Chia Coin Price Falls Below $700, OKEx Data Added on CoinMarketCap

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by John K. Kumi · 3 min read
Chia Coin Price Falls Below $700, OKEx Data Added on CoinMarketCap
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Chia coin does not require the manufacturing of special-purpose hardware (ASIC) to mine it.

Chia Coin price, a new cryptocurrency introduced to offset the disadvantages of Bitcoin mining has dropped by 11.98% in the last 24 hours. The asset was trading at $837 yesterday but has pulled back to a price of $622 per coin. Though the price is still high, the Chia coin is seen to have shed off a lot of its value from a monthly high of $1934.

The top three largest cryptocurrencies have also fallen marginally in the last 24 hours with Bitcoin dropping by over 2%, Ethereum by over 2%, and Binance coin by over 4%.

Bram Cohen, the inventor of the BitTorrent peer-to-peer file-sharing system is the mastermind behind the Chia coin. Cohen claims that the digital asset will solve real-world problems as it is more reliable than the rest of the cryptos coupled with its environmentally-friendly advantage.

Is Chia Coin Better than Bitcoin?

Bitcoin is mined by computers solving complex mathematical puzzles. This process is called “Proof of Work”. This whole process is energy-intensive and very expensive as it demands special hardware. Bitcoin mining is even said to be more energy-intensive than copper mining. In addition, it consumes more electricity than most countries.

Chia coin on the other hand do the opposite of what is complained of Bitcoin mining. It demands a system called “proof of space and time” which is less energy-intensive. Bitcoin mining has caused the scarcity of graphic processors while Chia mining does not cause the high purchase of these processors nor does it consume a lot of electricity. It requires hard drive storage space at a particular time which is said to be a disadvantage too.

Chia does not require the manufacturing of special-purpose hardware (ASIC) to mine it. It is there as a green currency system.

A tool that has emerged to be contributing heavily to Chia mining is T-CREATE EXPERT PCIe SSD. With a TBW value of up to 12,000, and a 3 to 10 times higher endurance than MP33 PCIe , SD, or QX SSD, it is said to assist miners to get the best results.

The earnings of Chia farmers are linked to the available storage space, and due to this, reports indicate that hard drive prices have risen in China as miners are seeking to pile up any available hardware. Since Chia was launched in the second month of the year, the price of 12 terabytes drive has surged by 59%. As it stands, over an exabyte of data storage has been used by Chia in less than four months.

In other news, CoinMarketCap has added OKEx data to its platform. From now, users will get access to currencies, pairs, fees, volume, liquidity, and much other information offered by the exchange.

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John K. Kumi
Author John K. Kumi

Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.

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