Crypto traders want to invest in a store of value.
They also want a medium of exchange.
They also want software to broaden the use of that new currency, whatever it may be five or fifty years from now.
That will play a key role in our Chia coin price prediction today.
Running Bitcoin requires 707 KWh (kilowatts per hour), and Ethereum requires 62.56 KWh. Chia aims to beat them at the sustainability game.
But this is about more than numbers. It’s about how these coins are received by the public.
Senator Elizabeth Warren recently came out and blasted Bitcoin as a “scam” that uses more electricity than some countries. Whether true or not, it hurts the case for Bitcoin regulation and boosts altcoins like Chia.
Energy and climate change are complicated topics for most people. Combine that with cryptocurrency in all its forms, and you get a puzzle that could take a lifetime to figure out.
How much energy is too much for a cryptocurrency to consume, versus a data center or a heater? Everybody wants to play judge and jury on this one.
So, instead of focusing on technical numbers, this Chia coin price prediction will consider two factors: more energy and less energy.
Chia coin consumes less energy than your average coin. That’s what makes it so exciting for cryptocurrency traders today.
We will show you where the coin is headed right now…
Chia Coin Price Forecasts
In the first couple weeks following its May launch, Chia coin fell as low as $563 and soared as high as $1,685, a 199% gain. Since then, the coin is down to $423.
Volatility like this is nothing foreign to cryptocurrency. Crypto prices universally fluctuated in the last few months amid speculation of China banning crypto with the United States not far behind.
Elon Musk has also chimed in on the energy factor. His social media activity tends to move crypto prices.
Although the broad crypto market moves could hold back Chia for the short run, Chia’s value proposition directly counters the criticism of most mainstream cryptocurrency. It focuses on energy preservation and security.
These are two major features crypto traders look out for today. It gives crypto investors much reason to be optimistic about the future of the Chia coin price…
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Of course, the cryptocurrency market is still incredibly new and unpredictable. Investors should think critically and gather enough information to make their own judgment calls.
Here’s a little about Chia coin and why some analysts seem to like it.
What Is Chia Coin?
Chia coin (XCH) is the native cryptocurrency on the Chia Network. The Chia Network was launched in 2017 by Bram Cohen, inventor of the BitTorrent file sharing protocol. His partners today include Mitch Edwards, CEO of Overstock.com, and Gene Hoffman, founder of eMusic.com.
Their coin went live in May 2021.
Chia strives to be the “green” alternative to Bitcoin. Bitcoin is programmed for scarcity, in the running to be a “digital gold.” Chia wants to do the same but consume less power.
Ultimately, they want to be the government-adopted payment system. Providing a “green” solution would certainly help them get a foot in with regulators, banks, and other institutions.
The Chia Network could IPO next, as the company says it’s on an “accelerated path” to go public. A special-purpose acquisition company (SPAC) merger is possible, but it’s yet to be confirmed.
The Chia Network is valued at $500 million, making it half a unicorn (half of $1 billion).
What makes Chia an interesting altcoin is the network’s straightforward mission of making crypto easier to use than cash. It also doesn’t want short-term investors banking on volatility in the crypto market.
In other words, it doesn’t want to be a Dogecoin. The company understands what it takes to make a long-standing cryptocurrency.
The last decade has seen plenty of cryptocurrencies come and go, and much has been learned about the space. Well, according to David Frazee of Richmond Global Ventures, Chia is like Bitcoin made “with knowledge from the last 13 years.”
Here’s how this works.
How Chia Coin Works
Bitcoin and other blockchains use a “proof of work” (POW) algorithm to verify transactions. This is what many blame for the amount of energy it needs to run.
Chia coin, on the other hand, uses something called “proof of space and tie” (POST).
The difference is simply that the POST algorithm does not use computing power. It instead uses unallocated disk space – it’s a “storage-based” system. Therefore, it does not use up energy to “mine” the crypto the way Bitcoin does.
Chia’s version of “mining” is rather called “farming.”
Chia farmers provide a certain amount of storage space to the Chia Network. The more space they offer, the more “plots” they can set and farm, the more likely they are to receive a Chia coin “reward.”
The programming language used by the Chia blockchain is called Chialisp. It’s purposed for security, another valuable commodity in the cryptocurrency world. It is also intended to make Chia straightforward and easy to farm.
The Chia Network encourages anyone to start using “whatever they have around” in terms of storage space to farm Chia coin.
Sure, there is probably a minimum threshold for the hardware you need to farm Chia coin. But comparatively, it is among the most user-friendly, energy-saving blockchains out there.
Stay with us for more crypto price updates down the road.
Your Guide to Cryptocurrency Profits
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