China’s game developer will get 146 terabytes of disk space to mine cryptocurrency.
A company traded on the NASDAQ stock exchange in China has signed contracts for $5.7 million worth of equipment and cloud services to mine Chia Coin. This will give them 146,000 terabytes of space to use for mining.
The Chia Coin token runs on the Chia Network blockchain, which was created by American developer and BitTorrent founder Bram Cohen. He believes that bitcoin and other cryptocurrencies running on the Proof-of-Work (PoW) algorithm use too much electricity.
People who provide their own hard drive space to help the Chia network are rewarded for doing so. One token is worth $1,35,000 and has risen 135% in the past week.
In March, The9 Limited signed a contract with Bitmain to supply 24,000 ASIC miners. That is 120 million dollars. The company was founded in 1999 and it helps make video games for Chinese people. They went up on the NASDAQ in 2004.