Overview of the features of the Chia project

The new cryptocurrency Chia (XCH) has already caused a stir in the data storage industry. Enthusiasts are confident that the newThe Chia consensus algorithm is the future.

What is Chia?

The Chia chain, which is not yet two months old,is seen as an environmentally friendly blockchain. It uses a new consensus called Proof of Space and Time, which uses free disk space. 

The protocol operates on a two-stage principleblock authentication. The system requires participants to lock a certain amount of disk space on which blockchain data is stored. Award “farmers” receive in XCH, proportional to the amount of space they have blocked.

In the official document, Chia developersThey claim that GPUs or ASICs are not needed to work with blockchain. This saves a lot of energy and is less harmful to the environment. 

History of the project

The network, launched on March 19, was created by BramCohen – inventor of BitTorrent. Previously, there were rumors that it was Cohen who was hiding under the pseudonym Satoshi Nakamoto, but he himself denies this. 

The initiative was born back in 2017, itsthe main goal was green mining. White paper was published in 2020. In May of this year, mining Chia became available to everyone, and on May 14, Huobi Global exchange announced the launch of trading in the XCH token.

Mining Chia 

Chia miners use free space, not powerful GPUs.

In order to start “farming” Chia, you need to wipe the storage device, then install Chia Blockchain and create a wallet. Detailed instructions are provided on the website Artofpc.com.

To start mining Chia, a hard disk with a volume of 1 TB or more is enough, but experts believe that 10 TB is more optimal. The minimum requirements will increase with network developments.

Mining problems

Mining Chia has its own problems. 

The lifespan of the SSDs used to mine the XCH is significantly reduced. Chia mining can kill an SSD in 40 days.

In comparison, a GPU for mining Bitcoin can be used for a long time, and after use, it can be resold for other purposes, such as games.  

Chia has already sparked the mining hype in China andcaused a massive shortage of hard drives across the country. Experts believe that the consequence of this excitement will be a sharp rise in prices for hard drives and flooding of the market with spoiled products.

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