The hype generated around the Chia currency is about to take a new leap, as Huobi Global is expected to list Chia (XCH).
Chia currency (XCH) is showing good resilience amid the broad reversal of the ongoing market trend, fueled by Elon Musk, the revelation that Tesla Inc (NASDAQ: TSLA) will stop accepting Bitcoin due to its high energy demands. The growth in the price of XCH may be based on the fact that the digital currency is considered a green cryptocurrency for its ecological characteristics.
The coin does not use the Proof-of-Work (PoW) model, which consumes a lot of energy, used by Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) among others. The coin is extracted based on an entirely new model called Space and Time Proof and, as such, generating a new XCH will only require sufficient storage in a specialized device and not in mining hardware.
At the time of writing, XCH was trading at $ 1,357, an increase of almost 30% over the past 24 hours according to CoinMarketCap. In just about a week of trading, the Chia Network Coin has grown by more than 200%, with its price growing from $ 561.89 to $ 1,934.51 in the past seven days.
Huobi Global must list Chia (XCH)
The enthusiasm generated about the Chia currency is about to take a new leap, as Huobi Global announced its plans to list the digital currency. According to Huobi’s announcement, XCH deposits will be enabled by 2:50 pm UTC on May 14 and the exchange noted that XCH Spot trading is billed to be opened when the volume of the deposit meets the market’s trading demand, which will be officially announced in advance.
While this is great news for the growing XCH ecosystem, quotes from major exchanges are known to attract massive volatilities to the asset in question. Earlier this week, another new cryptocurrency, Casper (CSPR) was launched on several exchanges, with prices falling from a high of more than $ 300 to a low below $ 1 at the time of writing on the exchange Gate.io.
Such volatilities can be experienced by XCH, but in the end, the fundamentals of the project always help the resilience of the currency amid price fluctuations.
Sustainability of Chia Coin Mining
It is difficult to imagine a cryptocurrency mining model without a side effect. While some projects are generally more energy efficient than others, they all have their inherent challenges with mining the Chia network’s currencies already becoming obvious.
The supposedly green cryptocurrency mining process has been reported to generate rapid degradation of the storage hardware used in the mining process. In a previous Coinspeaker report, 40 days of continuous mining from Chia would significantly shorten the life span of a 512 GB SSD based on a 256 terabyte data write volume over that period.
A 1 terabyte hard drive can only last 80 days with the numbers above, while a 2 terabyte hard drive would last for about 160 days, as Chia mining tends to invalidate a three to five year warranty to the consumer in just over 30 days. This problem caused hardware manufacturers to update their SSD warranties, which would have lasted up to 5 years under normal use.
It has yet to be deciphered how miners will get around this obvious challenge, however, the Chia Network is on track to compete against today’s more conventional blockchain and cryptocurrency networks.