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Chia price skyrocketed and collapsed after the start of trading


On May 3 at 20:00 Moscow time, trading in the new cryptocurrency Chia (XCH) started on a number of exchanges. At its peak, the weighted average price of the coin peaked at $ 1,811, but has dropped to $ 700 at the time of writing, according to CoinMarketCap.

The coin is listed on OKEx, Gate.io, MXC.COM and Bibox exchanges.

On the OKEx exchange, the peak price reached $ 2500, on Gate.io – $ 1560.

Chia has a combined daily trading volume of $ 18.4 million, according to CoinMarketCap.

Data: Chia Explorer.

The amount of disk space occupied by the cryptocurrency has reached 2.11 exabytes at the moment. 457,402 coins were mined from just over 21 million units.

Created by Bram Cohen, author of BitTorrent protocol, Chia Network uses Proof-of-Space and Proof-of-Time consensus algorithms [доказательства пространства и времени]…

The main network of the project was launched in March 2021.

According to a white paper dated February 10, the company raised about $ 16 million in funding through agreements SAFE… The last $ 5 million round ended in August 2020.

The company is supported by venture funds Andreessen Horowitz, Galaxy Investment Group, DCM Ventures, True Ventures and others.

In the wake of the hype around coins, cryptocurrency miners have created a local deficit of HDD and SSD in China. Local solid-state drive manufacturer Galax has warned users that it will refuse warranty service for SSDs from which Chia was mined.

According to the blogger’s calculations, it will take more than 1.2 million rubles to assemble a 200 TB farm.

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