Skip to content
Buzz Blockchain
Menu
  • Home
  • Bitcoin
  • Ethereum
  • News
  • Currency
  • Blockchain
  • Interview
  • Press Release
Menu

Chia Miners Are Already Causing an SSD Shortage Crisis Even Though It’s Not Available for Trading

Posted on April 20, 2021

Chia Network is not even out and future miners are already causing a shortage crisis of SSDs all around Asia and a spike in prices.

The hype ahead of the launch of the Chia Network is making waves, and it is already starting to affect non-cryptocurrency-related sectors all around the world, especially from southeast Asia.

The project, which uses the storage space as a transaction validator, has grown by leaps and bounds and is already causing a shortage of high-performance SSDs and HDDs.

Buy All The SSDs!
According to a report from the Hong Kong technology news website HKEPC, investors are buying up as many storage units as they can to “mine” as many Chia Tokens as possible, even before they are available for trading on the first crypto exchange.

The frenzied buying spree for these devices has caused an inventory shortage at major wholesalers in Asia, according to reports, and some vendors are already raising the prices of available units to try to maximize their profits and balance the market.

The most in-demand drives are high-capacity SSDs. According to regional media, prices of SSDs from 4 to 16 Terabytes of capacity have increased between HK$200 ($25) to HK$600 ($75). Another Chinese media averages price increases of around 400 yuan or $60.

Chia Wants to be a Better Bitcoin Thanks to Space and Time
Chiacoin is the native token of the Chia Network. The network promises to solve the problem of excessive power consumption of the Proof of Work consensus algorithm —implemented in Bitcoin, Ethereum, Litecoin, Monero, and other large-cap cryptocurrencies— through a new consensus algorithm named Proof of Space and Time.

In very short terms, the network uses the verified free space of peers to assign values into plots ( think of it as a series of lottery tickets) and creates a random value that it then transmits to the network. Participants then scan their disks to see if they have that value (the winning ticket) assigned to their plots (free disk space allocated to Chia Network). Whoever gets the value gets the right to validate the next block. The proof of time prevents abuse of read and write power by assigning constant block generation times.

Thanks to this new implementation, Chia Network solves the problem of a vulnerability to grinding attacks presented by other networks that use similar approaches to validate blocks.

A grinding attack occurs when a malicious actor uses computational power that exceeds that of other miners in order to outperform them and find kernels that allow them to manipulate the network.

Thanks to the Proof of Space and Time (instead of the usual proof of capacity) it doesn’t matter how much capacity a validator has, they always compete fairly according to the network. However, the more free space a miner allocates, the more chances they will have to validate a block.

Chia Network was created by BitTorrent founder Bram Cohen. It raised $3.395 Million in 2018, followed by further funding of $23 Million and $5 Million in 2019.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • ElmonX Unveils Van Gogh’s Masterpieces “Meules de blé” and “Cabanes de bois parmi les oliviers et cyprès” in Groundbreaking NFT Release
  • The Next Evolution of Blockchain Hybrid Infrastructure THXNET. Launches its Main-net To Support Its Web3-as-a-Service Offerings
  • Climate Spartans Reap Rewards: Save Earth Mission Unveils 9x Returns in Landmark Decision
  • Yes Coin’s Ecosystem & Save Earth Mission Receives Prestigious PSP License in UAE, Pioneering a Green Finance Revolution in Dubai
  • Japan’s Blockchain Infrastructure Firm THXLAB, Partners with AsiaTokenFund Group: Advancing THXNET. – Web3-aaS Expansion in Asia
  • CCC Protocol: A Glimpse into the Present and Future of Decentralized Protocols
  • Spank & Meech Drop the Mic: $DORKL’s Explosive Musical Revelation Will Shake the Crypto World!
  • LOH Token: Rising Star in the World of Gaming
  • Dork Lord ($DORKL) Poised for Meteoric Rise as Celebrities and Crypto Enthusiasts Rally Behind the Token!
  • FINNEX 2.0 Reveals Game-Changing News: Arena Trade’s MT4 License, BVB NFT Lootbox, Racing Metaverse Club, and More!
  • FameEX Enhances Its Global Affiliate Agent Program to Build the World’s Premier Crypto Ecosystem
  • HPTHS777Inu: Where Memes Meet the Future of Crypto
  • Asset Management Platform, Kunji Finance Kicks Off its Initial Dex Offering (IDO) Sale on Poolz and GameFi
  • Bridgeman Images and ElmonX Forge Exclusive Partnership to Pioneer High-Quality NFT Art
  • Space Alpaca RPG GameFi is launching, heralding the next generation of Web3.0 traffic platforms
  • ElmonX Unveils ‘Moona Lisa’: A Digital Collection by World-Famous Street Artist Nick Walker
  • TriWorld: Set to Launch on September 2nd. Engage in Financial Innovation for a Shared Prosperity of Tomorrow
  • Kunji Finance Unveils New Strategic Collaboration with AsiaTokenFund Group
  • THE WEB3CON: Token2049 Week Side Event – The Ultimate Networking Night for Investors, VCs, and Ecosystem Partners
  • OKX Wallet is Now Integrated with Kunji Finance (Beta)
  • Bitcoin market poised as heightened seller exhaustion indicates low-risk bottom
  • VeVe Debuts Digital Collection from Award-Winning Artist Nathan Sawaya in collaboration with ElmonX
  • Racer Club Labs Fuels GameFi Explosion with a Colossal $25,000 (500,000 $RCLUB) Giveaway Highlighting NFT Utility!
  • ElmonX Introduces The Charles Salvador ‘Bronson’ NFT Collection — Unleashing Creativity, Healing, and Transformation
  • Jellyfish Mobile: Pioneering Secure and User-Centric 5G Web3 Mobile Services
  • Exclusive “Salvator Mundi” by Leonardo da Vinci To Release In 3D and Augmented Reality on ElmonX
  • Global Gamers Alert: The ToastPunk Stacks Worldwide Challenge Is On! Stand a Chance to Win a Massive Prize Pool!
  • Bitfinder: The First Ever Crypto Search Engine Built Powered By Bitfinder Algorithm
  • Planbit, Review of Best Crypto Staking
  • FameEX Advocates for Secure Cryptocurrency Standards & Unveils Upgrade to Customer Service Response System
  • Genesis Spirits, the Latest Entrant in the NFT Space, Captivates Millions!
  • Introducing Vultor: The Future of Cryptocurrency has 
Arrived
  • Salaryman IO. Discover an ICO Gem with a $0.01 Price Tag and only 95 Million Total Supply
  • FameEX Redefines Next-Level Crypto Security and Releases Exclusive Newcomer Sign-Up Event
  • Racer Club Labs Unveils Epic Airdrop: Limited Edition OG Fan Passes
©2023 Buzz Blockchain | Design: Newspaperly WordPress Theme