Despite their progress, the likes of Bitcoin and its ilk continue to be seen as risky investments due to their volatility though perceptions are changing.
In this respect, many cryptos use a practice first adopted by Bitcoin to create new tokens called “mining”.
This is the first major difference with Chia, the latter using what is called a “proof of space and time” system instead.
On the face of it at least, Chia is living up to its green credentials in that it doesn’t need to use up high volumes of electricity.
The surge in demand has already caused a shortage and pushed prices sky-high in China and other parts of Asia.
The reason for the increased demand is not just the sudden popularity of a newly-launched cryptocurrency, although this explains it in large part.
The result is the voiding of all warranty on the hard drives used and the potential for vast mountains of discarded, unusable electronics.