Chia (XCH) is a new cryptocurrency released this year. Rather than using raw computing power to add blocks via proof of work like Bitcoin, a process which is very energy intensive, Chia seeks a green(er) approach by utilizing hard drive space in what they call proof of space and time. <\/p>\n\n\n\n
XCH started off with great price strength peaking at over $1,685 per coin on May 14th. This is somewhat arbitrary without the market cap information, which is difficult to independently verify. However, the Chia farming reward of 2 XCH meant the possibility to farm $3,370 per block added. The network difficulty accelerated upwards as people bought hard drives and created plots to farm. <\/p>\n\n\n\n
Enter the summer slump in which Bitcoin fell from $63,000 on April 13 down under $30,000. Other cryptocurrencies fell as well, including Chia. <\/p>\n\n\n\n