Due to the surge in popularity of the Chia cryptocurrency, miners in China are stockpiling hard drives and solid-state drives for its mining. reports from the local publication HKEPC.
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The Chia Network, created by Bram Cohen, the author of the BitTorrent protocol, uses the consensus algorithms [simple_tooltip content=\”mining using a computer’s disk space, not its computing power\”]Proof-of-Space[/simple_tooltip] and [simple_tooltip content=\”a sequential operation requiring a defined amount of time to compute\”]Proof-of-Time[/simple_tooltip] [proofs of space and time].
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The BitTorrent founder proposed a new concept of mining
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The coin is positioned as an environmentally friendly cryptocurrency: hard drives and
solid-state drives are easier to find on the market, and they consume far less energy.
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Chia is not yet available for purchase or sale, but miners are already stockpiling HDDs of 4 to 18 TB and smaller-capacity SSDs.
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The largest local memory manufacturer Jiahe Jinwei has already sold out SSDs with capacities of 1 TB and 2 TB. To meet demand, the company plans to ramp up production and equip devices with mining restrictions. did not rule out the introduction of a special SSD model for cryptocurrency mining.
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Analysts forecast storage prices in Hong Kong rising from HK$200 to HK$600 (from $26 to $77) if demand persists.
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In July 2020, an unusual Filecoin mining server went on sale in China—the coin miners earn for storing information. At that time, the project’s main network had not yet launched.
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The server runs on Linux, is equipped with two 240 GB SSDs and a 2 TB drive, 128 GB of RAM, and a powerful Nvidia 2080 TI GPU.
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