Bitcoin requires so-called miners to do a lot of useless calculations to maintain the network, a system known as proof of activity. The most recent study shows that bitcoin can currently consume 0.53 percent of the world's electricity supply.
Chia, a cryptocurrency intended to be another “raw” alternative to bitcoin instead has created a global shortage of hard discs. Gene Hoffman, president of Chia Network, the company that oversees the fund, admits that we have "ruined the temporary price", but denies that it will be a waste of time.
Chia instead uses a space-based exploration method that rejects these figures and relies on empty disk space. The more a miner engages in the work, the higher his chances of earning new coins.
In theory, this could cost less, but there has been an increase in the demand for hard disks since the introduction of the budget earlier this year. Approximately 12 million terabytes of hard disk space are currently being used to dig up Chia, as it has risen to a clear curve since its launch in March.
When New Scientist first reported on Chia two weeks ago, that number was only three million terabytes.
These disks still require energy to produce and operate, and there are reports that the endless literacy involved in the mines can bury them in churches, rendering them useless. Hoffman says the problem only affects cheaper discs.
The increase in demand has caused a sharp increase in prices on hard discs, especially for high-end models. The number of shares of hard discs Western Western has increased from $ 52 at the beginning of the year to $ 73, while its rival Seagate has risen from $ 60 to $ 94 at the same time.
Hoffman says he is amazed at the speed at which the power of the hard disc dedicated to Chia has grown and he admits that this may have caused a disruption to the shopping list for some time.
Over time, he thinks an increase in demand driven by Chia will reduce the cost of hard disks as manufacturers increase production. He also denies that even with continued growth, the network will not come close to the use of bitcoin power.
Looking forward to your responses : )