Amazon offers mining in the cloud for new Chia cryptocurrency
|Users in China can set up on AWS to "farm"Users in China can set up on AWS to "farm" Chia's XCH cryptocurrency. Chia's XCH cryptocurrency.
- 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 AWS’ Chinese website, as reported by The Block on Friday.
- AWS provides 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 (BTC, +0.17%)) 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.
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