After global warming-oraclept billionaire Elon Musk shut down the cryptocurrency, a new challenger took his place claiming it’s better for the environment.
Elon Musk canceled his purchase of electric vehicles to avoid paying billions in potential damage to the environment, paving the way for digital coins to do the same
It will put additional pressure on other businesses to adopt payments in the cryptocurrency from here on the part of Mr Musk, who previously touted virtual currency as one of the chief optimists.
Alex de Vries, from the Center for Strategic Impact, which determines the carbon footprint of cryptocurrency, opined that Mr Musk is delayed no longer.
Notably, he told The Telegraph, “ Bitcoin mining is a dirty business, and if you are a car manufacturer, enabling a currency with a substantial carbon footprint would be downright weird”
Musk stated that other less energy-intensive cryptocurrencies will be supported in the future.
the other new player, chia, which was launched in May, could be suitable
What is this new digital currency?
He came up with the concept of “bartering bandwidth for digital currency” in 2017 and coined the phrase “green money for the digital world” for it. Peer to peer file sharing is supported by BitTorrent, while “magic internet” denotes free digital currency is “ch.”
It is based on anyone’s ability to sit at home and run it.
According to Chia, one of the most easily accessible cryptocurrencies, he claims
It’s completely simple.” It’s really simple to use: You can either download the Mac or Windows version and double-click on it. It’s a low-fi sort of thing; I am quite certain it will be the most accessible to the layperson.
How does it get its energy?
It uses at least 10,000 times less energy than mining bitcoins, claims Chia.
Just one example:
Each Bitcoin requires the use of a CPU, while chia flourishes on a hard drive.
While mining for Bitcoin does use the concept of proof of work, creating more bitcoins tends to use up more electricity. Coal power is responsible for the majority of bitcoin’s energy consumption as many miners are located in China.
according to some estimators, bitcoin will consume the same amount of energy as Singapore this year, and may have a carbon footprint comparable to Poland.
A Citigroup estimates that Bitcoin, according to the formula they use, uses about 66 times as much electricity as it did at the end of 2015.
Chia used a concept of “proof of space,” in which hard drives are required to store coin based on available space.
Hard drives are a big problem?
Chia has become an incredible phenomenon in countries such as Vietnam and China, which have reportedly driven up prices and created a shortage due to their high demand. According to the South China Morning Post, 12-terabyte drives have risen 59% in price in China, and e-commerce sites like Alibaba have completely sold out of their stock.
Mr. de Vries explained to The Telegraph: “Chia’s proof of space utilizes many hard drives,” They might even decrease the energy consumption, but there are still literal hard drives to dispose of. Every day the demand for these drives increases, which results in the drives wearing out quickly when used for mining. It’s a complicated problem of e-waste.
Chia disks deplete the hard drive much more quickly than regular disks, shortening the life of a 512GB system to 40 days, so they should only be used in smaller storage. Concerns have been raised that countries in the third world will be exposed to world waste that includes such heavy metals like lead and lithium.
B3 million terabytes of hard drive space are going to be required to store the chia seeds, which equates to about one-third of all the existing movie media on the internet.