Chia coin, yet another cryptocurrency, but with a radical new approach to digital coin, has started trading today, May 3, 2021. The “green” cryptocurrency uses “proof of space” and “proof of time” which is completely different from the “proof of work” that the major cryptocurrencies currently rely on.
A new cryptocurrency called Chia has begun trading today. Bram Cohen, the inventor of BitTorrent, has created the new digital currency. Although repeatedly termed as “green” Chia has already started causing shortages and price increases of Hard Disk Drives (HDD) and Solid Stated Drives (SSD).
What is Chia Coin?
As with all the cryptocurrencies, the Chia Coin too relies on Blockchain technology which offers a reliable ledger of every transaction. This ledger resides on multiple computer networks and hence, it is immune to manipulation and fraud.
Chia Coin is a virtual currency and is in the form of digital tokens. However, it is completely different than all the other cryptocurrencies such as Bitcoin, Ethereum, and even Dogecoin.
A new green cryptocurrency called Chia uses a less energy-intensive method of minting new coins https://t.co/VCJ3zBh3l5
— Sebastien Vanackere (@sebvanker) May 3, 2021
Instead of “Mining”, Chia coins are farmed or harvested. The creator claims Chia only needs the preexistent empty hard disk space on a “farmer’s” computer(s) to farm cryptos with minimal resources. In simple words, instead of expensive Graphics Cards and Mining Farms, all that Chia needs is ample or surplus disk storage space, a simple network of computers with humble specifications, and electricity.
"what is the price of cryptocurrency chia coin?" #chiacoin
— Júlio César Nájan (@juliocesarnajan) May 3, 2021
Interested Chia Coin farmers can farm or harvest the cryptocurrency on computers running Windows, macOS, or Linux. Although the traditional hard drives with spinning platers can work, harvesters will benefit from the modern-day and considerably faster SSDs.
@elonmusk $ICBU all in on Chia coin!! pic.twitter.com/ajwgqXGIqy
— Jason (@Jason75764170) May 3, 2021
Setting up Chia Coin farming needs simple Chia Blockchain software, available from its official website. After allocating the appropriate and surplus storage space, the Chia software goes to work.
Can you buy Chia Coin?
Chia Coin is also called XCH. There are about 21,451,998 Chia Coins existent today.
According to CoinMarketCap, a single Chia Coin costs slightly more than $1000. It began its day at around the $1,600 mark, and peaked at $1,934.51, before sliding down.
#Chia network netspace .. 1.8Million TB and it has just started. pic.twitter.com/mxeQJBhbdb
— Chris C (@Otterslide) May 3, 2021
The valuation of Chia seems to be falling, but as with any cryptocurrency, the valuation could take a dramatic turn. The Dogecoin phenomenon and Elon Musk’s seemingly excessive obsession with the same are good examples.
The cryptocurrency is currently listing on very few exchanges. The top exchanges for trading in Chia Network are currently MXC.COM, Gate.io, and Bibox.
$1300 $chia #chiacoin ! pic.twitter.com/vgd58VIbp0
— Joe Timmons (@joetimmons79) May 3, 2021
According to the official website “Chia now supports transactions, so the buying and selling of Chia are live.”
Chia coin debuts in public markets at 720 this morning and now trading near 1200. $XCH pic.twitter.com/Y3RAqFGt6f
— SteelyRivers🛡 (@SteelyRivers) May 3, 2021
But, the same FAQ page also notes “Chia will pre-farm a large supply of coins at network launch to help stabilize and grow the Chia economy through Chia’s novel business plan of lending Chia.”