- A new green cryptocurrency called Chia (XCH) is set to start trading on Monday, May 3.
- Chia uses “proof of space” and “proof of time” instead of bitcoin’s “proof of work” to mint new coins.
- The rise of Chia is already causing shortages and price increases at hard drive and SSD manufacturers.
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A new “green” cryptocurrency called Chia is set to start trading next week. It was created by Bram Cohen, the inventor of BitTorrent, and uses what’s called “proofs of space and time” to “farm” rather than “mine” new coins.
The model is a less energy-intensive method of producing digital assets compared to bitcoin’s “proof of work” concept, which has led that currency to be criticized for using as much energy as some entire nations.
Chia and the company behind it, Chia Network, have already attracted significant attention from investors.