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Chia Cryptocurrency Price Drops 60% After Trading Starts


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.

Recall that in the wake of the excitement around coins, cryptocurrency miners 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.

The blogger estimates that it will take about $ 16,000 to build a 200 TB farm.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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