Computers

Chia Coin’s Initially High Prices Could Cause a Storage Shortage

After about a month of preparation, following the initial mainnet launch, cryptocurrency Chia coin (XCH) has officially started trading — which means it’s possibly preparing to suck up all of the best SSDs like Ethereum (see how to mine Ethereum) has been gobbling up the best graphics cards. Early Chia calculators suggested an estimated starting price of $20 per XCH. That was way off, but with the initial fervor and hype subsiding, we’re ready to look at where things stand and where they might stabilize.

To recap, Chia is a novel approach to cryptocurrencies, ditching the Proof of Work hashing used by most coins (i.e., Bitcoin, Ethereum, Litecoin, Dogecoin, and others) and instead opting for a new Proof of Time and Space algorithm. Using storage capacity helps reduce the potential power footprint, obviously at the cost of storage. And let’s be clear: The amount of storage space (aka netspace) already used by the Chia network is astonishing. It passed 1 EiB (Exbibyte, or 2^60 bytes) of storage on April 28, and just a few days later it’s approaching the 2 EiB mark. Where will it stop? That’s the $21 billion dollar question.


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