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Chia Coin

05.31.21 11:49 AM By ROBERT

Chia Coin: Blamed for hard drive shortages.

    Chia, the new cryptocurrency in the market by well known Bram Cohen, an entrepreneur behind BitTorrent File-sharing system and is launched with the aim to supersede bitcoin & Ethereum by using lesser amount of electricity. They claimed this will be achieved by replacing "proof of work" with " proof of space and time". In this process, the user needed to devote a large amount of hard drive to generating and storing larger amounts of random numbers, where reward will be given out to those with maximum space used up. but to achieve this, user needs to have a specific type of hard drive that works best with the system. as the currency seemed promising and the value was rising so more and more users started to look into the opportunity to gain out of Chia and this led to shortage of large hard drive and also a specific type of SSD called NVMedrive, used to generate random numbers. 

    But question here arises, are the claims here that Chia takes up less resources correct, till it is thoroughly checked and established, we cant comment but looking at a broader picture it is evident, at this moment it is not just taking up electricity but also eats up your drive space (with SSD, these break after limited amount of use)and have increased the demand for larger HDD which in turn has increased the cost of larger HDD to a greater extent.

    But looking at the stats, Chai hasn't gained much market as of now ( around 50 millions USD) but for any cryptocurrency in the market, trends change over seconds, so looking at the demand of hardware required to "mine", Chia seems not a player to vanish anytime soon. In addition to this, those who are thinking to start mining, Chia is fairly new and the complexity and hardware requirement at this complexity level is relatively small that in coming time. for Chia fast SSd is the key component and as per their website, one can mine using mobile phone or laptop.

    However, Chia isn't the only currency that has led to shortage of required products, few years down the line, the Graphic cards market also suffered huge shortages because of Ethereum mining. So, Chia isn't the first and probably not the last currency in the market to claim to be different and creating imbalance in the hardware market. So if it is to be blamed or not, is up to the discretion of the reader.

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