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Up-and-Coming Cryptocurrency Chia Blamed for SSD/HDD Shortages

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2 years ago

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In 2017, Bram Cohen, author of the BitTorrent protocol, founded the Chia Network and developed Chia (XCH) as a potential rival to Bitcoin (BTC). Although hardly considered among the top cryptocurrencies of 2020, Chia has been making waves in recent months. The platform was valued at $500 million in a recent investment round and will reportedly aim for an IPO before the end of the year. David Fraze, a managing partner at Richmond Global, likened Chia to “what Bitcoin would look like if it was designed with knowledge from the last 13 years.”

Prior to its launch in May 2021, countries like China, Taiwan, and Vietnam reportedly experienced shortages of hard disk drives (HDDs) and solid-state drives (SSDs), with producers like Seagate working hard to adjust to market demand. This is because Chia aimed to replace the energy-intensive system of Bitcoin by instead requiring miners to devote hard drive space to generating and storing data. This means that Chia miners must find ways to build PCs with enough hard drive space to earn the most, as rewards are given out to those with the most space used up. As more drives are built into circuit boards and circuits become more complex, PCB grounding design becomes a problem. Mixed-signal integrated circuits, with both digital and analog ports, compound problems. As such, Chia miners opt for large-capacity drives – and NVMe drives, in particular – to be able to support the mining process.

The price for these types of drives has reportedly gone up in the past week, particularly as some SSDs can only be used a certain number of times for mining Chia before they inevitably break. David Gerard, author of Libra Shrugged, explains that, “Instead of just wasting electricity, Chia chews through SSDs at a fantastic rate, and also has thoroughly wrecked the market for big HDs.” This could potentially cause not just an extended shortage of hard drives, but also an increase in the amount of electronic waste generated by the mining community. Aggelos Kiayias of the University of Edinburgh emphasizes that it’s important to analyze whether the benefits of these new cryptocurrency technologies justify the massive resources they consume. “Given the current numbers, being merely less resource hungry compared to bitcoin is a rather low bar as far as ‘green’ technology is concerned,” he says.

Of course, other cryptocurrencies have also had similar effects on hardware markets. Bitcoin has notoriously been implicated in blackouts in Iran. As a result, the Iranian government has banned the resource-draining process until at least late September. Mining Ethereum (ETH) also caused huge shortages in high-end graphics cards, causing Nvidia to release products with restrictions preventing them from being used for mining. As cryptocurrencies gain more traction, demand for the tools needed to mine them grows.

Cohen has discouraged the use of consumer hardware to mine Chia, but the platform’s own website says that it can be done by “anyone with a mobile phone [or] laptop”, encouraging many more speculators to attempt to jump on board before the currency sees increased demand.

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Bitcoin Exchange Mybitstore recognizes the opportunity crypto offers Africa

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1 month ago

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May 3, 2023

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Bitcoin Exchange Mybitstore Mybitstore, is one company that recognizes cryptocurrency’s opportunity for Africa as a trading and exchange medium and offers P2P as well as buying and selling cryptos in Ghana, Nigeria, Kenya, Uganda, South Africa, and Tanzania.

Cryptocurrency has been making global waves as a decentralized, digital asset operating on a peer-to-peer network. This technology has the potential to revolutionize the financial sector by offering a more secure, transparent, and accessible alternative to traditional finance.

The company sees the potential and the opportunity for cryptocurrency to bring financial services to the many underserved populations in Africa, increasing financial inclusion and bridging the gap between the unbanked and the financial world.

Bitcoin in Africa with Bitcoin Exchange Mybitstore

Bitcoin Exchange Mybitstore recognizes the opportunity crypto offers Africa – Crypto DeFinance

In many African countries, traditional banking services are either inaccessible or too expensive for the majority of the population. This leaves a large portion of the population without access to financial services, making it difficult for them to participate in the formal economy. Cryptocurrency offers a solution to this problem by providing a decentralized, digital alternative that is accessible to anyone with a smartphone and an internet connection.

By offering a platform for buying, selling, and storing cryptocurrency, Mybitstore is helping to make it easier for people in Africa to participate in the cryptocurrency market. This, in turn, opens up new financial opportunities for these individuals and helps to promote financial inclusion in Africa.

Another key benefit of cryptocurrency is its security. Transactions are recorded on a public ledger, making it nearly impossible for fraud or counterfeiting to occur. This level of security is especially important in countries with weak financial systems and high levels of corruption.

Despite its potential, cryptocurrency is still in its early stages of development and adoption in Africa. However, with the crypto start-ups sprouting across borders would help to drive this change by providing a platform for individuals to easily participate in the cryptocurrency market. As more people in Africa become aware of the benefits of cryptocurrency, it is likely that the adoption of this technology will continue to grow.

Mybitstore as an exchange platform recognizes the significant opportunity that cryptocurrency offers to Africa. The platform offer crypto trades in buying, storing and selling and also make it possible to connect your local bank accounts and mobile wallers. As the adoption of cryptocurrency continues to grow in Africa, it will be interesting to see how it will continue to shape the future of finance on the continent.

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LedgerFi’s ($LFT) Token Pre-sale: More than 8% sold out in less than 30 min on XDC Sale

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3 months ago

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March 15, 2023

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LedgerFi, a leading decentralized web 3.0 secure communication platform built on the XDC Network, is excited to announce that their token sale will commence on March 14th, 2021 on XDC Sale. The token sale will offer investors the opportunity to purchase the native $LFT tokens of LedgerFi and join an innovative ecosystem of Decentralized Communication Service integrated with Decentralized Finance for enabling the seamless exchange of digital assets through a unified platform. 

LedgerFi has envisioned to become the world’s first Decentralized Digital Asset Exchange (DDAX) platform through which users can transfer all types of digital assets with a military grade security, cryptographic encryption, privacy and prevention from cyber attacks using the power of Blockchain technology.

LedgerFi is a one-stop-shop for DeFi users that provides access to various communication protocols and services in the industry such as Ledger Mail which is already live in the market and it has 750K users exchanging 2M+ emails,and upcoming products like

  • Ledger Chat: The Decentralized Instant Messaging Solution enabling users to instantly chat with peers without worrying about centralized governance. LedgerChat allows users to seamlessly communicate with each other without compromising their Digital Identity & Data Sovereignty. It’s in beta at the moment.
  • Ledger Live: The Decentralized Audio & Video Call Platform allows individuals & businesses to connect with each other in real-time. The centralized access point utilized in conventional VoIP solutions is eliminated with blockchain based communication technologies. Eliminating the hassle of handling centralized, cumbersome & hackable legacy platforms with the high-performing next-gen solution. Instead, a blockchain based communication system sends the signal from the calling party to a receiving number, which is then replaced by a dispersed network shared by all network users.
  • Ledger Pay: The Decentralized Cross-Border Remittance platform providing human-readable, interoperable & lightning-fast payment transfer capabilities for financial inclusion of the unbanked individuals.
  • Ledger Mint: Metaverse Interconnected NFT Transfer Hyper-personalized social connectivity for transferring, exchanging & showcasing NFTs and other digital assets through an interactive & interconnected platform.

Token Sale Details

  • Presale Address: 0x7db6AaF98bDFE47f197a3b1bbC3Cfe6CB0f302c4
  • Token Address: 0x65d358C56Ff2E64C007060D5D4dF308986734f5C
  • Total Supply: 400,000,000 LFT
  • Soft Cap: 7,500,000 XDC
  • Hard Cap:15,000,000.0 XDC
  • IDO Rate: 1.5 LFT per XDC
  • Listing Rate: 1.0 LFT per XDC
  • Liquidity %: 51
  • Min Contribution: 4,000 XDC
  • Max Contribution: 400,000 XDC
  • IDO Start Time: 14 Mar 2023, 19:30
  • IDO End Time: 05 Apr 2023
  • Liquidity Unlock Date: 05 May 2023

About LedgerFi

LedgerFi provides a web 3.0 communication service built on blockchain technology for secure communication through email, chat & payment applications. LedgerFi provides blockchain based Decentralised communication service & Decentralised Digital Assets Exchange for secure communication.

Media contact

ZEX PR WIRE

ag@zexprwire.com

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Terra Casino That Could Burn 24 Billion LUNC within 6 Months Goes Live

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6 months ago

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November 24, 2022

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Terra Casino, an online bookie dedicated to burning LUNC tokens, has been launched. Although the transparency of Bookie’s LUNC Burn is still a thing of concern within the Terra Classic community, it has the capability of burning about 24 billion LUNC within six months. The new development was announced via the official Twitter handle of […]

The post Terra Casino That Could Burn 24 Billion LUNC within 6 Months Goes Live appeared first on Times Tabloid.

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