Chia is a cryptocurrency that works on the concept of space and time, which is reportedly leading to a shortage of hard drives in Asian markets as the demand increases. As a result, the cryptocurrency market is booming, with millions of traders and investors joining the trade and the increased popularity of the trade practices across the globe. However, the bigger and the most famous cryptocurrencies in the market are in the highlight for being a threat to the environment and for excessive carbon emissions.
Chia has been gaining popularity in the trade market as a better version of Bitcoin. Instead of using computing power to solve mathematical equations, it uses storage from one’s hard disk drive to mine the cryptocurrency. The issue of carbon emissions and the constantly increasing energy requirements have been brought to light after SpaceX. Tesla CEO Elon Musk tweeted that these mainstream cryptocurrencies are using up fossil fuels extensively. The row of tweets by the world’s second-richest man fueled up the market, and investors started to look for greener and more efficient tokens of trade.
The sudden shift of investors from token to token has caused a new problem in the Asian markets as digital hard drives, and solid-state drives are wiped out of the market. The large capacity hard drives have gone out of stock in Vietnam due to the Chia trades and miners. It runs on fundamentals that help the miners with more storage to be able to mine more and more digital currency. As high-intensity processing power is not required for Chia mining, the miners are stacking up more and more storage available to be able to mine higher quantities of the cryptocurrency. Elon Musk’s tweets undoubtedly influence the cryptocurrency market, and the impact on the environment has fueled up many investors and miners to look for more efficient ways of conducting business. Many Hard drive suppliers have warned their customers that cryptocurrency mining will void their warranties to discourage the trade and eliminate the shortage of supply. However, these steps do not seem to bother the miners as more and more emerging traders opt for Chia as their weapon of choice as it is a greener and much more efficient cryptocurrency to mine and trade. Whether or not the Bitcoin miners would switch completely to a relatively new cryptocurrency is debatable.