Saturday, May 21, 2022

Amazon AWS Introduces New Crypto Mining Solution For Chia

Amazon’s AWS cloud computing platform has introduced a new cryptocurrency mining solution to mine Chia.

As per the announcement by China’s Amazon AWS,  with the help of a cloud-based storage system, the users can mine the native cryptocurrency on the Chia Network, XCH, in just five minutes.

The platform also offers a quick tutorial to those users who want to learn to generate Chia wallet addresses, plot and start farming using Amazon’s cloud services. 

The latest announcement by Amazon AWS shows that presently its only target is the Chinese investors. 

The advertisement also signals the growing interest of Chinese investors in mining Chia cryptocurrency. 

A month ago, a report was published stating that as more retail investors started getting attracted to Chia mining, the demand for its hard drive model increased, which also affected the model’s price in China.

It is to be noted that there are plenty of hard drive supplies in the market, but some of the dealers and wholesalers have just stocked them to flip on the prices.

Chia network was introduced in the year 2017, with an aim to use the hard drive as computing power. It is being assumed that soon the network would replace Bitcoin’s proof-of-work mechanism.

On March 19, the company released a mainnet for mining Chia cryptocurrency. It has been just two months, to date, the storage power on the network has increased over one exabyte.

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