12/3/2023 0 Comments Green crypto coinsAnother process, called “proof of stake,” has been gaining ground in recent years. Instead of mining, chia calls its process “farming.”īut chia’s process isn’t the only one that cuts down on energy usage and presents a possibly “greener” alternative. Instead of the energy-draining proof of work process used by the likes of Bitcoin, chia uses what it calls “proof of space and time.” The process uses unused storage space on hard drives as part of its method of verifying blockchain transactions. Heavy-hitting investment firms like Andreessen Horowitz and Greylock Partners are backing Cohen’s project, according to its site. But he’s not surprised by chia’s green messaging: “There’s going to be some demand for that,” he tells Fortune.Ĭhia, trading as “XCH”, was conceived by BitTorrent founder Bram Cohen in 2017. Davidson, who covers the likes of crypto exchange Coinbase. “Crypto assets are going to continue to be volatile,” says Gil Luria, director of research at D.A. Yet such slumps are part and parcel for the historically volatile digital assets. The coin started trading on Monday at around $1,600 a pop and rose to as high as $1,934, but had sunk over 40% to roughly $1,060 as of Sunday afternoon, per Coinbase. ![]() (The process is called “proof of work.”)Ĭhia presents an alternative to the status quo, relying on a process that it claims is far less energy-intensive than mining. For miners’ efforts-that is, paying bills to operate powerful computers that confirm transactions on the blockchain, the distributed ledger technology underpinning cryptocurrencies-they receive coins as a reward. “Mining” virtual coins such as Bitcoin and Ethereum uses tons of energy as the machines behind these networks churn away at solving equations. Despite their astronomical recent performance, cryptocurrencies are lately coming under fire for their massive carbon footprints.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |