Chia, the cryptocurrency that poses a tough situation for the storage market.

in Project HOPElast year

Currently, thanks to the pandemic we are going through, and added to the shortage of chips, many graphics manufacturers have had problems to supply the market with new models and even have returned to produce models of pre-existing ranges or previous production as a way to meet the requirements of so many users and in an attempt to lighten the high costs in the sales market either first or second hand, as happened with Nvidia and the 1000 series graphics cards and only one of the 2000 series, highlighting the return to production models 1080Ti, 1650, 1050Ti and RTX 2060.

And you may wonder at this point why this explanation and if you do not know the reason why you will say, why are they scarce, could it be that in this pandemic many people are upgrading their graphics cards and hence the lack of stock? Well, the explanation is as follows.

As we know at present cryptocurrency values are booming, that is why many people are getting into it from every point of view, whether you are a small investor, a big investor, a curious person, or someone who plans to work in trading or the critical sector (so to speak) a miner. As we know, cryptocurrencies can be obtained by mining their blocks, which is why GPUs are mostly used to solve that complex and tedious task full of algorithms and mathematical calculations to obtain coins.

And thanks to the rise in prices and the natural movement of the mining movement, is how for some time now the graphics cards have become scarce, since every so often miners must change their equipment either because a new more efficient and powerful model comes on the market that will allow them to generate more income in less time without the need to consume as much as other less efficient models, or simply because the graphics card they had running such arduous work became out of service.....

And that is how we arrived at this reality, in which some graphics will double or triple its price, since the entire market or production wants to be taken to the mining part.

Well, after this extensive but necessary introduction we get here, where I will tell you about Chia and what may be the future of the entire market for storage devices in a couple of months....

Source: chia-plot.com

So it is interesting or it would be of interest to know what Chia is, so I went straight to their page and rescued their definition under what they define themselves as:

“Chia was incorporated in August of 2017 to develop an improved blockchain and smart transaction platform. We are building the Chia Network to improve the global financial and payments systems. Chia will be the first enterprise-grade digital money. Chia is using the first new Nakamoto consensus algorithm since Bitcoin. Called Proof of Space and Time, it was created by Bram Cohen, the best network protocol engineer alive and the inventor of BitTorrent. Chialisp is Chia’s new smart transaction programming language that is powerful, easy to audit, and secure. Reference smart transactions currently available are: atomic swaps, authorized payees, recoverable wallets, multisig wallets, and rate-limited wallets.”
Source: Chia.net

Well if we read a little more we will realize that this does not work as they do the ETH or BTC, and its mining process is no longer made by a graphics card, because now the required component are the storage units, these being SSD and HDD ... Given this and the rapid growth that has taken Chia, it will not be surprising that in a few months we will find some of these components already mentioned scarce or at a great value of overpricing as it happens today with the graphics.

And if you say to me, but my friend, will this coin be better to mine than any of the others? Well, at present, even if its value is not expressed in any page like coinmarketcap or coingecko, as we are all in search of some project that generates us a higher amount of income, it is not surprising that added to the high volume of people who join this currency because of its ease of mining, since it does not require multiple and costly multiple and costly coin, since it does not require multiple and expensive graphic units but only storage and even further and what can be a determining factor the power consumption and other factors such as a suitable environment to have the equipment at certain temperatures, can make that soon when they are enlisted many old miners and some new ones will pounce on this coin that allows them to generate a higher profitability at a lower cost.

That is why I would not be surprised that in a while we begin to notice its impact on both the stock and the prices of the same, and say that manufacturers will surely disagree to provide warranty services when their products are used in a state of abuse as it is or represents mining, since such products are not specialized or designed for that purpose.

Since for example an SSD, has limited read-write rates despite having high speeds in terms of data transfer refers and that is why if we consider an excessive use 24/7 to give the component ends up failing, which may determine that its duration is cut and as with the graphics for what to repair if you can buy another and while they are cheaper SSD or HDD units as even more this phenomenon will occur.

Source: diy.zol.com.cn

And if that were not enough, recently a Chinese brand called Onda has released a model of motherboard that has nothing more and nothing less than 32 ports with the ability to install SSD and HDD, which results in a real barbarity but obviously is linked to the Chia boom that in my opinion will be imminent ... As it can not be a coincidence the release of such a board because its name is nothing more and nothing less than CHIA-D32H-D4 (surely derived from the B365-D32-D4) which results in a real monster for such work.

Source: diy.zol.com.cn

So far my post today, thank you for reaching this part, as always grateful for your time and support, I do not say goodbye without wishing you a happy day, afternoon or evening. We will read each other God willing soon, take care, greetings from Venezuela.

Sort:  

It's really strange what's happening here with Chia, impressive hardware to get as many storage in a system as possible. I would not have expected that this really gets traction... After more and more projects move away from PoW, this coin comes around the corner to fill as many drives as possible with garbage data... if it were at least user data like for filecoin or others, but hashes?

Your current Rank (32) in the battle Arena of Holybread has granted you an Upvote of 100%

Have you tried this motherboard?

Congratulations @jjqf! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You got more than 900 replies.
Your next target is to reach 1000 replies.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Check out the last post from @hivebuzz:

False-Positive phishing alert reported by antivirus software
Feedback from the May 1st Hive Power Up Day
Support the HiveBuzz project. Vote for our proposal!