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What Is Chia Coin?

In 2017, Chia Coin was created by the founder of Chia Network, Bram Cohen. His goal? He wanted a superior cryptocurrency that is easier and safer for everyone. With a digital currency that is easier to earn hard to steal, and more flexible, his goal of revolutionizing digital currencies in everyday affairs is close. Even though the groundwork was laid more than in 2015, it was not until the first quarter of 2021 that it became a reality

There are tons of questions many investors ask about Chia Coin. For others, they just want to satisfy their curiosity. In this article, we’ll find answers to these questions as well as what to expect from Chia Coin in coming months/years.

What Makes Chia Coin Different?

The main difference is in how Chia Coin is earned. With other digital currencies, mining depends on a user’s computational power and time. Once they can solve mathematical equations, they earn new coins.

Chia Coin’s mining depends on a connected user’s hard disk size. Once a user ascertains they have unused storage space on their computer, they can load this available space with digits that often result in new blocks. Since hard drives are used instead of CPUs, the process is called farming instead of mining.

What You Need to Know About Chia Coin Mining

To farm new Chia Coins, the following two steps must is necessary:

  • Plotting: Created plots fill up your computer’s available storage. Plot are created using a computer’s CPU power. It is time consuming and any kind of computer will do the job. As long as the computer has a good CPU so multiple plots is created faster. A slow CPU and small RAM will take forever to complete this step. To increase your chances of creating new plots in less time, increase your computer’s storage space.
  • Harvesting: this next step involves moving created plots to the harvesting machine to earn new Chia Coins. You don’t need much to harvest your plots. The same computer used to create the plots or another computer can harvest created plots.

In general, with fewer resources, everyone can earn new Chia Cryptocurrencies. Instead of using proof-of-work, it uses proof-of-space and time.

Visit Chia’s official website to download Chia blockchain software. Once downloaded, create a Chia wallet to either store your coin or start any form of transaction on the network.

When was Chai Coin Released?

Chia Coin was officially released in May 2021 to make digital currency accessible to everyone even if they have limited resources. It was stated that it Chia Coin is environmentally safe because Chia’s network is energy-efficient. The hardware used in ‘farming’ new Chia Coins will also support a single-use.

What is Chia Coin’s Current Price and How Much is it Worth?

At the moment, a Chia Coin is worth $210.71. Its current market capitalization is $247,945,712 with a 24-hour trading volume of $9,496,511.

Where can I Buy and sell Chia Coin?

As with other cryptocurrencies, buy Chia Coins through any good exchange platform. If you already have a trusted exchange platform, buying some shouldn’t pose any challenge. On the web page, enter your debit card details to initiate buy the digital currencies. Some exchange platforms may allow trading other digital currencies for Chia Coin. Selling Chia Coins is also done on the same platform.

As a general rule, the best time to buy is when there is a dip in price while it is best to cash-out on Chia Coin when the price goes up.

Price Predictions

30 days after Chia Coin was launched, it raised more than $60 million in investment. Such an amazing return can only point to a promising digital currency. Investors predict that the price of Chia Coin will increase by almost 60% in the next five years. Beyond that, the trend will only continue in the same positive direction. Investors who decide to buy or sell cryptocurrencies like Chia Coin are in for a great return on investments.

Why Many Prefer the Chai Network

While many investors are crazy about Bitcoin, Ethereum, Litecoin, and other popular cryptocurrencies, Chia network has seen a sharp rise in number of users over the past 6 months. I know you’re wondering why! This trend has become the norm for a number of reasons.

The Proof-of-space versus the Proof-of-work comparison has been a major factor. Miners desire something new, they way to harness under-utilized resources like storage space, or maybe they are just tired of runing various long calculations for new coins.

Whatever the case is, Jason Feist’s comments holds true that “ the way that the execution happens in the consensus algorithm is now not based on a work calculation, but instead based on space and time calculation.”

One challenge faced is a potential running out of hard drives, as experieced across Asia few months back, when miners plunged to the market in search of large capacity storage spaces. As we all know, the greater the demand for a product, prices are expected to skyrocket.