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<ul class="summary-list"><li><keyword id="11186768" type="UNKNOWN" weightage="60" keywordseo="chia-network">Chia Network</keyword> raised $61 million from investors including Andreessen Horowitz in a new funding round.</li><li>The "green" cryptocurrency startup is now worth approximately $500 million.</li><li><keyword id="3019433" type="PERSON" weightage="60" keywordseo="Chia">Chia</keyword> Network is eyeing an IPO as soon as this year, but a merger with the right SPAC is also possible.</li></ul>A new, green blockchain startup called <a href="https://markets.businessinsider.com/currencies/news/green-cryptocurrency-chia-less-energy-intensive-bitcoin-crypto-ethereum-altcoins-2021-4-1030373374">Chia Network</a> has more than doubled its valuation to $500 million after a recent funding round and is mulling going public, according to a report from <a href="https://www.bloomberg.com/news/articles/2021-05-24/blockchain-startup-chia-nabs-500-million-valuation-eyes-ipo">Bloomberg</a>.Chia Network was founded by BitTorrent creator <keyword id="11320448" type="UNKNOWN" weightage="60" keywordseo="bram-cohen">Bram Cohen</keyword> and claims to be a green alternative to top <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> like <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> because of its less energy-intensive method of minting new coins.The San Francisco-based company raised $61 million from investors including Richmond Global Ventures and Andreessen Horowitz in its latest funding round. Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, Naval Ravikant, Collab+Currency, and DHVC also participated in the round.Chia Network's cryptocurrency, Chia, is "farmed" using the "proofs of space and time" model instead of bitcoin's energy-intensive "mining" process via the "proof of work" model.Chia is now the largest storage-related blockchain at nearly double the size of Filecoin, according to Gene Hoffman, the company's president and chief operating officer.Hoffman told Bloomberg this latest round of funding is "rocket fuel" that will help accelerate the company's goal to become a trading and payment system for institutions.The COO added that he's looking to do a traditional IPO as soon as this year but said a merger with the "right" SPAC is also possible, per Bloomberg.Bradley A. Gastwirth, Wedbush's chief technology strategist, wrote an email to clients on Tuesday discussing the Chia news."We see the funding round as well as the potential IPO as further solidifying Chia's pedigree and likely longevity, a result that could lead to further credibility for the currency based on proof of space," he wrote.Chia's new method for "farming" cryptocurrency has presented its own challenges, however. Prices for hard disk drives and solid-state drives have shot up since Chia mining began to gain traction.Chia farmers use these storage devices to mint new coins, and they're using so many it's driving stocks like <a href="https://markets.businessinsider.com/stocks/wdc-stock?utm_source=markets&amp;utm_medium=ingestgest">Western Digital</a> and <a href="https://markets.businessinsider.com/stocks/stx-stock?utm_source=markets&amp;utm_medium=ingestgest">Seagate Technology</a> to <a href="https://markets.businessinsider.com/currencies/news/seagate-western-digital-stocks-rise-chia-propels-hard-drive-shortage-2021-5-1030438017">new highs</a>."As we have noted over the past several weeks, the rise of Chia has helped create a shortage of HDDs with pricing in secondary <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> rising significantly," Girtswirth wrote in his note to clients.Still, investors are bullish on Chia Network's prospects. Richmond Global Ventures managing partner David Frazee, who is set to be added to Chia Network's board, told Bloomberg, "Chia is what Bitcoin would look like if it was designed with knowledge from the last 13 years."

Green crypto startup Chia Network doubles its valuation to $500 million and is mulling an IPO, report says

<ul class="summary-list"><li>Seagate and Western Digital are the unlikely beneficiaries of a new cryptocurrency called <keyword id="3019433" type="PERSON" weightage="60" keywordseo="Chia">Chia</keyword>.</li><li>The digital asset uses a technique called "proofs of space and time" to mint new coins on computer storage solutions.</li><li>The result has been meteoric price increases for hard drives and solid-state drives around the world.</li></ul>Shares of data storage manufacturers <a href="https://markets.businessinsider.com/stocks/stx-stock">Seagate Technology</a> and <a href="https://markets.businessinsider.com/stocks/wdc-stock">Western Digital</a> have been soaring in recent weeks despite falling tech shares.The rise comes amid a jump in demand for hard disk drives (<keyword id="1612002" type="PERSON" weightage="60" keywordseo="hdds">HDDs</keyword>) and solid-state drives (SSDs) from the companies after the launch of a <a href="https://markets.businessinsider.com/currencies/news/green-cryptocurrency-chia-less-energy-intensive-bitcoin-crypto-ethereum-altcoins-2021-4-1030373374">new green cryptocurrency called Chia</a> at the beginning of May.Chia was founded by BitTorrent creator Bram Cohen and claims to offer a more eco-friendly option for investors than crypto leaders like <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> or <a href="https://markets.businessinsider.com/currencies/eth-usd">Ethereum</a>.Unlike Bitcoin, which is "mined" using "proof of work," Chia is "farmed" using a system called "proofs of space and time" to mint new coins.The method is more energy-efficient, but it also requires a lot of hard disk or solid-state storage.Tom's Hardware released an <a href="https://www.tomshardware.com/news/analysis-hdd-prices-skyrocket-high-capacity-hdds-sold-out">in-depth analysis</a> detailing just how much prices for hard disk drives and solid-state drives have increased in recent weeks after the launch of Chia.The company found that low-end hard drives and SSDs only moderately increased in price over the past few weeks while storage solutions with capacities over 10 terabytes saw their prices jump substantially.The news follows <a href="https://www.scmp.com/tech/big-tech/article/3130683/chinese-coin-miners-flock-new-cryptocurrency-chia-resulting-hard">data out of China</a> from the South China Morning Post that showed a massive increase in spending on HDDs and SSDs at Chinese e-commerce retailers like JD.com, Alibaba, and Pinduoduo in anticipation of Chia's launch.Not only does Chia require large amounts of storage to "farm," but according to <a href="https://www.pcgamer.com/chia-mining-can-wreck-a-512gb-ssd-in-as-little-as-6-weeks/">reports out of PC Gamer</a>, farming the cryptocurrency can burn out a 512GB SSD in just 40 days.Chia's creator Bram Cohen <a href="https://twitter.com/bramcohen/status/1393988621921701889">took to Twitter</a> to defend his cryptocurrency from what he called "fashionable FUD(fear, uncertainty, and doubt)" surrounding SSD burnouts after the PC Gamer article was released.Cohen said plotting on hard drives and enterprise-class SSD's is no problem for Chia farmers, but warned no one should "plot on consumer SSDs" or they should "only do a little bit of plotting with each SSD."In response to this new wave of demand for SSDs and hard drives-and the potentially short life-spans of these storage solutions if they are used to farm Chia-investors are flocking to the largest suppliers. Seagate shares traded up as much as 8.25% on Monday, while Western Digital traded up as much as 7.75%.

Seagate and Western Digital stocks are on fire as the new cryptocurrency Chia continues to propel a hard-drive shortage

<ul><li>The funding round was backed by marquee names like a16z (Andreessen Horowitz), Richmond Global Ventures, and more.</li><li>The company is founded by Bram Cohen, the founder of the BitTorrent peer-to-peer protocol.</li><li><keyword id="11279478" type="COMPANY" weightage="20" keywordseo="chiacoin">Chiacoin</keyword> intends to offer a green alternative to <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">bitcoin</keyword>.</li></ul>While the crypto world is in the middle of a storm and currencies are struggling to find balance, <keyword id="11186768" type="UNKNOWN" weightage="20" keywordseo="chia-network">Chia Network</keyword> has managed to raise a total of $61 million via a host of investors. It's now valued at a whopping $500 million and has been operational since 2018. The funding round was backed by marquee names like a16z (Andreessen Horowitz), Richmond Global Ventures, Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, Naval Ravikant, Collab+Currency, and DHVC. <keyword id="3019433" type="PERSON" weightage="20" keywordseo="Chia">Chia</keyword> Network is a blockchain and <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> platform that runs Chiacoin. The company is founded by Bram Cohen, the founder of the BitTorrent peer-to-peer protocol. The <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> intends to take on bitcoin's might by applying the knowledge from the last thirteen years -- a snark at the veteran currency that is often snubbed to be too old. Cohen has often <a href="https://cryptopotato.com/a-better-bitcoin-chia-by-bittorrents-founder-is-going-for-an-ipo/">hinted</a> that his ambition is to float the company on a stock exchange, adding a layer of legitimacy. While cryptocurrencies have come a long way in adoption, their integration with the existing financial system is still rough. <a href="https://www.businessinsider.in/stock-market/news/the-coinbase-ipo-is-a-watershed-moment-for-the-industry-that-will-suck-in-big-name-investors-says-crypto-com-ceo/articleshow/82128431.cms">Coinbase</a> achieved a significant achievement and set a precedent by becoming the first publicly listed crypto exchange. "We want to make digital currency easier to use than cash," Gene Hoffman, Chia's president and chief operating officer, said in an interview with <a href="https://www.bloomberg.com/news/articles/2021-05-24/blockchain-startup-chia-nabs-500-million-valuation-eyes-ipo">Bloomberg</a>. Chiacoin, the green alternative to Bitcoin? <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> has received a lot of criticism lately for being too <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-realised-that-he-cant-champion-both-renewable-energy-and-bitcoin-at-the-same-time/articleshow/82603087.cms">energy-hungry</a>. The rush to mine as quickly as possible gave birth to <keyword id="6355267" type="UNKNOWN" weightage="20" keywordseo="mining">mining</keyword> farms, which usually run on electricity generated by fossil fuels. Many experts, including Elon Musk, have criticized it for being too polluting. And, this is where Chiacoin intends to offer a solution. Chiacoin was recently <a href="https://www.businessinsider.in/cryptocurrency/news/chiacoin-is-a-new-cryptocurrency-that-promises-to-be-environment-friendly/articleshow/82741121.cms">unveiled</a> and is based on a "proof of space" concept for mining. In simple words, bitcoin requires computing power to calculate complex algorithms. Chiacoin uses storage on a hard drive to mine, in turn, consuming exponentially lower energy. The proof is that some disk or SSD space is actually used to store specific data. The cryptocurrency's circulation is limited now, and you can purchase it from sites like Gate.io. The team has revealed that it'll be available on mainstream crypto exchanges soon. For now, the community has started mining as much Chia as possible, and the sudden rise has caused a severe storage components <a href="https://www.businessinsider.in/cryptocurrency/news/seagate-and-western-digital-stocks-are-on-fire-as-the-new-cryptocurrency-chia-continues-to-propel-a-hard-drive-shortage/articleshow/82719204.cms">shortage</a>. Hard drives and SSDs are in high demand, and many stores are running out of stock. It's a similar anomaly that is also observed with bitcoin, which requires top-notch GPUs for mining. The cryptocurrency market is also uncertain, but companies are now striving to find a unique selling point, gradually adding fundamentals to an otherwise speculative investment. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/zeta-is-indias-newest-unicorn-with-1-45-billion-valuation/articleshow/82930353.cms">This banking tech startup is the newest Indian unicorn with a $1.45 billion valuation</a> <a href="https://www.businessinsider.in/science/space/news/what-is-total-lunar-eclipse-blood-moon-on-26th-may-2021/articleshow/82929937.cms">A total lunar eclipse explained, and you can see one soon enough</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-says-it-will-wait-for-the-indian-government-to-pass-the-personal-data-protection-law-before-limiting-features/articleshow/82931362.cms">WhatsApp says it will wait for the Indian government to pass the Personal Data Protection law before limiting features</a> <a href="https://www.businessinsider.in/science/health/news/what-is-black-white-and-yellow-fungus-symptoms-and-prevention/articleshow/82938920.cms">Black, white and yellow fungi — all you need to know about symptoms and prevention</a>

Chia Network, the company behind Chiacoin, raises $61 million at a $500 million valuation

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul><li>Justin Sun, who <a href="https://markets.businessinsider.com/currencies/news/warren-buffett-justin-sun-charity-lunch-conspiracy-apology-china-arrests-2019-7-1028384972">bailed on a $4.6 million lunch with Warren Buffett this week</a>, has been accused of stiffing the founder of BitTorrent, a file-sharing service he acquired for a reported $126 million last summer.</li><li>"Anybody know if Justin Sun is hard up for cash?" BitTorrent creator Bram Cohen tweeted. "He isn't letting the last payment for BitTorrent get out of escrow."</li><li>Sun attended the Tron Influencer Party to celebrate the one-year acquisition of the BitTorrent deal on Thursday, the day he was originally scheduled to meet Buffett.</li><li><a href="https://markets.businessinsider.com/currencies/news/justin-sun-tron-bittorent-crypto-ceo-postponed-warren-buffett-lunch-2019-7-1028381676">Here are six things to know about Justin Sun, a protégé of Alibaba founder Jack Ma.</a></li><li><a href="https://markets.businessinsider.com/">View Markets Insider's homepage for more stories</a>. </li></ul>The crypto whiz kid who <a href="https://markets.businessinsider.com/currencies/news/warren-buffett-justin-sun-charity-lunch-conspiracy-apology-china-arrests-2019-7-1028384972">bailed on a $4.6 million lunch with Warren Buffett</a> has been accused of stiffing the founder of BitTorrent, a file-sharing service he acquired for a <a href="https://techcrunch.com/2018/07/24/blockchain-startup-tron-closes-bittorrent-acquisition/">reported $126 million last summer</a>.Justin Sun, now CEO of BitTorrent and the Tron cryptocurrency platform, postponed the charity meal with Berkshire Hathaway's billionaire chairman scheduled for Thursday, blaming a bout of kidney stones. However, he rallied to <a href="https://twitter.com/Bitboy_Hodl/status/1154592496971681793?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1154592496971681793&amp;ref_url=https%3A%2F%2Fwww.coindesk.com%2Ftoo-sick-for-buffett-lunch-justin-sun-attends-tron-influencer-party-in-sf">attend the Tron Influencer Party</a> and celebrate the one-year anniversary of the BitTorrent deal. Bram Cohen, BitTorrent's creator and CEO of bitcoin-rival Chia, clearly wasn't pleased."Anybody know if Justin Sun is hard up for cash?" <a href="https://twitter.com/bramcohen/status/1154436575251447809">Cohen tweeted</a>. "He isn't letting the last payment for BitTorrent get out of escrow."Tron's head of business development, Ron Liu, <a href="https://twitter.com/roylxy/status/1154481717152899072">replied</a> that the funds in escrow are "not considered Justin's cash" and Sun had signed the release agreement. Cohen countered by <a href="https://twitter.com/bramcohen/status/1154490981074362368">asking why the release wasn't signed two months ago</a> as scheduled, and suggested <a href="https://twitter.com/bramcohen/status/1154488958673231872">Tron was trying to reclaim the funds</a>."I don't have the fucking money and the escrow agency says they haven't gotten signoff," Cohen <a href="https://twitter.com/bramcohen/status/1154448212532420611">told another user</a>. Cohen's claims come after <a href="https://www.caixinglobal.com/2019-07-24/exclusive-buffett-lunch-winner-barred-from-foreign-travel-101443031.html">Caixin reported</a> Sun delayed his lunch with Buffett because he was being held by the Chinese government over a laundry list of allegations including illegal fundraising, money laundering, and gambling. Sun denied the claims and broadcast a live video showing he was in San Francisco.However, several Tron executives were briefly detained by Chinese authorities then released after Sun delayed the lunch, <a href="https://www.bloomberg.com/news/articles/2019-07-25/buffett-lunch-mystery-deepens-as-his-date-apologizes-to-society">according to Bloomberg</a>. Sun also <a href="https://www.weibo.com/shixb90">took to Chinese social-media website Weibo</a> to apologize for his "big mouth" and efforts to hype the Buffett lunch, revealed he was being scrutinized by regulators, and pledged to put his country first and retreat from the public eye.Partying with influencers and fending off accusations on Twitter has done little to lower Sun's profile so far.<a href="https://www.businessinsider.com/intelligence/future-of-fintech?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=future-of-fintech-2"></a>

The crypto whiz kid who bailed on a $4.6 million lunch with Warren Buffett is being accused of stiffing BitTorrent's founder

<ul class="summary-list"><li>A new green cryptocurrency called <keyword id="3019433" type="PERSON" weightage="60" keywordseo="Chia">Chia</keyword> (XCH) is set to start trading on Monday, May 3.</li><li id="recirc">Chia uses "proof of space" and "proof of time" instead of <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>'s "proof of work" to mint new coins.</li><li>The rise of Chia is already causing shortages and price increases at hard drive and SSD manufacturers. </li></ul>A new "green" cryptocurrency called Chia is set to start trading next week. It was created by Bram Cohen, the inventor of BitTorrent, and uses what's called "proofs of space and time" to "farm" rather than "mine" new coins.The model is a less energy-intensive method of producing digital assets compared to bitcoin's "proof of work" concept, which has led that currency to be criticized for using <a href="https://cbeci.org/cbeci/comparisons">as much energy</a> as some entire nations.Chia and the company behind it, <keyword id="11186768" type="UNKNOWN" weightage="60" keywordseo="chia-network">Chia Network</keyword>, have already attracted significant attention from investors.Chia Network boasts big-name backing from the likes of <keyword id="508487" type="PERSON" weightage="60" keywordseo="Andreessen-Horowitz">Andreessen Horowitz</keyword>, <keyword id="2067923" type="PERSON" weightage="60" keywordseo="Naval-Ravikant">Naval Ravikant</keyword>, and Cypherpunk Holdings, according to data from <a href="https://www.crunchbase.com/organization/chia-network/company_financials">Crunchbase</a>.The company also has attracted publicly traded crypto mining companies like <a href="https://markets.businessinsider.com/stocks/icbu-stock">iMD Companies</a>. "We're going all-in on Chia," Rick Wilson, iMD CEO, said in a <a href="https://www.globenewswire.com/news-release/2021/04/29/2219690/0/en/iMD-Companies-Inc-Focuses-Resources-on-Farming-of-Chia-Chia-net-Cryptocurrency-Coins-for-All-Facilities.html">recent press release</a>. "With our extensive research, we believe that Chia is here to stay and will be utilized on a global financial level. We believe our early decision to farm Chia will result in increased revenues for iMD."Chia Network released a <a href="https://www.chia.net/2021/02/10/chia-businesss-whitepaper.html">Business Whitepaper</a> describing its new cryptocurrency (XCH) on February 9 and launched "farming rewards" on March 19.Chia will begin transactions and trading on May 3.Here are six things to know about the new cryptocurrency before it starts trading.<h3>The 'proofs of space and time' model</h3>The "proofs of space and time" model is central to Chia's value proposition. The idea is that users, called "farmers," will "seed" their hard drives or solid-state drives (SSDs) with software that puts cryptographic numbers into specific "plots."These "plots" are then awarded with blocks from the <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword> based on the percentage of total space a farmer has compared to the entire network. Then a VDF server, known as a "Timelord," verifies that block, allowing the chain to move forward and awarding XCH to the farmer.Chia Network says the system will provide better security than <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">Ethereum</keyword> and reduce the energy expenditure costs required by bitcoin's "proof of work" model.Read more: <a href="https://www.businessinsider.com/crypto-arbitrage-trading-strategy-alameda-research-sam-bankman-fried-billionaire-2021-4" target="_blank" rel="noopener">A 29-year-old self-made billionaire breaks down how he achieved daily returns of 10% on million-dollar crypto trades, and shares how to find the best opportunities</a><h3>Hard drive and SSD shortages and price increases</h3>Chia's "proofs of space and time" model may be an energy saver, but the method is already creating issues for hard drive and SSD suppliers.A recent report from <a href="https://www.digitimes.com/news/a20210427PD200.html">DigiTimes</a> revealed the Taiwanese memory and storage manufacturer Adata has seen a 500% increase in SSD orders since the start of April.The South China Morning Post also <a href="https://www.scmp.com/tech/big-tech/article/3130683/chinese-coin-miners-flock-new-cryptocurrency-chia-resulting-hard">reported</a> that Chinese e-commerce platforms, including <a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba's</a> Taobao and <a href="https://markets.businessinsider.com/stocks/jd-stock">JD.com</a>, have seen multiple models of enterprise-grade hard drives with large capacities selling out."Many people have inquired about large hard drives for Chia mining in the past few days," one customer service agent at a Taobao online told the South China Morning Post.The rise in hard drive and SSD sales is a result of the new requirements for storage to "farm" Chia.If the cryptocurrency ends up being anywhere near as popular as other altcoins, the business model could put real pressure on memory and storage manufacturers' supplies and pricing moving forward.<h3>A new transaction programming language</h3>Chialisp is Chia Network's new smart transaction programming language.The company says its language combines the best aspects of bitcoin's "UTXO model" and Ethereum's "Solidity model" to allow for more secure, less energy-intensive functionality.To learn more about Chialisp, check out Chia Network's <a href="https://www.chia.net/2019/11/27/chialisp.en.html">introduction to the language</a> posted by Bram Cohen back in 2019.<h3>No hard cap, and a strategic reserve to reduce volatility</h3>Chia Network doesn't have a hard cap on the total number Chia coins on its blockchain like bitcoin does. Instead, the company prefers a predictable, continuous form of inflation."Being able to directly calculate a shared expectation of the total supply at any given time gives much the same financial and peace of mind benefit," the company's white paper notes.Chia Network also holds a strategic reserve of 21 million XCH, in a nod to bitcoin, that it will use to reduce the volatility of its coin and mitigate any potential crashes.Read more: <a href="https://www.businessinsider.com/how-to-trade-crypto-price-momentum-ethereum-prediction-bitcoin-3000-2021-4" target="_blank" rel="noopener">A crypto technical analyst breaks down why ethereum is set to rise to $3,000 and is a better investment than bitcoin right now - and explains how he analyzes when to buy a cryptocurrency</a><h3>Going public and embracing regulation</h3>Unlike many other cryptocurrency offerings, Chia has a formal company behind it, and they intend to go public."We hope to file and list our equity in the next six to 12 months," Gene Hoffman, the CEO and President of Chia Network <a href="https://decrypt.co/68617/home-mining-crypto-chia-sparks-hard-drive-shortage-ahead-of-trading-debut">told Decrypt</a>.Not only that, but Chia Network has also said it will embrace regulation because management has seen "scams and farces" in the space hurt investors."It should not be controversial that investors deserve protection through public disclosure and certainly the public shouldn't be sold investments without that legally required transparency," the company's whitepaper states.<h3>An at-home farming push</h3>Bitcoin mining has become increasingly difficult for at-home miners due to the expansion of publicly-traded mining companies like <a href="https://markets.businessinsider.com/stocks/riot-stock">Riot Blockchain</a> and <a href="https://markets.businessinsider.com/stocks/mara-stock">Marathon Digital Holdings.</a> These companies use ASIC miners that have greater computing power than the average at-home miner could afford. This has made it so the rewards for mining bitcoin at home no longer make financial sense for many miners, especially when energy costs are considered.With Chia, that could change. At-home users will have the capability to compete to earn XCH by "seeding" their SSDs or hard drives and, at least for now, the lack of competition should allow for a more profitable experience.Chia is also a very accessible cryptocurrency. Gene Hoffman, the CEO and President of Chia Network, says it was designed that way on purpose."It is super simple. Just download the Mac or Windows version and double click," Hoffman <a href="https://www.coindesk.com/5-takeaways-from-chia-networks-new-white-paper">told CoinDesk</a>. "I'm pretty sure this will be the easiest cryptocurrency to validate for normal people ever."New <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> are a dime a dozen, but it's rare to see big-name investors in the crypto space come together with top developers to address a common criticism of crypto, rising energy consumption.While no one can say whether or not Chia will be a success, it's clear the cryptocurrency is offering something that most new altcoins don't with its "proofs of space and time" model.To learn more about Chia, check out the company's <a href="https://www.youtube.com/watch?v=9P0vaux2h6o&amp;t=450s450s">business white paper zoom meeting</a> from February 11.

A new green cryptocurrency called Chia uses a less energy-intensive method of minting new coins. Here are 6 things to know about the digital asset before it starts trading on Monday.

<ul><li><keyword id="11279478" type="COMPANY" weightage="20" keywordseo="chiacoin">Chiacoin</keyword>’s unique selling point is farming, a substitute for mining that does not pollute the <keyword id="6356826" type="UNKNOWN" weightage="20" keywordseo="ENVIRONMENT">environment</keyword>.</li><li>Miners use hard drives to allocate as much space as possible for farming.</li><li>The idea is to reduce electricity consumption as much as possible and lower inequality in mining. </li></ul>The <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> world has been highly turbulent last week as Tesla’s chief executive Elon Musk announced <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> payments were being stopped. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> instantaneously fell in value by almost 20%. While the ripples were felt on other cryptocurrencies, enthusiasts were extremely concerned about bitcoin's short-term future. Environmental concerns have always haunted bitcoin, and Musk, being a green-energy champion, was open about his reservations about the cryptocurrency. But here's a new concept in town, and it promises to be environmentally friendly. Chia is a blockchain and intelligent transaction platform that aims to provide all the benefits of a standard <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> -- decentralisation, efficiency, and security. But its unique selling point is farming -- a substitute for mining that does not pollute the environment. It was launched in 2017, but was relatively low-key in the mainstream media. The Chia Network was founded by US-based computer programmer Bram Cohen who also invented the peer-to-peer file-sharing system BitTorrent. On May 3, it announced the launch of Chiacoin (XCH), which uses storage on your hard drive to "farm" new coins. All it needs is 100GB of clusters on a drive called plots. Imagine it to be a block of data that’s taking up 100GB of space, each consisting of one cluster. The more plots you have, the higher is the chance of cultivating a Chiacoin. According to <a href="https://www.tomshardware.com/how-to/how-to-farm-chia-coin-the-new-storage-based-cryptocurrency">Tom's Hardware</a>, 10TB of storage gives the farmer a winning odds of 0.000257%. In total, 4,608 XCH blocks are generated per day, worldwide. Miners use the hard drives to allocate as much space as possible to the lucrative, low-cost mining or farming of the <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword>. To start farming, you have to download the <a href="http://www.chia.net/">program</a> to your computer and allocate a certain amount of space to the network through the user interface. Since farming doesn't need a beefed-up processor to compute complex mathematical algorithms to mine coins, it consumes significantly less energy. Chiacoin has released a <a href="https://www.chia.net/assets/ChiaGreenPaper.pdf">white paper</a> that claims it uses up to 10,000 times less energy than bitcoin’s mining. The Chia Network also consists of a “smart coin," which is used for transactions that include multiple contracts and capabilities. Chialisp is an application within the network capable of performing banking processes, payments, asset disbursement, and exchanges. The network's "proof of space and time" is the first of its kind. It makes it easier for the average Joe to take part in the process without requiring massive investments. The idea is to reduce electricity consumption as much as possible and to lower inequality in mining. Like other cryptocurrencies, Chiacoin has gained a lot of attention, and many have turned to full-time farming. While Bitcoin and other coins fuelled intense demand for central processing units (CPUs) and graphics processing units (GPUs), Chia has kicked off a race for the best-in-class storage equipment, globally. Shares of disk-drive makers have soared after Chiacoin was launched, giving both Seagate and Western Digital at least a 15% push within two days. As of May 18, 4:30 p.m., one Chiacoin is worth $1366 (₹99,761) against an all-time high of $1645 (₹120136). SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/indian-cryptocurrency-exchange-wazirx-has-listed-shiba-inu-tokens-for-trading-in-indian-rupees/articleshow/82731429.cms">WazirX has listed Shiba Inu — here's everything you need to know about the said Dogecoin killer</a> <a href="https://www.businessinsider.in/india/news/maharashtra-to-consider-staggered-reopening-depending-on-the-covid-19-cases-in-the-state/articleshow/82735056.cms">Maharashtra to consider staggered reopening depending on the COVID-19 cases in the state</a>

Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works

<ul class="summary-list"><li>Elon Musk said Tesla is weighing up other more eco-friendly alternatives to bitcoin.</li><li>Experts said there are thousands to choose from, with many using a different mining system.</li><li>Musk's options include <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword>, which is overhauling its system, and meme token <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword>.</li></ul>Elon Musk shocked the crypto world on Wednesday night when he announced that Tesla would <a href="https://www.businessinsider.com/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5">no longer be accepting bitcoin</a> as payment, because its "insane" energy use threatens the environment.Bitcoin mining uses more energy each year than Sweden, according to Cambridge University researchers. And more than 70% of mining takes place in China, according to Bank of America analysts, where coal power dominates.But Musk said in his <a href="https://twitter.com/elonmusk/status/1392602041025843203?s=20">tweet announcing the decision</a> that Tesla is weighing up other cryptocurrencies which use less energy."With over 9,500 other cryptocurrencies available, Elon Musk has a plethora of options from which to choose," Katharine Wooller, managing director at retail crypto exchange Dacxi, told Insider.Here are five he might consider.EtherEther is the second-biggest cryptocurrency after bitcoin, with a total market value of more than $400 billion.Currently, ether's blockchain network Ethereum uses the same "proof of work" mining and security system as bitcoin. It is incredibly energy intensive, involving huge numbers of computers solving puzzles to keep the network secure.But ether is set to <a href="https://markets.businessinsider.com/currencies/news/ethereum-upgrades-boost-ether-price-eip1559-prrof-of-stake-2021-5-1030404464">move over to a "proof of stake" system</a> that Ethereum developers say will be far less energy intensive."The back of the envelope calculation suggests that under proof of stake we will be using less than a thousandth of the energy," Ben Edgington, of Ethereum development company ConsenSys, told Insider.Yet the change in ether is not set to take place until the end of this year or early 2022, during which time it is set to keep eating up energy.<keyword id="5294933" type="PERSON" weightage="60" keywordseo="cardano">Cardano</keyword>Cardano is a blockchain network, running the cryptocurrency ada, that already uses a proof of stake system. This means users of the network validate transactions and get rewarded with cryptocurrency according to the number of coins they hold and are willing to offer as a sort of down payment.Cardano uses a tiny fraction of the energy of bitcoin, at 0.55 kilowatt hours per transaction, compared to bitcoin's 707 KWh, according to internet infrastructure firm <a href="https://www.trgdatacenters.com/most-environment-friendly-cryptocurrencies/">TRG Datacenters</a>.<keyword id="6221313" type="UNKNOWN" weightage="60" keywordseo="xrp">XRP</keyword>XRP is the least environmentally damaging cryptocurrency, according to TRG, using 0.0079 KWh of energy per transaction.The cryptocurrency, associated with the development firm Ripple, is the seventh-biggest. Ripple <a href="https://markets.businessinsider.com/currencies/news/ripple-xrp-sales-first-quarter-results-sec-lawsuit-ripplenet-2021-5-1030402431">said last week</a> that its sales of XRP has almost doubled in the first quarter of the year to $150 million.Ripple has had legal problems, however, with the company currently involved in a dispute with the Securities and Exchange Commission over whether XRP is a security or a currency.<keyword id="3019433" type="PERSON" weightage="60" keywordseo="Chia">Chia</keyword>Chia is a new "green" cryptocurrency which <a href="https://markets.businessinsider.com/currencies/news/green-cryptocurrency-chia-less-energy-intensive-bitcoin-crypto-ethereum-altcoins-2021-4-1030373374">started trading in early May</a>. It was created by Bram Cohen, the inventor of BitTorrent, and uses what's called a "proofs of space and time" system. Its creator says people farm, rather than mine, the cryptocurrency.It has attracted investors but it remains tiny, with a market cap of $550 million compared to bitcoin's value of close to $1 trillion.DogecoinElon Musk has often hyped the cryptocurrency, which was started as a joke and is based on an online dog meme.He <a href="https://twitter.com/CNBC/status/1392828606670426114?s=20">tweeted a poll</a> last week, asking: "Do you want Tesla to accept Doge?" His followers overwhelmingly said yes.Yet many crypto experts have criticized dogecoin's design, particularly the fact that it has unlimited supply.Wooller said: "The cynic in me prays he doesn't switch to dogecoin, which is at best a novelty, and at worst an embarrassment to the crypto industry."

Elon Musk's Tesla has stopped taking bitcoin, but is weighing greener options. Here are 5 tokens it might consider

<ul class="summary-list"><li>Buy-side firms are increasingly looking to migrate workloads to the public cloud.</li><li>Some view the move as a recruiting tool, while others hope to cut costs and increase compute power.</li></ul>The buy side is aiming for the clouds.Top <keyword id="11931680" type="UNKNOWN" weightage="60" keywordseo="hedge-funds" source="Orion">hedge funds</keyword>, investment firms, and private-equity shops are turning to public clouds managed by Amazon Web Services, Microsoft Azure, Google Cloud Platform, and IBM. Specific motivating factors for the switch varies at individual firms, but a common theme among nearly all of them is the realization that the public cloud is a more cost-effective option than physical data centers. The migration of buy-side firms to the cloud comes as providers are increasingly targeting Wall Street with <a href="https://www.businessinsider.com/aws-google-cloud-ibm-microsoft-public-cloud-strengths-wall-street-2021-6?r=buy-side-cloud-teaser">finance-specific offerings</a>. Firms are also picking one public cloud as a <a href="https://www.businessinsider.com/public-cloud-wall-street-partnerships-aws-google-cloud-microsoft-ibm-2021-6?r=buy-side-cloud-teaser">preferred or primary partner</a>. Insider spoke to tech executives at the top firms on the buy side to understand their cloud strategy. Here's how they're approaching the tech migration, and the benefits they're already realizing from the move.<h2>AQR</h2><div type="image" title="Stephen Mock's head shot" height="1503" width="2000" msid="87022632" hostid="261"></div>Moving workloads and data to the public cloud is a big tech lift for any firm. But for $137 billion quantitative investment manager AQR, it was a welcome one. Quantitative research is the bread and butter of AQR, an investment manager that typically takes a longer-term view on its portfolio. <a href="https://www.businessinsider.com/two-sigma-cloud-tech-transformation-strategy-quant-fund-google-cloud-2021-9">As with other quantitative funds</a>, that means access to readily-available financial and economic data — and lots of it — is paramount. And while transitions to the public cloud carry an up-front cost, <a href="https://www.businessinsider.com/public-cloud-wall-street-partnerships-aws-google-cloud-microsoft-ibm-2021-6">more financial firms are embracing</a> the value they see in the cloud relative to on-premise data storage.But for AQR, a move to the cloud was approached much the same way it handles investing: meticulous planning and research. <h2><a href="https://www.businessinsider.com/aqr-cloud-transformation-tech-strategy-aws-azure-cost-savings-2021-10?r=buy-side-cloud-teaser">Inside $137 billion quantitative manager AQR's shift to the public cloud that will see it cut costs as much as 30% </a></h2><h2>Blackstone</h2><div type="image" title="John Stecher Blackstone" height="1800" width="2400" msid="87022633" hostid="261"></div>As firms across Wall Street embrace public and hybrid cloud strategies to boost their tech prowess, one private investing giant is looking to Amazon Web Services.John Stecher, Blackstone's chief technology officer, told Insider the private-equity giant is in the midst of a "firm-wide initiative" to migrate much of Blackstone's technology operations to Amazon Web Service's public cloud by roughly the end of this year."We want to be able to use best-of-breed hardware and software programming models that AWS gives you to be able to deliver features and function at the speed that the business needs and that our engineers are truly capable of," Stecher told Insider.<h1><a href="https://www.businessinsider.com/fintech-pitch-deck-fundraise-lance-altruist-honeybook-digital-finance-startups-2021-5?r=buy-side-cloud-teaser">Blackstone is migrating to AWS public cloud by year end. The private-equity giant's CTO explains what prompted the move.</a></h1><h2>Citco</h2><div type="image" title="Albert Bauer Citco" height="2178" width="2911" msid="87022634" hostid="261"></div>There's big cloud-migration projects, and then there's Citco.The fund administration giant, with $1.6 trillion in assets under administration, took 18 months to migrate $1 trillion of those assets — from more than 550 hedge funds and other clients that total 10,000 accounts — from physical data centers to the cloud.Hosted on Amazon Web Services, these accounts now have a more streamlined administration of their portfolios, and access to different tools Citco has built out on the cloud, such as a software-as-a-service tool that helps managers with Treasury functions. <h2><a href="https://www.businessinsider.com/citco-cloud-tech-transformation-aws-fund-administrator-2021-10?r=buy-side-cloud-teaser">$1 trillion in assets, now all on the cloud: Inside Citco's 18-month transition from physical data centers to AWS</a></h2><h2>Man Group</h2><div type="image" title="Gary Collier, Hinesh Kalian Man Group" height="1124" width="1500" msid="87672252" hostid="261"></div>The world's largest publicly traded hedge-fund manager has started using the public cloud to help it better navigate and assess the explosion of alternative-data feeds.The $140 billion investment firm Man Group remains largely reliant on its private cloud, despite much of <a href="https://www.businessinsider.com/public-cloud-tech-strategy-buy-side-hedge-funds-private-equity-point72-blackstone">the buy-side wading deeper into the public sphere</a>. But a wealth of new, alternative-data sources hosted on public-cloud networks is pushing Man Group to open up to the tech via its 18-person data-science team that launched in January 2020. Man Group is using Amazon Web Services to streamline how it reviews and prepares alt data before it is ready to be implemented into an investment strategy. "What we're looking for is speed and access to third-party data to validate quite quickly," Hinesh Kalian, Man Group's director of data science, told Insider. <h1><a href="https://www.businessinsider.com/man-group-public-cloud-aws-alt-data-tech-strategy-2021-11?r=buy-side-cloud-teaser">Man Group is making its first big push into the public cloud. Top tech execs detail how AWS is a key part of the $140 billion hedge fund's alt-data strategy.</a></h1><h2>Millennium</h2><div type="image" title="izzy Israel Englander" height="1962" width="2616" msid="87022635" hostid="261"></div>As the war for talent rages among hedge funds, one firm is using technology as a key value prop for recruitment and retention.Millennium Management, the New York-based hedge fund founded by billionaire Israel Englander with $52.3 billion of assets under management, is investing in cloud technology to stand out among hedge funds. Michael Brams joined the firm in 2016 to help build out Millennium's cloud capabilities. The first production use case, a large-scale data analytics tool set for compliance, went live in late 2017.The firm saw how much faster its employees could test new tools and datasets using the cloud, which led it to invest more in the tech. <h2><a href="https://www.businessinsider.com/millennium-management-public-cloud-tech-aws-war-talent-portfolio-managers-2021-7?r=buy-side-cloud-teaser">Millennium is using AWS to attract top portfolio managers. Here's how the $52 billion hedge fund is leveraging cloud tech.</a></h2><h2>Point72</h2><div type="image" title="2021 01 30T225709Z_2_LYNXMPEH0T0KL_RTROPTP_4_RETAIL TRADING COHEN.JPG" height="3110" width="4147" msid="87022636" hostid="261"></div>Point72 is in the midst of a sweeping, multi-year overhaul to transform the $21.8 billion hedge fund into a cloud-first operation.The five-year project, which is slated to wrap at the end of 2024, is aimed at migrating 70% to 80% of the hedge fund's cloud-eligible applications to the new tech. Currently, 20% of this work has been completed.The $21.8 billion fund is also re-architecting its entire tech stack; building out a team of at least 60 cloud engineers, infrastructure coders, and application developers; and solidifying a hybrid, multi-cloud strategy, Mark Brubaker, the chief technology officer, told Insider.<h2><a href="https://www.businessinsider.com/point72-cloud-tech-transformation-hedge-fund-aws-mark-brubaker-2021-9?r=buy-side-cloud-teaser">Steve Cohen's Point72 is betting big on the cloud. The $21.8 billion hedge fund's CTO takes us inside its five-year project.</a></h2><h2><a href="https://www.businessinsider.com/point72-cloud-tech-transformation-hedge-fund-aws-mark-brubaker-2021-9?r=buy-side-cloud-teaser"></a>Two Sigma</h2><div type="image" title="David Siegel Two Sigma" height="590" width="786" msid="87022637" hostid="261"></div>Two Sigma had a big problem in 2014: the compute power needed for the quantitative fund's research workflows was 10 times greater than what its data centers could provide."We said, 'You know what, we're not going to build out a 10x physical presence. That's just enormous, that feels wrong to us," <a href="https://www.businessinsider.com/innovative-wall-street-tech-projects-morgan-stanley-aqr-blackrock-blackstone-2021-8#two-sigmas-big-ambitions-in-data-science-11">Camille Fournier</a>, Two Sigma's head of platform engineering, told Insider.As a quantitative fund, the problem was particularly salient for Two Sigma. Quant funds rely on mathematical and computer-based modeling to make their bets in the market, meaning their demand for computer firepower can often be enormous. Two Sigma, founded by billionaires John Overdeck and David Siegel, is known for pushing the limit on computing and data usage, even amongst its fellow quant peers.Instead of building more physical data centers, the decision was made to push the fund into the public cloud.<h2><a href="https://www.businessinsider.com/two-sigma-cloud-tech-transformation-strategy-quant-fund-google-cloud-2021-9?r=buy-side-cloud-teaser">Inside Two Sigma's cloud strategy: hundreds of new engineers, a multi-provider approach, and 'tremendous savings'</a></h2>

Execs at 7 top investment firms detail how they're using the public cloud to cut costs and gain an edge

<ul class="summary-list"><li>Gene Hoffman, president COO of <keyword id="3019433" type="PERSON" weightage="60" keywordseo="Chia">Chia</keyword>, told Insider the company welcomes government regulation. </li><li>Hoffman said volatility was 'required' before mass adoption of <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> and the technology that underpins it. </li><li>Chia coin minting uses less energy, but has been criticized for creating electronic waste. </li></ul>This year's extreme volatility in the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-e670434e-7fff-37c2-2ed7-cf69f9625cf6">cryptocurrency</a> market has troubled regulators and given big investors pause for thought. But it doesn't faze Gene Hoffman, president and COO of Chia, the new $500 million <a href="https://markets.businessinsider.com/currencies/news/green-cryptocurrency-chia-less-energy-intensive-bitcoin-crypto-ethereum-altcoins-2021-4-1030373374">"green" token</a>. "During adoption phase, volatility is almost required," he told Insider in an interview. "It's kind of like saying that we're gonna adopt the internet in the late 90s without having volatility in internet stocks. Was not going to happen that way." In the heady days of the late 1990s, traders chased anything remotely connected to the internet. Amazon was one of the market darlings at the time and could often rise or fall anywhere up to 60% in a month in the run-up to the bust in early 2000. <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">Cryptocurrencies</keyword> have <a href="https://markets.businessinsider.com/currencies/news/cryptocurrency-volatility-price-swings-affect-investors-traders-miners-defi-2021-5-1030478847">swung wildly throughout May and June</a>, losing as much as <a href="https://www.businessinsider.in/cryptocurrency/news/the-cryptocurrency-market-lost-460-billion-in-a-single-day/articleshow/82801107.cms">$460 billion in a single day</a> last month after China - home to most of the world's crypto mining capacity - said it would clamp down on banks to prevent them from providing crypto-related services. Furthermore, Tesla CEO Elon Musk tweeted his concern about <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>'s energy use, calling it "insane". Around the same time, his company stopped accepting <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-5de4b2cc-7fff-723c-b358-7b3232794991">bitcoin</a> as payment for its luxury electric vehicles. Chia's XCH token, which only began <a href="https://markets.businessinsider.com/currencies/news/green-cryptocurrency-chia-less-energy-intensive-bitcoin-crypto-ethereum-altcoins-2021-4-1030373374">trading on May 3</a>, has been no exception. It debuted at $1,498 and fell by two thirds in just three days. It has since swung from highs above $1,600 to lows this week below $540, according to data from <a href="https://coinmarketcap.com/currencies/chia-network/">CoinMarketCap.com</a>. But Hoffman thinks these are just teething problems before there is the mass adoption of cryptocurrencies and the <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword> technology that underpins them. And others agree - billionaire entrepreneur Mark Cuban has likened cryptocurrencies to the <a href="https://markets.businessinsider.com/currencies/news/crypto-like-1990s-dotcom-boom-bitcoin-may-not-survive-btc-2021-4-1030359060">dotcom bubble of the late 1990s</a>. Cuban said in January he expects some coins will survive future crashes to become the crypto world's equivalent of Amazon or eBay. Chia was founded by BitTorrent inventor Bram Cohen in 2017, and promotes its "proof of space and time" process as a much more energy-efficient way of mining coins than bitcoin's "proof of work." The company raised $61 million in its latest funding round. Proof of work is an algorithm in blockchain technology that is used to confirm bitcoin transactions and rewards miners with new coins. It's also highly energy intensive and makes bitcoin one of the less climate-friendly coins out there. Rival coin <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword>'s ethereum network is soon moving to a "proof of stake" process, which is slightly different and is far more energy-efficient, for example. Chia's XCH token earns its green credentials from the energy use of its mining process. Rather than "mining" for coins, the network's users "farm" them. <a href="https://markets.businessinsider.com/currencies/news/green-cryptocurrency-chia-less-energy-intensive-bitcoin-crypto-ethereum-altcoins-2021-4-1030373374">Chia "farmers" generate and store</a> cryptographic numbers into "plots" onto their hard drives or solid state drives (SSDs) - a newer, faster <a href="https://www.avast.com/c-ssd-vs-hdd?v=rc">type of storage device</a>. A farmer's plot can win the chance to create a block and receive a reward on the blockchain based on the proportion of total space a farmer has filled up compared to the whole network. A server - called the "Timelord" - verifies the block and awards XCH tokens to the farmer in a process the company calls "proof of space and time". But <a href="https://foreignpolicy.com/2021/05/23/cryptocurrency-chia-waste-resources-bitcoin/">Chia has received criticism</a> for simply creating a new kind of waste, specifically burnt-up hard drives and SSDs. Demand for these storage devices has <a href="https://www.coindesk.com/bram-cohens-chia-drives-hard-disk-demand-in-europe-report">skyrocketed in Europe</a>, while some IT businesses in Vietnam said they <a href="https://www.retailnews.asia/china-cryptocurrency-craze-drives-hard-drive-shortage-in-vietnam/">ran out of stock</a> last month. "There's no free lunch," Hoffman said. "It's hard to say that being a thousand, 10,000 times more efficient for the same security isn't a massive innovation." Hoffman also said that burning through SSDs can be avoided: "If you use the $79 cheap-y SSD and try to plot a bunch against it you might burn that up, but the $99 will last you a lifetime," he said. "So the people who are complaining about that are buying the wrong tool for the job." Regulation is key to survival Aside from bitcoin's carbon footprint, the prospect of ever-tighter regulatory scrutiny has been one of the key drivers in the drop from the token's record high around $65,000 in April, to closer to $30,000 now. And this hasn't just affected bitcoin. Ether, Ripple's XRP, meme currency dogecoin, Polkadot's DOT, or Cardano's ADA are all down sharply from the highs of earlier this year as a result. Hoffman said Chia embraces government regulation - a major incentive behind the company's plans to go public "relatively quickly," possibly via a <a href="https://www.businessinsider.com/how-do-spacs-work-get-created-costs-guide">blank-check company,</a> or SPAC. "Everyone who's kind of merged their equity with their coin has generally been doing an illegal securities offering, and that can't scale, that cannot be adopted, that cannot become the thing that governments run central bank digital currencies on," Hoffman said. Part of cryptocurrencies' appeal is their decentralized nature - no one government or central bank controls them - and the degree of anonymity they afford their users. But Hoffman believes people want transparency. "You want to see the audited financials and the quarterly reports," he said. "These are not crazy ideas if you're trying to build trust." And he hopes that by listing his company on the stock exchange, and keeping its corresponding XCH token as a separate asset, investors will be protected against wild swings in coin prices when using it. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-cryptocurrency-exchange-wazirx-has-listed-shiba-inu-tokens-for-trading-in-indian-rupees/articleshow/82731429.cms">Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works</a> <a href="https://www.businessinsider.in/cryptocurrency/news/here-is-why-a-ban-on-cryptocurrencies-may-not-be-even-possible/articleshow/82741310.cms">Is a ban on cryptocurrencies even possible?</a> <a href="https://www.businessinsider.in/cryptocurrency/news/latin-america-and-south-asia-show-two-ends-of-the-crypto-regulatory-spectrum/articleshow/83638437.cms">Even as Latin America embraces Bitcoin, Southeast Asia is clamping down on cryptocurrencies</a>

A top exec at 'green' crypto firm Chia says today's volatility is just like the wild price swings in dot-com stocks in the 90s - and that both further turbulence and regulation will ultimately help the market

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Brendan Smialowski/AFP/Getty ImagesUS President Donald Trump.</div></div></div><ul><li>The crypto whiz kid who <a href="https://markets.businessinsider.com/currencies/news/warren-buffett-justin-sun-charity-lunch-conspiracy-apology-china-arrests-2019-7-1028384972">paid $4.6 million to have lunch with Warren Buffett</a> and invited Donald Trump to join them could cancel the meal entirely, says a host of CNBC Africa's Crypto Trader.</li><li>"My source believes the lunch won't happen at all," Ran Neuner <a href="https://twitter.com/cryptomanran">tweeted on Saturday</a>.</li><li>The Chinese government disapproved of Justin Sun's promotion of the charity meal given the current trade tensions between the US and China, Neuner said.</li><li>The Tron and BitTorrent CEO hoped to convert Buffett and Trump, two skeptics of cryptocurrencies, into true believers during the meal.</li><li><a href="https://markets.businessinsider.com/currencies/news/justin-sun-tron-bittorent-crypto-ceo-postponed-warren-buffett-lunch-2019-7-1028381676?utm_source=markets&amp;utm_medium=ingest">Here are 6 things to know about Sun, a protégé of Alibaba founder Jack Ma</a>.</li><li><a href="https://markets.businessinsider.com/">View Markets Insider's homepage for more stories</a>.</li></ul>The crypto whiz kid who <a href="https://markets.businessinsider.com/currencies/news/warren-buffett-justin-sun-charity-lunch-conspiracy-apology-china-arrests-2019-7-1028384972">paid $4.6 million to have lunch with Warren Buffett</a> and invited Donald Trump to join them could permanently cancel the meal under pressure from the Chinese government, says a host of CNBC Africa's Crypto Trader."Sources in China say the Chinese government believed that <a href="https://twitter.com/justinsuntron" data-focusable="true">@justinsuntron</a> "promoting" the Warren Buffett lunch was a 'provocative' act given current trade tensions," <a href="https://twitter.com/cryptomanran">Ran Neuner tweeted on Saturday</a>. "He has been told not to pursue the lunch. My source believes the lunch won't happen at all."Tron and BitTorrent CEO Justin Sun <a href="https://markets.businessinsider.com/currencies/news/tron-justin-sun-postponed-warren-buffett-lunch-trapped-china-2019-7-1028379477?utm_source=markets&amp;utm_medium=ingest">postponed the charity meal</a> with Berkshire Hathaway's billionaire boss last week, blaming a bout of kidney stones. He had planned to turn Buffett, a notorious crypto skeptic, into a true believer. He also offered the same opportunity to Trump."Mr. President, you are misled by fake news," <a href="https://twitter.com/justinsuntron/status/1149509941935239169">Sun tweeted</a> after Trump attacked bitcoin and cryptocurrencies. "<a href="https://twitter.com/hashtag/Bitcoin?src=hashtag_click" data-focusable="true">#Bitcoin</a> &amp; <a href="https://twitter.com/hashtag/Blockchain?src=hashtag_click" data-focusable="true">#Blockchain</a> happens to be the best chance for US! I'd love to invite you to have lunch with crypto leaders along with <a href="https://twitter.com/WarrenBuffett" data-focusable="true">@WarrenBuffett</a> on July 25. I guarantee you after this lunch, nobody will know crypto more than you!"Sun appears to be in trouble with the Chinese government. <a href="https://www.caixinglobal.com/2019-07-24/exclusive-buffett-lunch-winner-barred-from-foreign-travel-101443031.html">Caixin reported</a> he delayed lunch with Buffett because he was barred from leaving China due to allegations including illegal fundraising, money laundering, and gambling. Sun denied the claims and broadcast a live video showing he was in San Francisco.However, Chinese officials briefly detained several Tron executives then released them after Sun postponed the lunch, <a href="https://www.bloomberg.com/news/articles/2019-07-25/buffett-lunch-mystery-deepens-as-his-date-apologizes-to-society">according to Bloomberg</a>. Sun also posted a groveling public apology on <a href="https://www.weibo.com/shixb90">Chinese social media</a>, saying he regretted hyping up the lunch, vowed to put China's interests before his own, and promised to retreat from the public eye.On July 25, the original date of the Buffett lunch, Sun attended a Tron party with influencers to celebrate the company's acquisition of BitTorrent a year earlier. BitTorrent creator Bram Cohen soon added to the clouds over Sun by accusing him of <a href="https://markets.businessinsider.com/currencies/news/warren-buffett-lunch-tron-justin-sun-spat-bram-cohen-bittorrent-2019-7-1028388483">not making the final payment for BitTorrent</a>. Sun retweeted a reply from a Tron executive that said the funds in escrow no longer belonged to Sun.Tron didn't immediately respond to a request for comment.<a href="https://www.businessinsider.com/intelligence/future-of-fintech?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=future-of-fintech-2"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/area-51-american-conspiracy-theories-aliens-history-animation-video-2017-7">How Area 51 became the center of alien conspiracy theories</a></h3> <div> </div> </div>

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Green crypto startup Chia Network doubles its valuation to $500 million and is mulling an IPO, report says

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A top exec at 'green' crypto firm Chia says today's volatility is just like the wild price swings in dot-com stocks in the 90s - and that both further turbulence and regulation will ultimately help the market

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The crypto whiz kid who paid $4.6 million to have lunch with Warren Buffett and invited Donald Trump along might cancel it permanently

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