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Chia is a cryptocurrency where mining is based on the amount of hard disk storage space devoted to it rather than processing power, as with Proof of Work cryptocurrencies such as Bitcoin. The platform was created by a company called Chia Network. In May 2021, Chia Network raised a $61 million investment, valuing the company at about $500 million. The same month, the company announced plans to conduct an IPO before the end of 2021,[1][2][3] however as of January 2022, the IPO has not yet occurred.
History[]
The Chia Network was founded in 2017 by American computer programmerBram Cohen, the author of the BitTorrent protocol.[4] In China stockpiling ahead of the May 2021 launch led to shortages and an increase in the price of hard disk drives (HDD) and solid-state drives (SSD).[5] Shortages were also reported in Vietnam.[6]Phison, a Taiwanese electronics manufacturing company, estimated that SSD prices will rise by 10% in 2021 as a result of Chia.[7] Hard drive manufacturer Seagate said in May 2021 that the company was experiencing strong orders and that staff were working to "adjust to market demand".[6] In May 2021 Gene Hoffman, the president of Chia Network, admitted that "we’ve kind of destroyed the short-term supply chain" for hard disks.[8] Concerns have also been raised about the mining process destroying drives' lifetime.[9]
