3 things you should know about the climate-friendly Chia cryptocurrency

A new green cryptocurrency called Chia (XCH) is set to hit the market on Monday. Chia uses a less energy-intensive method of mining coins than bitcoin’s “proof of work” concept.

The company behind the new crypto coin, Chia Network, has already attracted a lot of attention from potential investors. Among others from listed “cryptominers”, such as iMD Companies. That same company’s CEO, Rick Wilson, confirmed that in a recent press release, “With our extensive research, we believe Chia is here to stay and will be used on a global financial level. We believe our early decision to “farm” Chia will result in higher revenues for iMD. ” England Crypto website is popular.

But what is so unique about Chia?

1. You will have to stock up on hard drives

Because farming Chia requires a lot of memory, miners are looking for extra hard drives en masse. A recent report from DigiTimes found that Taiwanese memory and storage manufacturer Adata has seen SSD orders increase 500 percent since the beginning of April.

“Many people have been asking about large hard drives for Chia mining in recent days,” a Taobao customer service representative told the South China Morning Post. If the cryptocurrency gets even close to the popularity of other altcoins (Ethereum, Litecoin…), the business model could seriously put pressure on stocks and prices of memory and storage manufacturers.

2. No limit

The company behind the green crypto coin has chosen not to put a “hard cap” on the coin. This means that there is no limited number of coins, which is the case with Bitcoin (21 million). Instead, the company prefers predictable, continuous form of inflation. Chia Network does maintain a strategic reserve of 21 million XCH, in a nod to bitcoin, which it will use to reduce its currency’s volatility and mitigate any crashes.

The company behind the digital currency is also planning to go public. “We hope to file and publicize our equity in the next six to 12 months,” Gene Hoffman, Chia Network’s CEO and president, told Decrypt. With that, the currency diversifies with other digital coins that are based on individuals or even memes (such as dogecoin). Indonesian Crypto is popular.

3. You can mine coins from home

Unlike other cryptocurrencies that are mainly “mined” by specialized companies, you will be able to mine Chia from your seat. Home users will have the opportunity to compete to earn XCH by “seeding” (uploading data) their SSDs or hard drives and, at least for now, the lack of competition should make for a more profitable experience.

“It’s super easy. Just download the Mac or Windows version and double-click, “Hoffman told CoinDesk. “I’m pretty sure this will be the easiest cryptocurrency to validate for normal people ever.”