The green cryptocurrency that’s gunning for Bitcoin

From the creator of BitTorrent comes Chia – and it’s got Bitcoin in its crosshairs…

One of the common complaints aimed at Bitcoin, and the broader ecosystem of cryptocurrency mining, is just how environmentally unfriendly it is. That due to the fact Bitcoin users a proof-of-work mining mechanism, it takes a lot of electricity to mine new coins. To the point where earlier this year, it was declared the crypto mining could on its own be responsible for a two degree Celsius rise in the Earth’s temperature over the next 15 years. You can read out story on that here.

One person trying to do something about that is Bram Cohen, who is best known to date for being the person who invented BitTorrent. Cohen is entering the cryptocurrency market next, and he’s got in mind a coin by the name of Chia, that he’s set up in China.

The difference? Rather than being mined using proof-of-work, Chia utilises a proof-of-space mechanism. That it takes advantage of the empty hard…