A new cryptocurrency called Chia could decrease some of mining’s biggest problems, while creating a new one in the process.
New GPUs do not exist, manufacturers do not find chipsets for their devices and gamers are chasing after next-gen consoles. While you hear about Bitcoin, Dogecoin and Ethereum, which are the most well-known cryptocurrencies, you will now probably hear about Chia, which has a key difference compared to other cryptocurrencies.
The creation of Bram Cohen, who laid the foundations for the creation of the BitTorrent network, may completely change the perspective we have of the crypto mining process. Since Bitcoin is estimated to consume more energy than Argentina annually, Chia could be a significant help in adopting a greener way of extracting cryptocurrencies. However, the fact that this digital currency is based on storage does not mean that it could lead to a sharp rise in prices.
The special feature of the Chia is of course that it does not require “specialised” equipment such as a GPU, but smartphones can now be used for the mining process.
Chia does have many benefits, but there are some concerns about SSD shortages, flicking PC builders and hard drive issues.
Although there is no guarantee that Chia will be successful, it surely has caused a stir in the crypto community.