In the world of digital currencies, Chia has attracted much attention recently. It is famous for its hard drive mining and is known as an environmentally friendly digital asset. So, what is Chia? What is the method of hard drive mining? Is it really so environmentally friendly? Let’s dig into it.

 The origin and characteristics of Chia

Chia is a cryptocurrency created in 2017 by Bram Cohen, the founder of BitTorrent. Unlike traditional digital currencies such as Bitcoin, Chia uses a "proof of storage" mechanism, that is, hard drive mining. This mining method uses hard drive space instead of traditional computing power, thereby reducing energy requirements and is considered more environmentally friendly.

 How hard disk mining works

Hard drive mining is the mining method used by Chia. It uses free space in the hard drive to store data and then generates "seeds" based on the data, similar to the sowing process in agriculture. Miners need to continuously plant these "seeds", wait for them to grow and receive Chia rewards. This process consumes mostly hard drive space rather than large amounts of electricity, and is therefore considered a more environmentally friendly method of mining.

 The truth about environmental performance

Although hard drive mining is promoted as an environmentally friendly method of mining, is this actually the case? Some studies have pointed out that although hard drive mining does reduce energy consumption compared to traditional computing power mining, the manufacturing and processing of hard drives will also have an impact on the environment. In addition, as the popularity of Chia continues to increase, the demand for hard drives is also increasing, which may lead to a tight supply of hard drives, thereby affecting the balance of supply and demand in the market. Therefore, to fully evaluate the environmental performance of hard drive mining, it is also necessary to consider the overall impact of the hard drive’s life cycle.

 Explore future development

With the continuous development of the digital currency market, Chia, as a new type of cryptocurrency, has attracted widespread attention. Its unique mining method provides new possibilities for environmental protection, but it also faces many challenges and controversies. In the future, with the continuous advancement of technology and the improvement of regulatory policies, Chia is expected to show a broader development space in the field of digital currency.

 Conclusion

In the field of digital currency, the emergence of Chia has brought new thinking to people. The environmental protection concept of hard drive mining has triggered a rethinking of digital currency mining methods. However, we also need to be clearly aware that the development of any new technology requires a comprehensive assessment of its impact on the environment and society. Sustainable development of digital currency can only be achieved while balancing technological development and environmental protection. Let us pay attention to the development of Chia and explore the new future of the digital currency field.

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Coin Circle (120btc.COM) News: Known as “Green Bitcoin”, the public chain “Chia” focuses on hard drive mining.
Network" quickly became popular in mid-2021 due to factors such as being more energy-saving, environmentally friendly, and having low thresholds. It once pushed XCH to a high of US$1,500; but then the price collapsed rapidly, falling below US$30 at the lowest, and more than 90% of its market value has evaporated.

However, the latest news last weekend pointed out that Chia Coin has announced that it has submitted a draft registration statement for an IPO to the U.S. Securities and Exchange Commission (SEC). For a while, the topic of whether the project can return to glory has revived. This article will introduce Chia in detail to readers.
What is Network, why is it more environmentally friendly, and what are the reasons for its popularity?

 What is Chia?

Chiacoin was founded in late 2017 by Bram, the founder of P2P file transfer protocol BitTorrent.
Cohen led the creation and is supported by a number of top cryptocurrency venture capital firms such as: A16z, Galaxy Digital and Naval Ravikant...etc.

ChiaCoin’s goal is to create a decentralized blockchain platform that provides secure, private and scalable digital currency and smart contract functionality.

The mainnet was officially launched on March 19, 2021. At that time, in addition to causing the XCH currency price to exceed US$1,500, it even triggered a rush to buy hard drives and caused related concept stocks to surge.

 Is Chia coin mining environmentally friendly?

The mining algorithm of Chia Coin uses "Proof of Space and Time", which uses hard disk space to calculate the hash value. Compared with Bitcoin and Ethereum’s “Proof of
Work" algorithm, officially claims to be able to significantly reduce mining power expenses, so it calls itself "Green Bitcoin".

However, the mining process of Chia Coin requires the operation of a large number of hard disk devices, which may accelerate the damage to the hard disk. From this perspective, Chia Coin cannot be said to be completely environmentally friendly, but the energy consumption is relatively small.

 Chia Coin Price Trend

The skyrocketing rise of Chia currency in mid-2021 caught the market's attention at the time. XCH once soared above US$1,500, but the good times did not last long. The price evaporated by 80% within a month. Throughout 2022, it was below US$100, the lowest level. It once fell below $30.

However, with the recovery of the Bitcoin market since the beginning of 2023 and the news of applying for an IPO to be listed on the US stock market, Chia currency once approached around US$50, and was currently trading at US$43.15 at the time of writing.

Whether Chia Coin can return to public attention in the future is still unknown. Although there is good news about the IPO, various L1 and L2 projects have been booming during this period. It can be said that Chia Coin wants to get rid of the addiction. It's difficult.

 Why is Chia so popular?

Although there were not many bright spots in the subsequent technological development of Chia Coin, the project did provide a unique encryption narrative at the time, captured market enthusiasm, and created extraordinary results. It can be roughly attributed to the following points:

   Environmental protection characteristics: Chia Coin's mining algorithm uses "Proof of Space and Time". Miners need to use storage space to mine. Compared with the POW algorithm of Bitcoin and Ethereum at the time, it is more in line with society's awareness of environmental protection. of attention.

   Lower mining threshold: The traditional hard disk (HDD) and solid state drive (SSD) used by Chia Coin have a lower mining threshold than CPU and GPU equipment, and the early competition for computing power was not as fierce.

   Market trends: At that time, Bitcoin and Ethereum miners made huge profits during the 2021 bull market, and latecomers hoped to find the next gold mine. Chia coin emerged just under such market demand, attracting many users.

   Founder's popularity: Bram Cohen was originally a well-known figure in the technology industry and developed the famous P2P file sharing protocol BitTorrent. His popularity and reputation have also provided certain assistance for the promotion and publicity of Chia Coin.