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Is chia coin a new eco-friendly competitor for bitcoin?

new eco-friendly competitor

In the global crypto community, the new cryptocurrency Chia Coin popularity is growing. Unlike Bitcoin or Ethereum, which are mined by the power of a processor or video cards, the new cryptocurrency is mined on hard drives and SSDs.

So what exactly is Chia Coin?

Chia Coin is a Chia Network blockchain token that was created by BitTorrent founder Bram Cohen. He believes that Bitcoin and other Proof-of-Work (PoW) cryptocurrencies are using too much electricity. Therefore, Chia runs on a Proof-of-Space-and-Time algorithm and uses disk space as a transaction validator. Users who provide their own disk space to support the network are rewarded for this.

The surge in interest in Chia Coin occurred in mid-April of this year, as indicated by data from Google Trends.

Probably, users were attracted by the unusual way of obtaining a token. To earn Chia Coin, you should use disk space instead of computing power. Thus, anyone with free hard disk space can start mining the coin.

Hong Kong hard drive shortage

The popularity of Chia Coin led to Hong Kong experiencing a shortage of hard disk drives (HDDs) and solid state drives (SSDs) in April. Due to the increased demand for devices, their average cost has tripled. In April, Chia Coin was not listed on any of the exchanges. In July, the digital coin is traded against the stablecoin Tether (USDT) on Huobi, Gate.io, OKEx, BKEX and XT.com.

How much will it cost to mine Chia Coin?

Chia Coin is mined by renting out disk space, so before starting mining, you need to purchase a hard disk drive (HDD).

According to Chia’s official profitability calculator, a 4TB hard drive can generate $ 0.26 per day. The monthly earnings will be $ 7.81. Thus, the hard drive will pay off in 18 months.

The average price of a 10TB hard drive is $ 472. Using such a device for mining Chia Coin will bring in $ 0.64 daily. Weekly profit will be $ 19.52. Based on calculations, a 10TB hard drive will pay off in 24 months and one week.

When making calculations, the official Chia Network calculator warns that the estimated profitability is based on statistical data and the real profitability may differ from that presented in the calculator. In addition, it is worth considering the increase in the complexity of mining, which occurs due to the increase in the disk space of the network, due to the connection of new miners.

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Where and how to buy Chia coin?

If you want to buy yourself an eco-friendly cryptocurrency, now you can do it, for example, on the OKEx, Gate.io, MXC and DigiFinex exchanges.

Please note that in order to purchase Chia, you will first need to purchase the dollar-pegged Tether (USDT) stablecoin, or BTC. With these coins, you can buy Chia.

Should you start mining Chia Coin?

According experts the last opportunity for mining Chia has already gone.

This does not mean that Chia Coin mining has become deeply unprofitable, but profitability has significantly decreased due to the attraction of a large number of miners, the rise in equipment prices, as well as the fall in the rate, which is associated with the completion of the hype around the coin and with the general correction of the crypto market.

Because of this, it is unlikely to expect multiple return on investment in the coming months.

“The coin was promoted with the help of hype and received a fairly wide and decentralized network of miners, which was required for the development of this blockchain project,” experts say.

The technology used by the Chia Network blockchain is not new, explained the co-founder of the EXMO crypto exchange Eduard Bark. In his opinion, the reason why the project gained great popularity at the initial stage of development is the team and the famous founder.

What do you think the future of the coin is? Do you have any experience of investing in cryptocurrency? What strategies do you use? Share your opinion in the comments below! If you wanna learn more or know more you can contact my team or you can jump into a one-on-one call with me right now clicking one of the the below buttons.
Alessandro Rocco Pietrocola is an entrepreneur, fintecher, investor, blogger and author based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, UAE, Middle East and New Zealand as area of interest! At the moment is the CEO of Astorts Group. He is an UK FCA (Financial Conduct Authority) and NZ FSPR (Financial Service Provider Register) Approved Person and has great experience as director of regulated companies.
He uses to dedicate part of his life to inspire others and help them achieve the most out of their lives. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He is Member of Institute of Directors in London, Member of Changer Club in Riga, Member of Fintech Association of Hong Kong, Member of Singapore Fintech Association, Member of Non Executive Director Association in London and Member of Alumni Network of Draper University in San Francisco. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.
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