‘Green mining’ crypto maker Chia Network valued at $500 million ahead of possible IPO
Just last week, a mining firm called Chia Network closed an initial coin offering (ICO) that saw them raise $33 million for a token called $CHIA, which they call green mining, and which has been valued at $500 million, as it has the potential for $10 billion in annual profits. This is a huge amount for a cryptocurrency, but it’s not really that big of a surprise when you look at some of the details of green mining. This is because green mining is thought to be 20 times more efficient than the current mining model.
If you’ve spent much time on the internet, you’ve probably heard the term “green mining.” It’s become a popular phrase used to describe crypto mining that is done in a way that is both environmentally and socially conscious. The term started to become popular as a way to differentiate between crypto mining that uses renewable energy sources (such as wind and solar) and crypto mining that hurt the environment in other ways (such as through the use of fossil fuels).
Environmentalists and crypto enthusiasts have long preached the benefits of using digital currencies over the traditional fiat currency system. Lesser known, however, is the “green mining” movement, a subgroup of crypto enthusiasts that have turned their mining rigs into makeshift low-carbon energy plants. One such green miner is crypto mining startup Chia Network, which was valued at $500 million in its latest funding round.
Chia Network, the company behind the recently launched home mining-friendly cryptocurrency XCH, has raised $61 million in Series D funding led by Andreessen Horowitz (a16z) and Richmond Global Ventures, Bloomberg reports today. https://t.co/MQ8U7Y4SVW – Chia Project (@chia_project) 24. May 2021 According to the report, the company, which was founded by BitTorrent creator Bram Cohan, was valued at around $500 million in a funding round. Other participants include Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, Naval Ravikant, Collab+Currency and DHVC. Chia is what bitcoin would look like if it had been designed with the knowledge gained over the past 13 years, said David Frazee, managing partner of Richmond Global Ventures. Remarkably, he also personally invested in Chia in 2018 and will now join the company’s board of directors. Frazee added that Chia is a user-friendly, verifiable, secure and compliant currency.
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As previously reported, Chia was officially launched in early May, when the currency became available for trading. The developers advertise that it is the easiest cryptocurrency for the average user to mine and use, and also an environmentally friendly asset. Chia is based on the consensus space-time proof algorithm, an alternative to the widely used proof-of-work (PoW) and proof-of-stake (PoS) algorithms, and does not require users to use large amounts of power, high-tech hardware, or large caches (for proof-of-stake). Instead, Chia’s extraction algorithm (called farming) uses solid-state and high-capacity hard drives (SSDs and HDDs, respectively). We want digital currencies to be easier to use than cash, Gene Hoffman, Chia’s president and COO, told Bloomberg.
He said the latest round of funding will give the project additional fuel to recruit staff and accelerate its goal of becoming a recognized exchange rate and payment system by governments, banks and other institutions. Meanwhile, Chia Network plans to go public via a traditional IPO by the end of 2021, Hoffman added. Our goal has always been to go public relatively quickly, as this clearly clarifies our regulatory framework and allows customers to use the currency to hedge against government market volatility, which is different from other currencies, he concluded.
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The world of cryptocurrency has become one of the most anticipated markets to invest in, ever since the debut of Bitcoin. One of the newest ways to make money in the crypto space is through “green mining”, or making money on crypto-farms. Chia Network is one of the largest farmers in the world, and has been valued at $500 million, according to a report published by Venture Beat.. Read more about bitcoin stock price and let us know what you think.
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