Some days ago Elon Musk, founder of Tesla, announced on Twitter that the automaker has suspended vehicle purchases using Bitcoin with the concern of rapidly increasing use of fossil fuels for Bitcoin mining and transactions. Elon likes to give surprises! He was promoting Bitcoin some months back and now he takes a U-turn to declare that Tesla is looking at other cryptocurrencies that use <1% of Bitcoin’s energy consumption. Bitcoin’s trust-minimizing consensus has been possible due to its proof-of-work algorithm and it is obviously known as an energy-intensive cryptocurrency. Although Bitcoin maximalists argue that more than 75% of miners use renewable energy, it is really debatable.
It would be interesting to see the cradle-to-grave impact those hard drives have, how that compares to the graphics cards used for mining right now and in what stages of the life of the equipment those advantages and disadvantages may be. Very cool read!
Love that they chose the name Chia! Maybe it's an homage to those Chia pets that were so easy to grow that the average person could do it! Seems to fit their mission of being an energy efficient cryptocurrency that isn't hampered by electricity costs and creates less energy pollution. I think the goals of Chia are lofty, but if successful could revolutionize the space and create more diverse, global decentralization with a fraction of the carbon footprint. Will be keeping a close eye on this project for sure!
It’s refreshing to see companies working to improve the already established community & world of cryptocurrency. Also glad to see they’re trying to focus on being environmentally friendly as well. Great blogpost!
Interesting indeed. At this point there are sooo many Crypto and they all think their better then everything else. Tron a while ago came out saying it was faster, cheaper and more secure then Eth. Yet Eth is still in the lead, why? I watched a video once about why BTC will never be replaced, and it's very interesting. It takes years and years for something to gain peoples trust and traction. At this point BTC and Eth have a cult like following which I don't think will be replaced. Not saying there isn't room for others but I don't believe anything will overtake BTC or Eth. Personally I prefer Tron over Eth because of the fees but doesn't matter what I think! :) let's see what happens with Chia and those that follow.
I like to contribute to the environment as much as I can, and the biggest problem I had what exactly how bad for the environment this was so I’m just extremely glad we’re going to have a way to keep being in crypto wile being eco friendly!
It would be interesting to see the cradle-to-grave impact those hard drives have, how that compares to the graphics cards used for mining right now and in what stages of the life of the equipment those advantages and disadvantages may be. Very cool read!
Love that they chose the name Chia! Maybe it's an homage to those Chia pets that were so easy to grow that the average person could do it! Seems to fit their mission of being an energy efficient cryptocurrency that isn't hampered by electricity costs and creates less energy pollution. I think the goals of Chia are lofty, but if successful could revolutionize the space and create more diverse, global decentralization with a fraction of the carbon footprint. Will be keeping a close eye on this project for sure!
It’s refreshing to see companies working to improve the already established community & world of cryptocurrency. Also glad to see they’re trying to focus on being environmentally friendly as well. Great blogpost!
Great, another project to keep track of.
I'm running out of brain space LOL
Thank you very much for this great article
looks really interesting
I really liked that Chai is environmentally friendly.
and I need to read more about Chai
I have to start searching now
Interesting indeed. At this point there are sooo many Crypto and they all think their better then everything else. Tron a while ago came out saying it was faster, cheaper and more secure then Eth. Yet Eth is still in the lead, why? I watched a video once about why BTC will never be replaced, and it's very interesting. It takes years and years for something to gain peoples trust and traction. At this point BTC and Eth have a cult like following which I don't think will be replaced. Not saying there isn't room for others but I don't believe anything will overtake BTC or Eth. Personally I prefer Tron over Eth because of the fees but doesn't matter what I think! :) let's see what happens with Chia and those that follow.
I like to contribute to the environment as much as I can, and the biggest problem I had what exactly how bad for the environment this was so I’m just extremely glad we’re going to have a way to keep being in crypto wile being eco friendly!
Chia maybe a solution to bitcoins high power consumption concerns, we'll have to wait and see.
Interesting read...... I'm always for greener solutions to problems when possible.