The power-hungry characteristics of Bitcoin proof-of-work (PoW) mining are often criticized by climate activists. According to the Bitcoin Energy Consumption Index, mining consumes a lot of resources. The average household in the US would need 53 days of electricity to validate one Bitcoin transaction.
The Chia Network, which outlines a system for employing data storage to replace blockchain validators, seeks to transform the cryptocurrency industry. Let’s examine the Chia Network in more detail.
Table of Contents
What is Chia?
Chia Network is technology based on blockchain transaction network powered by empty computer storage space allotted to “plots,” which uses proof-of-space and proof-of-time to efficiently validate transactions. In place of processing speed, the goal is to generate tokens based on available storage space.
The Proof of Space and Time consensus method is the foundation of Chia Network’s blockchain. The enormous amounts of electricity and specialized hardware needed by Proof of Work are not used by these new techniques. The blockchain of the Chia Network (and Chia Coin) is a “green,” environmentally friendly substitute for Proof of Work.
Anyone with spare disk space can farm chia by allocating disk space to plots; the only time- and resource-consuming step in this procedure is the initial “plotting” of the hard drive. Chia possesses a safe Nakamoto-style consensus method that was inspired by the 2008 introduction of Bitcoin. Transactions are verified without censorship resistance and decentralization being compromised. The process of confirming transactions on a blockchain is referred to as Nakamoto Consensus.
To put it briefly, it builds a computer network of autonomous, dispersed nodes that can concur on transaction activity.
Chia uses a proof-of-space-and-time (PoST) system, which works by uploading data onto empty computer storage space and utilizing entirely standard hardware, as opposed to Bitcoin, which uses a proof-of-work method in which miners contribute their computational power to solve challenging mathematical problems and earn rewards. It enables network users to demonstrate that they have been saving data over time.
Simply speaking, the Chia network farms the tokens using empty disk space rather than powerful visual cards and computers. Such a technique is intended to make mining Chia much less expensive than mining Bitcoin.
Chia seeks to resolve the energy-intensive processing process used by existing networks’ proof-of-work or proof-of-stake consensus techniques to validate bitcoin transactions. These techniques typically need the combined computing power of miners, who are compensated for their labor. Chia’s eco-friendly infrastructure promises to be more secure, decentralized, auditable, energy-efficient, and user-friendly than those of other cryptocurrencies. It will also be greener.
According to the most recent netspace of 31.0 EiB as of July 19, 2021, the entire Chia Network used an average of 47,752 kW. It utilizes a miniscule fraction of the electricity compared to Bitcoin and Ethereum, proving its efficiency with a much smaller carbon footprint.
Who founded the Chia Network?
The well-known peer-to-peer file sharing network BitTorrent was founded in Delaware in 2017 by Bram Cohen, who also founded Chia Network (XCH). The project’s chief operating officer (COO) is Gene Hoffman, the former CEO of NASDAQ, and its chief financial officer is Mitch Edwards, the former CEO of Overstock.com (CFO).
The Chia Token (XCH)
The Chia (XCH) functions as the native coin for the Chia Network. The blockchain of the network currently solely uses the tokens to compensate farmers. Aside from that, the token can be exchanged on a variety of exchange platforms that support it, just like other cryptocurrencies can, enabling owners to do so effectively and profitably.
XCH currently has a supply of 22,582,025. Pre-farming of 21 million XCH was created to provide support pay for the development and management of Chia.
The network controls the majority of XCH, and only 21 years after the mainnet’s introduction will farming incentives match the amount of the reserve.
Chia (XCH) Overview
|Chia Current Price||$38.58|
|Price Change (24hrs)||-$2.20 (down by 5.05%)|
|24hrs Low / 24hrs High||$40.27 / $43.82|
|Trading Volume (24hrs)||$8,260,784.76 (up by 20.70%)|
|Volume / Market Cap||0.04463|
|Market Cap||$185,083,386.77 (down by 5.15%)|
|Fully Diluted Market Cap||$1,053,257,469.23 (down by 5.35%)|
|All Time High (May 03, 2021)||$1,934.51 (down by 97.86%)|
|All Time Low (Jun 13, 2022||$26.10 (up by 58.40%)|
|Chia ROI||No Available Data|
|Circulating Supply||4,476,926 XCH|
|Total Supply||25,476,926 XCH|
|Max Supply||No Available Data|
Chia (XCH) Price Forecast
The future of the chia cryptocurrency could depend on how the protocol evolves. The future price will also be affected by how volatile the larger cryptocurrency markets are.
Can we see a surge in the price of Chia Coin soon? Or will it turn down? Let’s consider what technical indicators show and what experts estimate.
Chia’s current price is $38.58, and it has a $6.69 million 24-hour trading volume, a $186.14 million market cap, and a 0.02 percent market share. On the previous day, the price of XCH dropped -5.33 percent.
On May 3, 2021, when it was running at an all-time high of $2,389.16, chia hit its peak price. Since its ATH, the price has dropped to $ 26.07. Since the previous cycle low, the greatest XCH price was $54.24. The sentiment for Chia price predictions is currently bearish.
Out of the maximum quantity of 22.33 million XCH, 4.48 million chias are now in circulation.
On May 3, 2021, the XCH token went on the market with a starting price of $850, but it immediately soared to an all-time high of $1934 that day. After that, it was corrected, dropping to $612, and the Chia Network coin struggled until the middle of the month. Since then, XCH has been in an ongoing downward trend with no indication of a price rebound.
Today, it currently trades for $38.58. There have been 18 green days indicators for the Chia token in the past 30 days, and it has also been listed on KuCoin and is presently traded there. The price fell by -85% during the past year, but despite this, it outperformed the top 100 crypto assets by 94% in that time.
Additionally, it is down -98 percent from its all-time high, and less than 20% of the available supply is in use. Coincodex’s most recent Chia price forecast indicates that on July 15, 2022, the value of Chia will have decreased by -9.96 percent and will be worth $ 37.83. Its technical indicators indicate that the current mood is bearish, and the Fear & Greed Index is currently at 24, showing extreme fear. Chia had a 30-day price volatility of 17.17 percent with 18/30 (or 60%) green trading days.
Chia (XCH) Price Prediction
Chia Price Prediction for 2022
There are many viewpoints regarding Chia pricing forecasts for the remaining months of 2022. DigitalCoinPrice predicts an increase of $54.74 by the end of the year, while other analysts, like those from WalletInvestor, are less optimistic about the future price of Chia and cite figures as low as $5.3 in December.
Chia Price Prediction for 2023
DigitalCoinPrice predicts that Chia will continue to climb and that its price will reach $61.84 at that time. On the other hand, WalletInvestor consistently forecasts a reduction in Chia pricing, estimating costs to be around $6.9 in 2023.
Chia Price Prediction for 2025
According to the DigitalCoinPrice 2025 Chia price forecast, the cryptocurrency will be worth $90.71 at the end of the year. The team at WalletInvestor, on the other hand, is more bearish; they forecast that the price of Chia will be only $14.21 in December of this year.
Chia Price Prediction for 2030
Experts offer two opposing viewpoints on long-term Chia price forecasts for 2030. According to Digital Coin Price, the price of chia will continue to rise until it reaches $190.65. WalletInvestor’s outlook is less optimistic despite this, predicting a decline to $14.5 by the end of the decade.
Frequently Asked Questions (FAQs)
What is the current price of the Chia token (XCH)?
At the time of writing, the current price of the Chia token (XCH) is $38.58.
What will Chia (XCH) be worth by the end of 2022?
There exist two opposing views by popular crypto technical analysis; one predicts a rise to $54.74 while the other, Walletinvestor, believes Chia’s price value will decline by December.
What will Chia (XCH) be worth by 2025?
By 2025, the value of Shia is expected to increase to $, however a bearish market could see it go down to $90.71.
Where can I buy Chia tokens (XCH)?
Available exchanges for Chia Network (XCH) include KuCoin, Uniswap (V2), Huobi, Gate.io, and OKEx.