Explained: What is Chia, here’s how this Chinese crypto’s sustainability may pose a threat to other Bitcoins
news 2 min read
Cryptocurrency is hot and happening when it comes to investing in digital currency. While Tesla owner Elon Musk’s tweet on Dogecoin made people trust that cryptocurrency and its value skyrocketed overnight.
Besides Ethereum, Bitcoin, Tron, and others, there is a new cryptocurrency that is making noise on the internet. Made by Bram Cohen, Chinese cryptocurrency Chia has entered into the world of cryptocurrency and it is expected to surge over 55 percent before the end of this year and may surpass the $5,000 mark in almost 6 years’ time.
Let’s dive deep to know what Chia is and how it operates.
The founder of BitTorrent, Bram Cohen has made its way to cryptocurrency after seeing the potential in this sector and he created Chia. Touted to be more viable than Bitcoin and Etherium, the cryptocurrency helps any user with a fairly average PC to get down to mining the currency which is termed as the “farming” technique. To put it simply, Chia uses empty disc space as against high-performance graphic cards and processors for digging the currency. This would eventually cut down the cost of using this cryptocurrency and it will be seen as the best choice for those looking for investments in this sector.
Given the kind of hype Chia has already received in the cryptocurrency space, it is much likely to see that consumers will bet more on this than the other two currencies.
Looking at the growing opportunity, Amazon has revealed that Chia can now be mined on the Amazon Web Services (AWS) cloud servers. The deleted AWS Chia page stated that it just takes as little as 5 minutes to generate their crypto wallet address where the mined or “farmed” Chia coins are to be credited and then started with it.
A look at the sustainability factor of Chia
The easy viability, cost reduction, and getting away with heavy software make Chia one of the most sustainable cryptocurrencies for now. While this cryptocurrency only uses a small fraction of the entire energy that Bitcoin or Ethereum do.
With Chia, the power consumption is very less and therefore, it can be used to mine the coin in as less as a PC that would typically do in idle state. Chia has the potential to be termed as ‘green’ as it has greater sustainability than other cryptocurrencies.
The suspense factor
The most distinguishing factor between Chia Network and other cryptocurrencies is that the former uses the disc space requirement and its biggest resource pull would be hard drives and solid-state drives. Therefore, it can be concluded that if this crypto shot up, it would be crucial for those investors who are looking to extract profits from it.
Today, the cryptocurrency is already up to more than $1,375 (~Rs 1.01 lakh) in the early days of its trading, with expectations of almost 6x growth in the next six years.
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