Reports & Analysis

Profitable extraction of chia currency; Hard drive became scarce in Iran


Technology activists on social media say that the price of hard disks in the Iranian market has risen sharply, attributing it to the recently launched Chia digital currency. According to them, the high profitability of extracting this digital currency, which is done with computer storage space, has caused the scarcity of hard drives in the market.

Exclusive Digital Currency – Over the past few months, with the growth of the digital currency market by several hundred percent, the extraction income of these currencies has also increased significantly. According to experts, this has made the graphics card, as one of the main mining hardware in the market, scarce and surprising the high price of those gamers. According to data At the time of writing, an NVIDIA GeForce GTX 1080 Ti graphics card, one of the most popular graphics cards for extracting Ethereum, can earn minor about $ 200 a month.

But now the advent of new digital currencies with new transaction verification processes has also heated up the market for other hardware. This time, Chia digital currency has affected the hard disk market.

What is it?

According to official website, The Chia project introduces itself as follows:

Chia Network is a new blockchain and smart transaction platform that is easier to operate, more efficient and more secure. We believe that [استفاده از] Digital currency should be simpler than cash, harder to lose, and almost impossible to steal. Anyone who wants to validate transactions should be able to do so without the need for single-purpose hardware or the cost of excessive electricity.

Based on these explanations and analyzes that have been published in the mainstream media of this digital currency, it seems that this network, which is still in its infancy, is introducing itself as an alternative to Bitcoin. Of course, this is not explicitly mentioned on the official website of this project.

The founder of Chia is Bram Cohen, the creator of BitTorrent; An old and popular file sharing network that once challenged governments over copyright issues.

Profitable extraction of chia currency;  Hard drive became scarce in Iran
Bram Cohen, creator of BitTorrent and founder of Chia

he in مصاحبه‌ای CNN claims it wants to develop a digital currency that is easy to use and solves environmental mining problems through energy consumption.

According to Cohen, in this project, instead of the “mining” process, which is based on energy consumption, the “farming” process is considered, which works on the basis of “storage and time”. Simply put, the project’s validators (miners) can perform the extraction process with their computer’s hard drive (storage space), which Cohen says does not require high power consumption.

According to Cohen, anyone wishing to participate in chia farming can download special software from the official site and earn money by allocating their storage space to verify transactions.

Hard drive price increase

According to Iranian technology activists on social media, it seems that due to the high income of farming in Chia, hard disk has become more expensive in Iran.

Jadi Mirmirani, a well-known programmer and technology activist, is one of those people who has seen a sharp rise in the price of hard drives due to chia mining. Has pointed out.

He tweeted yesterday that a 4TB hard drive could currently generate $ 150 a month in chia mining, although that revenue may decline in the future.

Profitable extraction of chia currency;  Hard drive became scarce in Iran
Jadi Mirmirani Tweets

However, some experts have attributed the increase in hardware prices to the “chip crisis.” Chips have become scarce in the market due to the outbreak of the Corona virus, the fire at a large chip factory in Japan, and the storm in Texas, USA, and many technology and automotive companies that need chips to make products have reduced or stopped production. Have.

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