, Matthew (10 May 2021). "'Green' bitcoin alternative Chia is leading to hard disc shortages". New Scientist. https://www.newscientist.com/article/2277076-green-bitcoin-alternative-chia-is-leading-to-hard-disc-shortages/. 
  7. ↑ Allen, Darren (12 May 2021). "SSD prices could rise thanks to new cryptocurrency Chia" (in en). TechRadar. https://www.techradar.com/uk/news/ssd-prices-could-rise-thanks-to-new-cryptocurrency-chia. 
  8. ↑ Sparkes, Matthew (26 May 2021). "Bitcoin rival Chia 'destroyed' hard disc supply chains, says its boss" (in en). New Scientist. https://www.newscientist.com/article/2278696-bitcoin-rival-chia-destroyed-hard-disc-supply-chains-says-its-boss/. 
  9. ↑ Lilly, Paul (May 11, 2021). "Chia mining can wreck a 512GB SSD in as little as 6 weeks". https://www.pcgamer.com/chia-mining-can-wreck-a-512gb-ssd-in-as-little-as-6-weeks/. 




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