Chia Network Closes $ 61 Million Financing Round With $ 500 Million Valuation

Chia Network, a blockchain and smart currency platform known for its storage-based mining, has raised $ 61 million from key investors including Andreesen Horowitz. – Chia Project (@chia_project) May 24, 2021 The San Francisco-based company currently has a value of over $ 500 million based on the funding cycle. Breyer Capital, Slow Ventures, True Ventures, Cygni Capital, NAval Ravikant, Collab + Currency and DHVC were the investors of the $ 61 million capital increase. Gene Hoffman, president and business manager of Chia Network, said the latest funding will accelerate the platform's growth. “We want to make digital currencies more user-friendly than cash,” he said. Hoffman also pointed to a potential Special Purpose Purchasing Company (SPAC) or a traditional Initial Public Offering (IPO). “Our goal has always been to go public relatively quickly, as this will significantly clarify our regulations and allow customers to use currencies to maintain the volatility of the public market that is different from other currencies.” What exactly is Chia? Unlike Bitcoin or Ethereum, which uses proof-of-work to validate network transactions, Chia relies on proof of the spatio-temporal consensus algorithm. Similar to the duties of a miner, a farmer in Chia is responsible for submitting evidence to the controller of a process. But in this case, solid state drives (SSD) or hard drives (HDD) are used to store data. Chia claims to be green because its storage-based network consumes much less power than traditional GPU miners. Related reading | China Mining Ban Changes the Crypto Environment Ever since the launch of Chia Network on March 19 this year, demand for storage drives has exploded. While farmers in Chia increased prices, famine was reported in some areas. SSD manufacturers Seagate and Western Digital increased 31.52% and 12.91% respectively. Increased demand for SSD and HDD products

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