Amazon Web Service Offers Chia Crypto Mining to Chinese Clients

The current bull market is breathing life into a long-forgotten crypto project challenging Bitcoin mining’s environmental impact. Now, Amazon is joining Chia Network’s green mission.

Amazon Backs Chia Mining

Chia is a blockchain that uses a new type of consensus mechanism called Proof of Space and Time. To mine, or rather, farm its native cryptocurrency XCH, users must prove they have unused storage space on hard drives. This space is used to store the Chia distributed ledger.



According to South China Morning Post, hard drive prices in China have doubled in recent months as many decide to mine Chia. Amazon has capitalized on this trend by advertising the use of its cloud computing platform, Amazon Web Services (AWS), to mine XCH. AWS claims that users can set up a mining operation in just five minutes.

Chia’s consensus mechanism is a direct response to the environmental impact of Bitcoin’s Proof-of-Work mining mechanism. In comparison, mining Chia requires available storage rather than computing power, making it much less energy-intensive. 



The rising popularity of the network is likely tied to the recent crackdown on coal-powered Bitcoin mining in China as Beijing actively enforces its energy-saving targets.

Disclaimer: The author held BTC, ETH, and several other cryptocurrencies at the time of writing.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article