Chia (cryptocurrency) explained

Currency Name:Chia
Image 1:Chia cryptocurrency logo.svg
Alt1:Chia with a leaf in the C
Image Title 1:Chia's logo
Ticker Symbol:XCH
Code:XCH
Precision:1012
Initial Release Version:1.0.0
Status:Active
Latest Release Version:2.3.0[1]
Programming Languages:Python
Operating System:Microsoft Windows, macOS, Linux, Raspberry Pi OS
Developer:Chia Network Inc.
Source Model:Open source
License:Apache License
Block Explorer:,,
Timestamping:Proof of space and time
Block Time:About 18.75 seconds

Chia is a cryptocurrency where mining (or farming, in Chia parlance) is based on the amount of hard disk storage space devoted to it rather than processing power as with proof of work cryptocurrencies such as Bitcoin. The platform was created by a California based company called Chia Network Inc. The Chia Network was founded in 2017 by American computer programmer Bram Cohen, the author of the BitTorrent protocol.[2] In May 2021, Chia Network raised a $61 million investment, valuing the company at about $500 million. The same month, the company announced plans to conduct an IPO before the end of 2021.[3] [4] [5] As of 2023, Chia had filed a draft registration with the Securities and Exchange Commission towards an IPO.[6]

Computer data storage shortages

In China, stockpiling ahead of the May 2021 launch led to shortages and an increase in the price of hard disk drives (HDD) and solid-state drives (SSD).[7] Shortages were also reported in Vietnam.[8] Hard drive manufacturer Seagate said in May 2021 that the company was experiencing strong orders and that staff were working to "adjust to market demand". In May 2021 Gene Hoffman, then president and current CEO of Chia Network, admitted that "we’ve kind of destroyed the short-term supply chain" for hard disks.[9] [10] During the first months since Chia's launch, concerns were raised about the prerequisite plotting process drastically limiting a hard drive's lifetime.[11]

Notes and References

  1. https://github.com/Chia-Network/chia-blockchain/releases
  2. News: Benveniste . Alexis . 6 May 2021 . This crypto claims to solve bitcoin's biggest problem . en . . live . 15 May 2021 . https://web.archive.org/web/20210515101509/https://edition.cnn.com/2021/05/06/investing/green-cryptocurrency-chia/index.html . 15 May 2021.
  3. News: Blockchain Startup Chia Nabs $500 Million Valuation, Eyes IPO . . live . 25 May 2021 . https://web.archive.org/web/20210524230902/https://www.bloomberg.com/news/articles/2021-05-24/blockchain-startup-chia-nabs-500-million-valuation-eyes-ipo . 24 May 2021.
  4. News: Chia, the 'green' Bitcoin alternative, looks to IPO as early as this year . . live . 25 May 2021 . https://web.archive.org/web/20210525053617/https://fortune.com/2021/05/25/chia-network-green-blockchain-valuation-ipo/ . 25 May 2021.
  5. News: Green crypto startup Chia Network doubles its valuation to $500 million and is mulling an IPO, report says . . live . 25 May 2021 . https://web.archive.org/web/20210525132208/https://markets.businessinsider.com/currencies/news/chia-network-green-crypto-startup-doubles-valuation-mulling-ipo-report-2021-5-1030462892 . 25 May 2021.
  6. News: Crypto Startup Chia Network Files Confidentially for IPO . Miller . Hannah . Bloomberg . 14 April 2023 . 6 June 2023.
  7. News: Xue . Yujie . Feng . Coco . 23 April 2021 . Chinese coin miners flock to new cryptocurrency Chia resulting in hard drive shortages and price surges . en . . live . 15 May 2021 . https://web.archive.org/web/20210514191915/https://www.scmp.com/tech/big-tech/article/3130683/chinese-coin-miners-flock-new-cryptocurrency-chia-resulting-hard . 14 May 2021.
  8. News: Sparkes . Matthew . 10 May 2021 . 'Green' bitcoin alternative Chia is leading to hard disc shortages . . live . 15 May 2021 . https://web.archive.org/web/20210515070415/https://www.newscientist.com/article/2277076-green-bitcoin-alternative-chia-is-leading-to-hard-disc-shortages/ . 15 May 2021.
  9. News: Sparkes . Matthew . 26 May 2021 . Bitcoin rival Chia 'destroyed' hard disc supply chains, says its boss . en . . live . 26 May 2021 . https://web.archive.org/web/20210528145310/https://www.newscientist.com/article/2278696-bitcoin-rival-chia-destroyed-hard-disc-supply-chains-says-its-boss/ . 28 May 2021.
  10. Web site: 19 January 2023 . Chia Network Announces Leadership Transition to Support Scaling Growth . 7 March 2023 . www.businesswire.com . en.
  11. Web site: Lilly . Paul . 11 May 2021 . Chia mining can wreck a 512GB SSD in as little as 6 weeks . live . https://web.archive.org/web/20210517212000/https://www.pcgamer.com/chia-mining-can-wreck-a-512gb-ssd-in-as-little-as-6-weeks/ . 17 May 2021 . 19 May 2021 . PC Gamer.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Chia (cryptocurrency)".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.