Chia (cryptocurrency)

Chia is a cryptocurrency where mining (or farming, in Chia parlance) 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 California based company called Chia Network Inc. The Chia Network was founded in 2017 by American computer programmer Bram Cohen, the author of the BitTorrent protocol.^[2] 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.^[3][4][5] As of 2023, Chia had filed a draft registration with the Securities and Exchange Commission towards an IPO.^[6]

This article is about the cryptocurrency. For the company that operates the blockchain, see Chia Network.

Chia

Chia's logo
Denominations
Code	XCH
Precision	1012
Development
White paper	www.chia.net/wp-content/uploads/2022/07/Chia-Business-Whitepaper-2022-02-02-v2.0.pdf
Initial release	1.0.0 / 17 March 2021 (3 years ago) (2021-03-17)
Latest release	2.3.0[1] / 1 May 2024 (5 months ago) (2024-05-01)
Code repository	github.com/Chia-Network/chia-blockchain
Development status	Active
Written in	Python
Operating system	Microsoft Windows, macOS, Linux, Raspberry Pi OS
Developer(s)	Chia Network Inc.
Source model	Open source
License	Apache License
Ledger
Ledger start	19 March 2021 (3 years ago) (2021-03-19)
Timestamping scheme	Proof of space and time
Block time	About 18.75 seconds
Block explorer	spacescan.io, xchscan.com, xch.dwd.com
Website
Website	www.chia.net

Computer data storage shortages

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).^[7] Shortages were also reported in Vietnam.^[8] 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".^[8] In May 2021 Gene Hoffman, then president and current CEO of Chia Network, admitted that "we’ve kind of destroyed the short-term supply chain" for hard disks.^[9][10] During the first months since Chia's launch, concerns were raised about the prerequisite plotting process drastically limiting a hard drive's lifetime.^[11]

References

1. https://github.com/Chia-Network/chia-blockchain/releases ^{[bare URL]}
2. Benveniste, Alexis (6 May 2021). "This crypto claims to solve bitcoin's biggest problem". CNN Business. Archived from the original on 15 May 2021. Retrieved 15 May 2021.
3. "Blockchain Startup Chia Nabs $500 Million Valuation, Eyes IPO". Bloomberg. Archived from the original on 24 May 2021. Retrieved 25 May 2021.
4. "Chia, the 'green' Bitcoin alternative, looks to IPO as early as this year". Fortune. Archived from the original on 25 May 2021. Retrieved 25 May 2021.
5. "Green crypto startup Chia Network doubles its valuation to $500 million and is mulling an IPO, report says". Business Insider. Archived from the original on 25 May 2021. Retrieved 25 May 2021.
6. Miller, Hannah (14 April 2023). "Crypto Startup Chia Network Files Confidentially for IPO". Bloomberg. Retrieved 6 June 2023.
7. Xue, Yujie; Feng, Coco (23 April 2021). "Chinese coin miners flock to new cryptocurrency Chia resulting in hard drive shortages and price surges". South China Morning Post. Archived from the original on 14 May 2021. Retrieved 15 May 2021.
8. Sparkes, Matthew (10 May 2021). "'Green' bitcoin alternative Chia is leading to hard disc shortages". New Scientist. Archived from the original on 15 May 2021. Retrieved 15 May 2021.
9. Sparkes, Matthew (26 May 2021). "Bitcoin rival Chia 'destroyed' hard disc supply chains, says its boss". New Scientist. Archived from the original on 28 May 2021. Retrieved 26 May 2021.
10. "Chia Network Announces Leadership Transition to Support Scaling Growth". www.businesswire.com. 19 January 2023. Retrieved 7 March 2023.
11. Lilly, Paul (11 May 2021). "Chia mining can wreck a 512GB SSD in as little as 6 weeks". PC Gamer. Archived from the original on 17 May 2021. Retrieved 19 May 2021.