As we accept all news in the crypto world with reservations, so should this project.
We hear more and more about the new green mining of Chia coin, for which you do not need to use expensive graphics cards, which can rarely be obtained. You only need as much hard disk memory as possible, which is why this cryptocurrency is making increasing shortages in the hard disk market.
High electricity consumption when generating new cryptocurrency units is a big problem for the miners themselves, who have high costs.
This is also a big environmental problem, as some experts claim, especially if we take into account that about 65% of Bitcoin miners operate from China, where coal is the main source of energy. With Chia, consumption in this case is imperceptible and that is why this is called "green" and ecological mining, ie farming, which we will discuss in more detail later.
Since graphics cards are very difficult to come by due to shortages globally, you can (still) find Chiu equipment. The price of hard drives has changed drastically in the period of 2 months ago. When everything was still in the initial phase, the price per terabyte was some 25 euros. That price rose to 40 euros per terabyte in just 2 weeks. As the price of chia koina rises, so does the price of equipment and vice versa.
The idea of Chia coin mining is that even without excessive computing power, most people around the world, with computers they already own, can mine and thus the network can be decentralized.
This type of hard disk mining does not consume electricity as in conventional mining. The founder of the Chia project is Bram Cohen, better known as the founder of BitTorrent that we have all heard of or used at least once. BitTorrent has been around since 2001, and has been perfected for a long time.
Chia is just in its initial phase, and probably the creators themselves did not expect such a sudden increase in the network. Due to a large price drop of almost 87% and a decrease in profits to farmers, many have given up and sold their equipment. How environmentally friendly this farming is - which is why a large number of people are now destroying their SSDs and constantly buying new ones - is actually questionable.
The environmental problems associated with the crypto industry are real and increasingly present. Chia koin may not be the ideal solution to these problems, but it is definitely a step in the right direction: it contributes to raising environmental awareness in the cryptosphere, reducing mining costs, and further decentralization.
What exactly is the perspective of this project and what are the realistic expectations when it comes to profit - it is still too early to say.
Image taken from Google. Source of Crypto News.
