According to Mr. Cong, during more than 2 months of mining Chia, the actual amount of copper received back only stopped at 3 units. Currently, on the Huobi exchange, Chia is being valued at $820. This means that after 2 months and 3 billion of capital, he earned about 56 million VND. Fear of missing out on green Bitcoin The reason given by Mr. Cong is that although Chia saves electricity, it is difficult to compete with the super mines in China. Besides, the dramatic drop in the price of cryptocurrencies in the past week also increased the payback time of Chia mines. The hard drive is what determines the success or failure of Chia mining. “I invest a lot of money but I am quite vague about my income. The reason is that I fear that I will miss the opportunity to get rich like the way Bitcoin created 4 years ago. There were very few Bitcoin miners back then, I was one of the first. That’s why I have faith in Chia. But things don’t seem to be as I thought,” Cong said. According to Mr. Cong, his Chia mining system uses a 6TB HDD. Each of these hard drives costs 6.5 million VND. The number of hard drives in Mr. Cong’s mine is close to 300. Previously, the price of HDDs was only about 2-4 million VND. However, the wave of Chia mining has made the hard drive double in price. To cope with the huge write rates of Chia miners, many memory manufacturers have designed SSDs specifically for this purpose, like TeamGroup’s T-Create Expert model with a write limit of up to 12,000 TB. Amazon Web Services also recently opened a Chia mining service for the Chinese market. Hard drives increase in price, are in short supply but still have to buy more “In the game of chia mining, whoever has the most large capacity hard drives, that person has a higher chance of winning. And the winners at this point are the mining pools in China. They buy large quantities of hard drives at very high prices to gain an advantage in the market,” said Mr. Reply Zing , a representative of GearVN store confirmed the shortage of goods with large capacity drive models. However, this company’s customers, mainly individual users, have not been affected much. Hard drive prices have doubled since April because of the green Bitcoin craze. “GearVN’s customers are mainly end users and gamers, with a demand for hard drive capacity from 1 TB to 4 TB. In this segment, the price and supply are still stable,” a GearVN representative shared. This is also considered the biggest risk when participating in the “Green Bitcoin” market. According to experts, the difficulty of Chia mining is many times faster than Bitcoin. This means that mining systems must be invested with as many hard drives as possible. Previously, Bitcoin could be mined at individual scale because of the slow increase in difficulty. In the Chinese market, many traders have gathered thousands of hard drives to redistribute to Chia miners. According to ADATA, thanks to Chia, the number of SSDs sold by this company has increased 5 times in the past month. The shortage of goods makes many manufacturers of hard drives and SSDs prioritize serving the Chinese market. Order time in other markets is 2, 3 times longer. “In the past, every time a new order was placed, the waiting time was about 4-6 weeks. Now, the waiting time must increase to 8-10 weeks, high-capacity lines can sometimes be up to 13-15 weeks. Calculated, the standby time increased 2, 3 times, “said a representative of a distributor of the Seagate hard drive brand. Despite having an advantage in power consumption, Chia has a problem with mining materials, here is the hard drive. “I have to constantly buy hard drives while the price is getting more and more expensive. Without a hard drive, we wouldn’t have a place to store the strings of codes that can form a Chia,” said Cong. Uncertain future Chia was created by Bram Cohen, the “father” of the BitTorrent peer-to-peer file transfer protocol. The company behind this currency is Chia Network, backed by investor Naval Ravikant, some well-known companies such as Andreessen Horowitz or Cypherpunk Holdings. From May 3, this currency will be publicly traded and exchanged. According to the Business Insider , Split based on PoST (proof of space and time) consensus algorithm. In it, PoS (proof of space) describes an allocated hard drive space for blockchain block storage. In other words, the “miner” Chia will reserve a certain amount of memory space on the hard drive to store blockchains. Mining is very little, but participants have to constantly buy more hard drives in order to have space to store the blockchain. They will be awarded based on the ratio of memory cells that “miners” have to store compared to the entire network, as verified by a VDF server (aka Timelord). Chia Network, the representative company, said that this currency has good security, consumes less energy than coins using the PoW (proof of work) consensus algorithm. Unlike Bitcoin, Chia has no limit on the amount of coins mined on the blockchain. Instead, the number of diggers that can be mined will change continuously depending on demand. Chia Network, the company responsible for this currency will hold 21 million Chia in order to control price fluctuations, reducing the possibility of problems. Although the future of Chia is envisioned as ideal, the coin has only been traded on a number of crypto exchanges since early May with the token XCH. At first, the price per dong has more than doubled from $700 on May 4 to $1,600. However, facing the decline of the entire cryptocurrency market, Chia also suffered a price drop. Besides, too much hard drive also makes the Chia project away from the original “green” purpose of the founders. The owner of the net shop unplugs the machine, digs coins and waits for the translation to end Due to the impact of the Covid-19 epidemic, Mr. Nguyen Minh Quan (Thu Duc City) had to close the net shop, remove the graphics card to dig coins, earn extra income waiting for the reopening of the shop.

Using this algorithm, Chia mining does not consume too much power because only the hard drive is free. Chia’s network has now mobilized more than 2,700 PiB (1 PiB = 1125.9 TB) of available hard drive space. Very quickly, Chia caught the attention of Amazon and launched a virtual money mining service in the cloud exclusively for the China region. The Amazon website also shows how to set up a cloud service to create a Split wallet, create a space, and how to mine in just 5 minutes. Dong Chia is being traded on a number of small exchanges with a large fluctuation range. Dong Chia started the validation process and allowed mining on March 19, a process known as the mainnet. At that time, Chinese miners flocked to e-commerce sites to buy hard drives and sold these items out of stock, mainly in the super-hard drive segment of 10 TB or more. And after about two months, Chia was officially listed on May 4 last with the virtual currency code XCH, starting price 1,700 USD. But immediately this currency must witness selling momentum causing it to drop in value to only $ 700 before recovering around $ 900 mark. Over time, with the Bitcoin fever, new virtual currencies are constantly appearing and being pumped, making it worth fluctuating up and down. The volatility of the virtual currency market is part of the reason that many countries are afraid of Bitcoin in general and virtual currencies in particular. Phuong Nguyen (According to CoinDesk)

Over time, gamers and computer users have suffered from a shortage of high-end graphics cards due to the need to buy GPUs from cryptocurrency operators. Now, a new cryptocurrency called Chia will most likely cause similar problems for the storage drive market. According to the South China Morning Post , hard drive prices in China have risen sharply as miners rushed to mine and sell this cryptocurrency. “The price of hard drives keeps going up” Unlike Bitcoin, which consumes a lot of electricity and energy to process complex algorithms, Chia is mined based on a consensus algorithm and is one of the currencies advertised as being environmentally friendly. A Bitcoin mining facility in China. Cryptocurrency Chia aims to reduce environmental impact. Photo: Bloomberg. The founder of Chia is Bram Cohen, who is also a BitTorrent developer. Cohen said he would usurp the outdated industry with increasingly slow and costly documentation capabilities. Although Chia has not been officially traded on the market and only came into operation on May 3, the “miners” have rushed to buy and stock up a series of HDDs and SSDs. According to SCMP, panic purchases can lead to hard drives shortages, high prices and scarcity. On China’s Taobao and JD.com e-commerce platforms, large enterprise hard drives have been sold out. “There have been a lot of people asking to buy a large number of hard drives to exploit Chia in the past few days,” said a customer care worker at the online store Taobao of two major brands Seagate and Western Digital said. Hard drives were sold out on Chinese e-commerce sites. Photo: Weibo. Most business-class hard drives with more than 8TB of storage have already been sold, not sure when new products will be available, the vendor says. According to the manmanbuy.com A Chinese website that evaluates and compares product prices on popular e-commerce platforms, the price of a Western Digital hard drive with 12 TB of storage in February before The increase was 2,188 yuan (about $ 337). On April 8, the corresponding drive price increased to 3,499 yuan ($ 538) on JD.com. Seagate’s hard drive with 8 TB of storage before April 14 cost 1,150 yuan, but has since risen to 2,160 yuan, according to manmanbuy.com . Cryptocurrency miners Chia in China buys bulk hard drives in bulk at the store. In Huaqiangbei, the world’s largest electronics market in southern China, Shenzhen, some vendors said that they now only have a hard drive with less than 4 TB of storage and they don’t know when This situation has just changed. This person also confirmed that the price of a 4 TB hard drive will be a bit higher than the 700 yuan she used to sell before, because the demand from customers is growing. “At peak times, the prices of hard drives will be at least 60% higher than normal. The prices have come down a bit recently, but for now they are still around 50% higher, ”said a supplier named Chen. The topic of hard drive scarcity has become a hot topic, attracting a lot of attention and discussion on Chinese social networking site Sina Weibo, with tags attached to articles such as “rising hard drive prices” and ” Hard drive prices doubled in 10 days. ” “That’s it all, first the graphics card craze, then you guys switch to the hard drive. Now I can only buy one computer case,” said one netizen. on Weibo. Chia’s further goal In recent years, the increasing popularity and demand for computation has increased the value of virtual currencies like Bitcoin. Cryptocurrency mining has become popular and familiar to many people with knowledge of technology and computers. Although the Chinese government does not recognize Bitcoin as a legal currency, the country does not completely ban Bitcoin mining. According to an article recently published in Nature in April, China accounts for about 70% of all Bitcoin mining activities worldwide. Bitcoin mining currently consumes a lot of energy, leading to concerns about overuse of coal-fired electricity. Photo: DW. The increase in electricity consumption related to cryptocurrency mining has also caught the attention of Chinese regulators, as the country is making efforts to save energy and reduce pollution. environment. The leader of Inner Mongolia, the major Bitcoin producing region in northern China due to cheap electricity prices, said they would close all Bitcoin mining pools by May. The global Bitcoin mining network consumes about 113.88 TWh of electricity per year. If ranked as a country, Bitcoin would be the 33rd electricity consumer in the world, out of total consumption by the Netherlands and the Philippines, according to Cambridge’s Bitcoin Electricity Consumption Index.

New cryptocurrency – Chia coin, also known as “Green Bitcoin”, was created by Bram Cohen, who is famous for his peer-to-peer BitTorrent protocol. Hard drive fever from Chia The popularity of cryptocurrencies like Bitcoin has led to a shortage of graphics cards when miners buy them in bulk. Now, Split coin – a new cryptocurrency set to create another component shortage, this time hard drives and SSDs will become hard to find. The increase in GPU supply will occur this quarter, said Nvidia Chief Financial Officer Colette Kress, a multinational corporation for graphics processor development. So with any luck, the products might be a bit easier to buy in the coming weeks and months. “ The problem faced by the market was crypto miners who bought GPUs. In response, Nvidia released a line of dedicated mining graphics cards called CMP, which professional cryptocurrency miners are starting to buy. ”Kress said. The new cryptocurrency – Chia coin, also known as “Green Bitcoin”, was created by Bram Cohen, who is famous for his peer-to-peer BitTorrent protocol development. According to the report, Chia used Bitcoin’s “proof of work” model instead of Bitcoin’s “proof of work” model. That difference means Chia is dependent on storage capacity rather than processing efficiency to mine, and a lot less electricity is wasted in the process. While Chia hasn’t been traded yet, it looks like potential miners in China are gearing up by buying as many hard drives and SSDs as possible, all drives from 4TB to 18TB in high demand. Prices are expected to rise and shortages are likely to be seen unless manufacturers react quickly enough to keep up. On China’s Taobao and JD.com e-commerce platforms, many large-capacity enterprise-class hard drives have been sold out. According to Jiahe Jinwei, one of the major domestic manufacturers in China, the Gloway and Asgard’s 1TB and 2TB high-performance NVMe M.2 SSDs have both been sold out. The manufacturer plans to put in place restrictions to prevent miners from buying large amounts of consumer SSDs. After that, the company will also increase production to meet demand. “ Farming on consumer SSDs is feasible, but more serious miners will likely be geared toward the business side. Durability is just as important as capacity and performance, and enterprise or data center SSDs often meet these three criteria. ”, Said Jiahe Jinwei. Back in 2018, Chia raised $ 3.395 million in “seed” funding, which demonstrated a great degree of interest in this new cryptocurrency. For the most part, that interest could be from investors expecting them to see the potential early and invest a lot when it first arrives. Along with that, many cryptocurrencies appeared and collapsed, so the formation and development of Chia also caused curiosity among the crypto participants. A few years ago, no one took Bitcoin seriously and today it has reached a value of over $ 65,000 / BTC. Cryptocurrency mining itself is the process by which a machine performs certain tasks, calculations validating transactions on the platform, and enhanced security, in order to obtain an amount of cryptocurrency. As a reward to miners for using their hardware to service network transactions, they charge transaction fees for the transactions they confirm. Although Chinese law does not recognize Bitcoin as a legal currency, the country does not completely ban Bitcoin mining. Even this billion-population country accounts for about 70% of bitcoin blockchain operations worldwide. The surge in electricity consumption related to cryptocurrency mining has also attracted the attention of Chinese regulators, amid the country’s efforts to save energy and reduce pollution. Inner Mongolia is a major bitcoin producer in northern China due to cheap electricity prices, saying it will close all bitcoin mining sites before May this year. Is there an abnormality? In addition to the hard drive craze, computer storage space has become a hot commodity lately, with protocols like Filecoin and Filebase rolling out to take advantage of unused storage. It seems that Chia is not without its drawbacks as some have tested and criticized its energy efficiency and pointed out that the rewards take 5 months to come true. Dividing into storage space rather than processing efficiency to mine and known as “green Bitcoin” is creating a hard drive race in Southeast Asia. Blockchain critic David Gerard warns that the reported shortage could have a direct impact on the cryptocurrency market and other industries. However, the project is going on an unusual path. Split no limit, prioritize constant inflation, is predictable as an alternative and the company has a cache of 21 million Pre-mined Chia. And while “spatial proof” is meant to strengthen decentralization, it’s a goal that Chia will not track for itself, rather, it will be made public. Besides that, a roster will allow proponents to treat Chia’s equity as a Chia coin ETF, using the 21 million Chia coin as the primary asset. Talking to the Business Forum, Mr. Dinh Hong Son, General Director of the new generation Finance Joint Stock Company, said that Chia is a digital currency that has appeared since 2018 but has not created a fever like today. The fever that the market is feeling is not the currency, but the market for the hard drives. In fact, large corporations in the world like Intel still do not show signs of “flinching” for shortages, maybe this is just one of the waveforms to push Chia’s appeal against the blur. its pale. “ This is also easy to cause local reactions, as many manufacturers tend to want to take short cuts by increasing production. While in the field of electronics, electronic components require many supporting details that must be processed in large quantities to ensure production as well as reasonable prices. Therefore, it is not known how sustainable or how long-term Chia is to be, but focusing on large-scale production can pose a risk to manufacturers. Hopefully, any impact on consumption patterns will be short-lived “, Mr. Son said. Currently, Chia has not appeared in Vietnam, but it is also necessary to observe and monitor this coin to avoid following the trend like the past Pi mining phenomenon. In particular, electronic component manufacturers or merchants avoid the “hugging” too large for hard drives or products with storage capacity, and at the same time push the prices of goods higher than their value. real.