Chia is only popular in the country? Global leaders say it’s not

In 2021, in the craze of grabbing the first mine in the cryptocurrency circle, Chia can be said to be the top internet celebrity project this year. A large number of miners rushed into the market, and Chia's computing power doubled in just one week. As of May 17, the total storage capacity of the popular Chia network has reached 6034Pib, and the total supply of XCH in the network has reached 21.58 million, of which 21 million XCH have been deposited in Chia's strategic reserve, officially becoming the project with the highest space occupation. The founder of Chia said: "At this growth rate, Chia will exceed the total storage capacity of the earth in two months."

As of May 18, the circulating market value of Chia reached a maximum of 89.17 million. In the battle between Musk, the king of Dogecoin, and Grayscale, the major Bitcoin investor, the heavily launched Chia ecological token XCH rose 65% against the trend while the mainstream currencies were in the red, becoming another dark horse after DOGE and SHIB.

However, as Chia became more and more famous in the world of encrypted digital currency and even the entire blockchain world, it dominated the circle of friends of all miners and became more and more popular. In the process, it encountered soul-searching questions from novices, such as this:

From this point of view, although Chia became famous overnight, and new and old miners flocked to join the Chia mining army and mastered the code to wealth, it is still urgent to popularize science for novices and there is still a long way to go.

Chia mining in China

Chia Network, known as Green Bitcoin, has become increasingly popular amid calls for environmental protection and carbon neutrality, causing domestic SSDs and large-capacity HDD hard drives to be out of stock in China and Hong Kong. Hard drive concept stocks have also benefited from this. Related stocks, such as Goke Micro, Tongyou Technology, Galaxy Magnet, Unigroup Guowei, Shenzhen Technology, and Xinyuan Technology, have also received a lot of benefits due to the shortage of hard drives. As of the morning of May 18, hard drive concept stocks have strengthened significantly, with Netac Technology rising by more than 15%, followed by Goke Micro, Tongyou Technology, and Xiechuang Data.

All hard drive manufacturers were overjoyed and were eager to join the wealth feast brought by chia. Large-capacity hard drives were once out of stock on major e-commerce websites, and on second-hand trading platforms, the price of an 8T hard drive even approached 2,000.

It took less than a week for the price of hard disks to soar by 100%. A hard disk seller posted a message on Weibo saying that orders for large-capacity hard disks had soared, with the order volume increasing by about 50% compared to the previous day. The Western Digital Red hard disk with a capacity of 12TB, which was originally sold for 2,799 yuan on JD.com, was sold out in an instant, and on Tmall, the spot price had soared to 11,659 yuan. The smiles on the faces of hard disk suppliers could be felt even through the screen.

Many media outlets are also reporting on the "hard drive shortage" news, and the popularity of "hard drive mining" in the Baidu Index has skyrocketed by nearly 100 times . This massive beachhead mining movement has undoubtedly attracted the attention of official media. CCTV Finance reported the grand occasion of Shenzhen Huaqiangbei hard drives being hard to come by.

Various self-media also rushed to report that the launch of the mainnet coincided with the bull market, which attracted huge attention to the Chia project, which was extremely popular in the community. Well-known angel investors Xue Manzi and Li Xiaolai, together with many well-known institutions such as Weifeng Group, Xinhe Capital, and Hada Capital, invested more than 1 billion in Chia, and Xue Manzi himself invested more than 400 million.

As the chia industry in China is eager to enter the market, is it true that chia is only popular in China, as some outsiders think? No, chia outside China is also very popular.

The international trend of chia mining

CNN published an article on May 6 saying that chia can solve Bitcoin's biggest problem. The author Alexis Benveniste wrote that Bitcoin may already be the king of cryptocurrencies, but because of its high energy consumption, it faces strong opposition from environmentalists. A new cryptocurrency called chia says it is a more environmentally friendly alternative to Bitcoin.

At the same time, if you open the non-small account data, you can see that Galaxy Digital is one of the investment companies of Chia. In addition to the most famous a16z Crypto investment company, there is another big guy who invested in Chia. Galaxy Digital may not know it, but Grayscale coin friends all know that he is the second protagonist who recently fought with Musk and made the coin circle "pigs and dogs restless".

Grayscale Investment Trust was established in 2013 by Digital Currency Group. It is the world's most powerful cryptocurrency investment institution. Grayscale, as a subsidiary of DCG, manages multiple funds including BTC and ETH. It is the largest investor in the cryptocurrency world. Among them, BTC and ETH have passed SEC certification, becoming the only two options for legal institutional investment and retail trading of U.S. stocks.

With the investment support of Grayscale Fund, a bellwether of the cryptocurrency circle, the price of Chia will surely soar. Amazon invested 1 billion in Chia and officially announced: "Amazon Cloud Service AWS officially announced the launch of Chia mining solution, which can build a mining system in as fast as 5 minutes." As soon as the news came out, the price of Chia token XCH immediately soared by 50%.

Amazon has become the world's first cloud service provider to deploy Chia (including P disks and complete mining solutions). Chia mining can use AWS cloud resources, including

First, the computing resources of Amazon Elastic Compute Cloud (Amazon EC2) are used, which have larger memory and higher CPU frequency, to execute mining programs.

Second, Amazon Elastic Block Store (Amazon EBS) storage is used to provide hard disks with strong read and write capabilities and large capacity for seeding and temporary storage.

Third, use Amazon Simple Storage Service (Amazon S3), a large-capacity, low-cost storage space object storage, to save a large number of P-disk files.

With the participation of bigwigs, not only has the claim that Chia is a virtual air coin been refuted, but the question of whether Chia is only popular in China has also been resolved. However, the knowledge gained by newbies on paper is still superficial. From believing to really catching up with this wealth train, there is probably still a Himalayan-like problem of where to get on the train.

San Aixin iblock.one takes you on the express train of chia

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