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The hype generated around the Chia Coin is about to take a new leap as Huobi Global has announced its plans to list the digital currency.
Chia coin (XCH) is showing good resilience amid the ongoing broad market trend reversal fueled by Elon Musk’s revelation that Tesla Inc (NASDAQ: TSLA) will stop accepting Bitcoin due to its high energy demands. The price growth of XCH is perhaps based on the fact that the digital currency is considered a green cryptocurrency going by its eco-friendly features.
The coin does not utilize the energy-intensive Proof-of-Work (PoW) model utilized by Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) amongst others. The coin is mined based on an entirely new model dubbed Proof of Space and Time, and as such, generating new XCH will only require having sufficient storage in a specialized device and not mining hardware.
At the time of writing, XCH is trading at $1,357 up almost 30% in the past 24 hours according to CoinMarketCap. In just about a week of trading, Chia Network Coin has grown by more than 200%, with its price growing from a low of $561.89 to a high of $1,934.51 in the trailing seven-day period.
Huobi Global Set to List Chia Coin (XCH)
The hype generated around the Chia Coin is about to take a new leap as Huobi Global has announced its plans to list the digital currency. Per the Huobi announcement, XCH deposits will be enabled by 2:50 PM UTC on May 14th and the exchange noted that the XCH Spot trading is billed to be opened when the deposit volume meets the demand of market trading, which will be officially announced in advance.
While this is a piece of big news for the growing XCH ecosystem, big exchange listings are known to attract massive volatilities to the asset in question. Earlier in the week, another new cryptocurrency, Casper (CSPR) was launched on multiple exchanges, with prices falling from a high of over $300 to a low below $1 at the time of writing on the Gate.io exchange.
Such volatilities may be experienced by XCH but in the end, project fundamentals always aid the coin’s resilience amid price fluctuations.
Chia Coin Mining Sustainability
It is difficult to imagine a cryptocurrency mining model without an after-effect. While some projects are generally more energy-efficient than others, all have their inherent challenges with Chia network coin mining becoming obvious already.
The mining process of the supposedly green cryptocurrency has been reported to generate a speedy degradation of the storage hardware used in the mining process. In an earlier report by Coinspeaker, 40 days of continuous Chia mining would significantly reduce the shelf-life of a 512GB SSD based on a data write volume of 256 terabytes within that period.
A 1 terabyte hard drive can only last 80 days with the above figures while a 2 terabyte hard drive would be last around 160 days as Chia mining tends to invalidate three to five years of consumer warranty in just over 30 days. This problem has stirred hardware manufacturers to update their SSD warranties which would have lasted as much as 5 years under normal usage.
It is yet to be deciphered how miners will circumvent this obvious challenge, however, Chia Network is on track to compete against the more mainstream blockchain networks and cryptocurrencies around today.