Bitcoin is worth six times what it was 12 months ago, and the joke currency Dogecoin has seen a hundredfold increase in price.
The first cryptocurrency was Bitcoin, released in 2009, and today there are at least 5,922 cryptocurrencies available.
The Bank of England is hiring a dedicated team to explore the possibilities in this area, while the Australian Stock Exchange is reviewing applications for a cryptocurrency-based exchange-traded fund.
Chia runs on a system that should use less energy, called “proof of space and time”.
According to the South China Morning Post, hard drive prices in China have begun to soar as Chia miners stockpile storage.
We may well see similar effects in other countries in the not too distant future.
We can expect cryptocurrency miners will be inclined to try Chia, as a cheaper option than established cryptocurrencies.
If it takes off, we can expect a boom in hard drive prices.