Unusual fever from ‘green Bitcoin’

Unlike Bitcoin being traded, Chia cryptocurrency relies on storage space rather than performance processing to mine virtual currencies and is beautifully known as ‘Green Bitcoin’ …

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.