Chia, the crypto project by the creator of BitTorrent Bram Cohen is about to begin trade, and transact will be completely enabled. Chia will be utilizing a model on May 3 that relies on storage and is called proof-of-space.
Chia Network by BitTorrent Creator Bram Cohen Fuels Hard Drive And SSD Shortages
The transactional launch of Chia is pending as of now and along with that, the project has sparked shortages over the requirement for the SSDs and hard drives.
Bram Cohen, the inventor of the famous torrenting app Bittorent has generated a cryptocurrency that is ready to be launched next month.
Because of the fact that Bram is backing the Chia project, the pre-stages of the digital currency network have witnessed notable exposure since the announcement of Chia.
In addition to this, the team behind Chia believes that the project can allow anyone the capability to authenticate dealings without being dependent on single-use hardware or a big electricity bill.
In the month of February this year, the Business White Paper of the project of Chia was released and the mainnet launched on March 19.
This launch allowed the participants to start accessing the farming rewards, but in addition to this, it also spurred the beginning of the demand for SSD and Hard Drives.
The South China Morning Post Explains The Shortage
Chinese hard drive and SSD developers are selling out quickly and the prices of the product have hyped on secondary markets.
An agent of one of the e-commerce markets of China, Taobao noted:
“Many people have inquired about large hard drives for chia mining in the past few days.”
In addition to this, the agent explained that brand-name equipment from Western Digital and Seagate has been experiencing shortages.
Another vendor in China Chen detailed:
“At peak times, prices have been at least 60 percent higher than usual. Prices dropped a bit recently but they are still about 50 percent (higher than normal) now.”