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Storage-based Crypto Chia Has Shed $1,000 Since Launch

Gamers can heave a sigh of relief. Home-mining cryptocurrency Chia (XCH)—which sparked a run on the hard drives PC gamers rely on—flopped on its launch earlier this week, losing half its value within six hours. It’s currently trading at a third of its debut price. 

XCH launched on Monday with a price of just under $1,600. It briefly climbed to $1,819 but within hours fell to the $700 mark, and has since seen a steady decline to $597, shedding over $1000 of its launch price. 
Chia’s “proof of space” model
Chia uses a novel “proof of space” consensus mechanism. Instead of the energy-intensive proof-of-work consensus protocol employed by Bitcoin and Ethereum, it uses storage capacity, which has much lower demands on processing performance.

However, that’s had unintended consequences. Chia is mined using high-capacity storage devices; miners preparing to transact in the cryptocurrency ahead of its launch sparked concerns about hard drive shortages last month, driving up prices in

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