Bitcoin might be the first cryptocurrency but has faced an unfortunate environmental backlash because of its extensive power consumption. It is one of the factors that led to the downfall of the crypto’s price and is facing imminent risk due to China’s new energy consumption restrictions.This raises the question if the future of cryptocurrencies is at stake? However, a powerful alternative such as Chia that claims to be an eco-friendly alternative to Bitcoin, might be the answer the crypto ecosystem is looking for.
Chia Network came into existence in 2017 and is a blockchain-powered platform that focuses on cryptocurrency mining’s environmental implications.
Farming vs. Mining
Chia uses a process of Farming to generate the token that relies on using unutilized hard disk storage. Whereas, generally, in crypto mining, the collective power of different machines is used, which inevitably raises the power consumption.Farming participants can also use the “proof of space and time” to show the data they have stored over time. This protocol differs considerably from the “proof of work” protocol used by most cryptocurrencies such as Ethereum and Bitcoin, which requires a significant amount of computing power and energy to power the operations.
Verdict: Is it Environmental Friendly?
When talking about mining or Farming cryptocurrencies, environmental-friendly is always a relative term. Chia also requires electricity for its operation while in much less amount. However, the efficiency of the “proof of space and time” protocol can only be observed after it has been in rotation for some time. Chia is already listed on different crypto exchanges such as OKex, Gate.io, and Huobi.
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