‘Green mining’ crypto Chia Network causes HDD revenues to skyrocket by 240% | CryptoSlate

CryptoSlate

Growing demand for hard and disk drives has been recorded ever since the appearance of the “green” cryptocurrency Chia (XCH), which utilizes spare storage space for verifying blockchain transactions.

This year’s April analysis performed by research company Context revealed a monster sales growth as the demand for high capacity storage space gear exploded, compared to April 2020. 

How To Get Free Crypto  

Sales in numbers

The year-on-year data showed a staggering 240% sales growth as under 200,000 enterprise-grade nearline storage drives of 10TB capacity and above were sold. 

In addition, a 167% sales increase was recorded as around 250,000 NAS consumer-grade HDDs were sold, while surveillance disk drive gross sales almost reached 200,000, going up 116%.

“For sure it is Chia,” said Gurvan Meyer, a senior enterprise analyst at Context, to The Register news, adding that such an upswing in demand following the launch of Chia took everybody by surprise, including major hard and disc drives manufacturers like Western Digital and Seagate

“We added something that we actually were not fully expecting, that was an increase in the crypto farming demand,” said the Seagate CFO Gianluca Romano, whose company’s stock is on the rise.

Coinbase Banner  

Western Digital experienced a stock boost as a positive side effect of the exploded demand as well.

Finding space for green farming

Created by BitTorrent inventor Bram Cohen, Chia addresses the energy consumption culprits of industry-grade mining as it is based on the so-called “proofs of space and time” consensus algorithm, a more energy-efficient alternative to the widely used proof-of-work (PoW) and proof-of-stake (PoS).

Simple and eco-friendly home mining or “farming” of Chia doesn’t require substantial caches for its staking, nor over-budget hardware since its algorithm relies on high-capacity SSDs or HDDs.

Chia witnessed its highest price on the 15th of May by crossing the $1600 mark but has since experienced a continuous dive, with a 49.05% drop during the past month. Will Chia’s plunge slow down farming gear purchases and lower down the HDD prices that have been skyrocketing in the meantime?

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Posted In: Uncategorized

Like what you see? Subscribe for updates.

Go to Source
Author: Ana Grabundzija


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.