There are a lot of miners’ funds in China that are looking for green mining crypto Chia Network for consuming less power
According to WuBlockchain, the hashrate of most of the top networks like Bitcoin or Ethereum has decreased. Even so, the Filecoin side remained stable and surprisingly Chia’s hashrate continued to increase. This is explained by smaller power-consuming, small-scale mining operations that will be more popular in China. And the prominent name must be Chia Network.
Compared with the nearly 37% drop in Bitcoin’s hashrate, Ethereum’s entire network’s hashrate fell by less than 6%, Filecoin remained stable, and Chia’s hashrate continued to rise. Other smaller power-consuming, small-scale mining operations will be more popular in China. pic.twitter.com/iSM3jbGkZE
— Wu Blockchain (@WuBlockchain) June 13, 2021
Chia Network hashrate continued to rise, maybe it’s a revolution for developers
Chia Network is a blockchain, digital currency, and smart transaction platform that’s intended to facilitate cross-border payments, escrow services, and institutional custody. The main advantage of Chia’s proof of space and time model, it claims, is that it’s more environmentally friendly than proof of work cryptocurrencies like Bitcoin.
Created by BitTorrent inventor Bram Cohen, Chia addresses the energy consumption culprits of industry-grade mining as it is based on the so-called “proofs of space and time” consensus algorithm, a more energy-efficient alternative to the widely used proof-of-work (PoW) and proof-of-stake (PoS). Simple and eco-friendly home mining or “farming” of Chia doesn’t require substantial caches for its staking, nor over-budget hardware since its algorithm relies on high-capacity SSDs or HDDs.
Currently, China’s clampdown on its cryptocurrency industry is continuing, with province-level governments in Xinjiang and Qinghai joining Inner Mongolia in banning crypto mining, leading to a significant hashrate decline.
In the wake of the bans, China-based mining pools are experiencing hashrate drops. In recent days, China-based pools AntPool and Poolin saw hashrate declines of 12% and 4%, respectively. BTC.top, one of China’s major mining pools, recorded a 35.9% hashrate decline over the course of the day.
And with such a hashrate drop, Bitcoin’s hashrate is down by almost 37%, Ethereum is also down by about 6%. Even so, Filecoin remained stable, and Chia Network’s hashrate continued to rise. Other smaller power-consuming, small-scale mining operations will be more popular in China.
Source: WuBlockchain Twitter
Chinese leader Xi Jinping told the UN General Assembly in 2019 that China would halt its rising carbon emissions by 2030 and achieve carbon neutrality in 2060. China, the world’s second-largest economy, has even written “Control energy consumption and achieve carbon neutrality” into its 14th Five Year Plan, published in February.
The stated intention to become carbon-neutral is nothing if not ambitious. According to environmental NGO Greenpeace, around 60% of Chinese electricity originates from coal-burning plants, and electricity consumption is still growing in China.
And with this, Chinese miners are looking for more environmentally-friendly projects. And Chia may be a revelation to developers. There are a lot of miners’ funds in China that are looking for coins. If you are interested in doing a POW/POC project that consumes less power, it will be easy to succeed.
XCH/USDT 4-hour chart | Source: TradingView
Chia witnessed its highest price on the 15th of May by crossing the $ 1,600 but has since experienced a continuous dive, with a 49.05% drop during the past month. At press time, Chia Network (XCH) is down about 7% over the past 24 hours, trading around $400.
Read more:
- “Green Cryptocurrency” Chia Network Has Raised $61 Million In Series D Funding, Eyes IPO This Year
- Chia Network And Blog Owner Thechiaplot.Net Argue About Trademark