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

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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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CoinxPad Presale to Kick off on September 25th

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CoinxPad Presale to Kick off on September 25th

CoinxPad is proud to announce the launch of its platform’s presale set to kick off on September 25. The platform boasts the first CEX/DEX multi-chain initial DEX offering (IDO) launchpad. As such, the platform hopes to boost young projects that wish to launch their tokens, raise funds, and generate liquidity.

Being an early investor is an added advantage for you as you access new tokens before their listings on other exchanges. Despite their income, it supports all kinds of investors to participate in promising projects launching on its DEX launchpad. The launchpad promises a fair undertaking on its platform, giving every participant an equal opportunity to be part of the process.

The DEX launchpad can support projects built on Ethereum, Polkadot, the Binance Smart Chain, Okexchain, Polygon, to mention but a few.

Join the CoinxPad Presale on Unicrypt

CoinxPad will be distributing its native token, $CXPAD, during its upcoming presale. The CoinxPad coin is a BEP-20 token, which the platform settled on to avoid the high gas fees involved on the Ethereum network.

The CoinxPad presale will exclusively launch on Unicrypt and will be the only one it holds. Out of its 100 billion CoinxPad coins in circulation, the platform is dedicating 50 billion to the presale. You can acquire $CXPAD from the presale using WBNB or BNB.

The distribution of the remaining 50% of the coins will be:

  • 22.1% for liquidity
  • 13% for burning
  • 5% for development
  • 5% for innovation and research
  • 2% for both partnerships and airdrops
  • 0.9% to cater for Unicrypt fees

As is the norm, the presale will go down in three phases: round 0, 1 and 2. In Round 0 1/3 of the presale hardcap can be sold before the sale starts by users willing to burn UNCL. The first round takes place in two hours, with the only participants being UNCL or UNCX holders. You will require a minimum of 3 UNCX or 50 UNCL in your BSC network wallet.

The second round will be open for everyone to participate until it achieves the hard cap or when the tokens are sold out. All users involved in the presale will receive their $CXPAD coins afterward, available on the Unicrypt presale page.

Gaining Customer Trust

CoinxPad recognizes the troubles clouding the crowdfunding space. However, it expressed to users that it would not renounce its smart contract ownership. Despite the constant use of the method to avoid fraud on the Binance Smart Chain, the platform confirmed its ineffectiveness in ridding the space of scams.

However, it has taken the necessary steps to ensure that investors trust the platform. According to its vision, the platform looks to provide a safe environment for both projects and investors. Solidproof is the firm behind the platform’s smart contract audits and KYC certificate. In this case, it assures that its ecosystem is secure for all its users.

Furthermore, it ensures that all projects wishing to list on CoinxPad undergo an ‘EDM’ vetting process. It means that the platform evaluates the expertise of the project’s team, the development plan and time, and the project’s marketing strategy.

Afterward, if the project meets the criteria set, it can list on the launchpad. An additional measure to keep investor funds safe is locking most of the liquidity raised on the platform on Unicrypt.

A Rewarding Platform for CoinxPad Holders

While CoinxPad expects to gain more popularity with more projects launching on the platform, it hopes to grow its community of $CXPAD holders; the platform will disburse 5% of all transaction fees to $CXPAD holders.

Notably, you will be eligible for the USDT payout only if you hold 200k CXPAD or more. For seamless participation, it distributes the USDT every 60 minutes sending the amount directly to your wallet. Besides, the platform dedicates 2% of transaction fees to marketing its services, propelling its growth.Another exciting event coming up for $CXPAD holders is the airdrops and bounty promotion. You can follow up on its Telegram channel in English or Chinese for more details on the airdrop and more. Remember, load up your BSC wallet and be ready for the exciting opportunities during the presale!

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Chainlink and Bitcoin Gold Are Rallying Amid Strong Buyer Demand

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The altcoin market has started the weekend with amazing gains, with Chainlink (LINK) regaining its bullish momentum and Bitcoin Gold (BTG) making a double-digit win.

Chainlink Regains Its Bullish Momentum

The price of the Chainlink (LINK) token continues to rise, striving to push its recent two-month high of $30.40. At the time of writing, the token is trading around $28.88, according to data from CoinGecko.

The price jump comes in direct correlation with the rise in its network activity to its recent three-month high. A day before that, Chainlink price feeds went live on the Fantom Opera mainnet, a scalable platform for hosting DeFi apps and enterprise software. All this collectively contributed to its price rise.

At the beginning of the year, Chainlink’s price was at sky-high, amid announcements of multiple new partnerships. The token’s last all-time high was reached on May 10 at $52.88.

Over the past week, the trading volume of LINK has increased by a whopping 71.0%, while the overall circulating supply has increased 0.25% to over 447.51 million. This makes an estimated 44.75% of its max supply, which is 1 billion. The current market cap for LINK stands at 13th, at 12.62 billion.

Bitcoin Gold Making Double-Digit Gains

The price of Bitcoin Gold (BTG) seems to have paid well for investors this year, with a gain of more than 600% since January. At the time of writing, the cryptocurrency is trading at $75.19 after a 15.4% gain in the past 24 hours.

If the bullish momentum continues, BTG could soon reach the resistance of $78 to create a new monthly high. If it slumps, the altcoin could see the lower support level of $74, which could also be retested if investors want another rally.

Bitcoin Gold is a hard fork of the original Bitcoin network that was created to improve efficiency in the mining process. The other major Bitcoin forks are Bitcoin Cash and Litecoin.

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Solana-Based Defi Protocol Luna Yield Reportedly ‘Rug Pulls’ Investors, $6.7 Million Taken

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A decentralized finance (defi) project that utilizes the Solana blockchain called Luna Yield has allegedly committed a “rug pull,” according to various individuals on social media. Reports indicate that the investors who put funds into the project lost an estimated $6.7 million according to an “anonymous source.”

Luna Yield Creators Reportedly Dip Off With $6.7 Million in Funds, Solpad Platform Promises Compensation to IDO Participants

The world of defi has reportedly seen another rug pull but this time in the Solana blockchain ecosystem, according to numerous reports. Solana’s website that had a page dedicated to describing the Luna Yield decentralized exchange (dex) aggregator protocol now shows a 404 error. The aggregator project promised high yields and then suddenly the platform went dark and users could not access the funds locked into the dex aggregator.

The Luna Yield team was anonymous and the project developers allegedly got away with $6.7 million in tokens. Coindesk reporter Sebastian Sinclair details he was told by an “anonymous source” that “$6.7 million in assets had been taken.” Furthermore, Sinclair insisted that the team verified the amount via the “SOL scan block explorer.” On various channels like Twitter, discussions concerning the subject are littered across social media.

The platform that helped launch the Luna Yield IDO, Solpad detailed that the project would help compensate IDO participants who were affected. “After internal discussion within Solpad Foundation, we have finalized the compensation plan for Luna Yield IDO participants,” the team tweeted. “We will sort out the list and directly [distribute] the compensation into the participant’s wallet (the same wallet that joined the IDO on August 16th. We will compensate users in USDC, with a value equal to 60% of the purchased amount.”

The official Solpad Twitter account further noted:

For example, if user A bought 400 USDC of allocation in the round, he will get 400*60% = 240 USDC, airdrop directly user A wallet. The distribution will start next week, and we expect it to finish within a few days. Thank you so much for being so patient with us.

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Critics Warn Other Chains Like Cardano, Solana Daily Hopes Project Staves Off More Rug Pulls

The Luna Yield website has been taken down by the creators it seems and archive.org has crawled the platform on various occasions, but has had a hard time showing the site. On Twitter, one individual said that once Cardano upgrades to Alonzo Purple, it too could see a rug pull like Solana (SOL) has seen this week.

“The rug pull that recently occurred in the Solana ecosystem from Luna Yield is something I can see happening in the Cardano ecosystem literally days to weeks after Alonzo if proper scrutiny isn’t exercised by the community involved,” the individual said. “Good tech isn’t immune to stupidity.”

The Twitter account Solana Daily told its 28,700 followers about the rug pull on August 20. “Rug pull on Solana,” Solana Daily detailed. “Yesterday, [Solpad] announced that their second IDO of Luna Yield went wrong, when the dev team of the project decided to shut down all the social media and withdraw the liquidity. Hope that no more rug pulls appear [in] our ecosystem.”

While SOL is up 66% in seven days after the news went viral on social media, the price of SOL dipped by 1.8% against the U.S. dollar and down 3.8% against bitcoin (BTC).

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