“Expectations are very high.” Why is it too late to start mining Chia Coin?
What is going on with this project now and is it worth waiting for a multiple increase in cost?
On July 12, the founder of the BitTorrent project and the developer of the currency Chia Coin Bram Cohen spoke about his plans to launch his own decintrolized exchange and other DeFi – projects using the Chia ecosystem. Earlier, in May 2021, Gene Hoffman, part-time operations director and president of Chia Network, spoke about the IPO by the end of this year.
On May 15, the token reached its historical maximum and took the mark of $1.64 thousand. To date, the coin is traded around $240. Since half of May, the value of the coin has fallen by 85%, and the capitalization of this token is $270 million.
Chia Coin – what is it?
Chia Coin – is a token on the Chia Network blockchain, created by the founder of BitTorrent – Bram Cohen. He believes that Bitcoin and other currencies based on the Proof-of-Work (PoW) algorithm use a huge amount of electricity. That is why Chia is based on Proof-of-Space-and-Time technology. For cryptocurrency mining, not everyone uses the usual video cards, but solid-state drives – HDD and SSD as a transaction validator. Users who provide their free space receive a reward for this.
Chia Coin mining – is it worth it?
Many well-known analysts, such as Andy Heck, believe that mining profitability has become very unprofitable and if you wanted, it was worth it in the spring. Also, the profitability from mining has become still wasted and from a large number of people, as well as from too high prices for equipment. All this suggests that in the near future, even months, one should not expect a multiple increase in the cost of the project.
“The coin spun and received a huge and decentralized network of miners, which was the meaning for the development of the blockchain project,” the expert said.
This technology, which is the basis of the Chia Network blockchain, is not new, explains the founder of the EXMO cryptocurrency exchange Eduard Bark. The reason for the success of Chia Coin is the development team itself and the equally famous founder. The information presented around this project was very loud and positive, and as a result, the expectations from it are very high and not justified, which is why you should not waste your time and money – said Eduard Bark. Follow all the news from the crypto industry with us. We publish only high-quality and interesting material. We wish you good luck and calm work!