The Chia hype has really hurt hard drive logistics. This was stated in an interview with New Scientist by Chia Network President Gene Hoffman. However, according to the creator of the project, the excitement is unlikely to negatively affect the environment. At least the consequences will not be comparable to the harm from Bitcoin mining.
In particular, Hoffman stated that even if all 1 zettabyte (1 billion terabyte) hard drives sold in a year were used exclusively for mining XCH, then farming would still use less than one percent of the energy currently consumed by bitcoin.
At the same time, the head of the Chia Network admitted that significant resources will be required for the network’s growth.
“Quite frankly, Tesla is not green compared to cycling, but we all know how these trade-offs work,” Hoffman said, referring to Tesla’s scandalous decision to abandon bitcoin payments.
In addition, Hoffman argues that Bitcoin is unstable in its current form. Nevertheless, the project was close enough to success, he emphasizes. According to Hoffman, the problems with Bitcoin began when the community came up with ASICs. According to him, this gave rise to an “arms race” that led to huge energy consumption. Hoffman is confident that nothing like this will happen to Chia.
One way or another, the race has already begun. Earlier, the Chinese online games publisher The9 announced a $ 5.7 million investment in the pharming of “green bitcoin” on hard drives. With the investment, The9 will receive about 130 pebibytes of storage. However, information about who was the supplier of the equipment and when the company will start pharming is not disclosed.