Hard Drive and SSD Shortages Are Imminent If New Cryptocurrency Blooms

With the emergence of the Chia cryptocurrency, miners in China are frantically snatching up every piece of hard drive and SSD. Unlike other cryptocurrencies, you don’t mine Chia with a processor, graphics card or ASIC miner. Instead, you farm Chia with storage space, which is where hard drives or SSDs come in.

Unlike Bitcoin, which is based on proof of work, Chia utilizes a proof of space and time model. Chia reportedly arrives as an eco-friendly cryptocurrency. Bram Cohen, who’s best known as the inventor of BitTorrent, created Chia to leverage the free space on storage devices. The basis behind Chia is that hard drives and SSDs use less power, are easier to come by and cheaper to purchase. By comparison, mining Ethereum or Bitcoin on a mass scale contributes to the electricity waste.