Amazon Offers Mining in the Cloud for New Chia Cryptocurrency
Users in China can set up on AWS to "farm" Chia's XCH cryptocurrency.
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The recently launched Chia cryptocurrency (XCH) can now be mined on the cloud computing platform Amazon Web Services (AWS).
- Setting up the system takes as little as five minutes, according to a page AWS’ Chinese website that has now been deleted, as reported by The Block on Friday.
- AWS provided a brief tutorial on how to integrate the architecture, generate wallet addresses and start “farming”, the chia equivalent of mining.
- Chia Network, a blockchain and smart transaction platform, published a white paper in February announcing its goal of making mining easier for individuals, letting them commit unused hard drive space to support its decentralized network.
- The system is geared toward supplanting the energy-intensive proof-of-work model (as used by bitcoin) with proof-of-space-time, whereby network participants show they have been storing data over a period of time.
- Created by BitTorrent founder Bram Cohen, Chia launched its platform to conduct transactions and for trading on Monday. That reportedly prompted a shortage of hard drives in China as people rushed to buy the equipment to "farm" the cryptocurrency.
See also: Listed Merchant Banking Firm Plans to Trade Shares Using Blockchain Tech From Amazon
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CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
