BitTorrent Founder’s New Cryptocurrency Socks Hard Drive Makers’ Shares Up
(Bloomberg) – Chia is a brand new cryptocurrency developed by Bram Cohen, who most people know as the creator of the p2p BitTorrent file sharing protocol.
The timing of the launch bodes well. Because we are in this huge crypto bull market (despite the past few days), the new coin already has a fully diluted market cap of nearly $ 28 billion, according to CoinMarketCap. Most notable, perhaps, is that Chia uses a security model that touts itself as less energy intensive than traditional mining, which, thanks to Elon Musk, is suddenly something a lot of people are focusing on.
Putting aside Chia’s core assertions, it’s clear that enthusiasm for the piece is booming. And this enthusiasm is spreading in the demand for hard drives, which are used to extract the coin. This DataCenterDynamics article notes that people are buying SSDs, leading to shortages in Asia.
So this has an effect on hard drive manufacturers. Western Digital and Seagate shares have skyrocketed due to perceived demand.
Of course, this is the same phenomenon we’ve seen elsewhere in chipworld, with frustrated gamers unable to get Nvidia graphics cards due to their demand among Ethereum miners. In general, it’s getting harder and harder to talk about the semiconductor shortage without talking about the crypto boom.
Speaking of Nvidia chips, you can see on StockX that the price of an NVIDIA GeForce RTX 3080 Founders Edition graphics card – known to be an Ethereum mining powerhouse – is selling at record highs in the aftermarket at nearly 300% off. the original list the price.
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