03-Sep-2021 | Market Research Store
Cryptocurrency has been gaining popularity at a substantial rate during the past few years.A few multinational organizations are considering these digital forms of currency as a legal way of payment.Many of the renowned digital currenciessuch as bitcoin and Ethereum involve uninterrupted operations at enormous datacenters, which consume around 148 terawatts of electricity per hour.Chia Networks—an emerging cryptocurrency firm has introduced a new type of cryptocurrency, named Chia, which operates using a novel approach, unlike bitcoin.
Chiaemploys hard discs as proof of space rather than work. Theyoung company claims thatthe use of hard discs ismore economical, as they use less energy for processing.Jason Feist, VP of Engineering at Seagate Technologies, claimed that the company is all set to cope up with the burgeoning demand of HDDs owing to the rising adoption of storage spaces in cryptocurrency management. He believes that other fledgling cryptocurrency firms such as Sia and File coin will also show a huge potential by their framework and technology to be one of the leading cryptocurrencies someday.
In contrast, Michel Rauch, a well-known publisher and an author—believes that the Proofof Space (PoS) algorithm is not understood while the Proofof Work (PoW) concept can be practically observed. Being involved in digital work, film industrialist, Aron Peterson observed a surge in the prices of computer hardware and claims that this is because of a sudden increasein the demand for graphical cards in the crypto industry. Due to the rising trend of digital tokens across the globe, a lot of electricity is being consumed and vanished, which frustrates gamers and other creative workers who need this technology. Being unsatisfied and doubtful about this emerging cryptocurrency, he mentioned Chia’s green credentials do not evict the existing digital tokens. However, the expansion of sucha new coin will significantly boost the mining operations, which eventually leads to the deterioration of silicon-based electronics.
https://www.marketresearchstore.com/market-insights/bitcoin-miner-market-777150