9 Jun
2021
9 Jun
'21
2:54 p.m.
You may know that a cryptocurrency like Bitcoin gets its value from a concept known as “proof of work” -- namely that in order to “mine” (create new units of) the currency, you performed a computation with a commonly-accepted minimum complexity (with no known shortcuts). Now there is another kind of cryptocurrency, based on “proof of space”, where the (agreed) value comes from permanently setting aside some amount of storage space. Instead of consuming some increasing percentage of the world’s electricity (and GPU) supply, this one is going to consume some increasing percentage of the world’s hard drive supply. <https://www.theregister.com/2021/06/08/chia_cryptocurrency_creates_euro_hdd_boom/>