Amazon provided instructions on its official AWS website on how to leverage its Cloud Computing Platform for ChiaCoin mining. However, these instructions were only explained in Chinese which comes as no surprise as the bulk of miners, especially ChiaCoin miners are from China. Interestingly, after a few hours, the page was taken down without any prior notice. Considering the high storage requirements of mining Chia, it’s very likely that the servers started running out of available capacity.
Although this won’t stop miners from using the AWS Cloud Platform from taking advantage of the large-scale servers for mining Chia, it certainly won’t outright promote it. Blockchain on AWS isn’t anything new and has been in use with data center and server processors for several years now. However, this might change with Chia as it’s known to kill several terabytes of storage within just a few months. At the very least, Cloud providers will place restrictions on certain kinds of minings, or raise their prices depending on the total read/writes.
ChiaCoin was launched as a green alternative to Bitcoin which is certainly true as it uses HDDs/SSDs rather than processors which consume much less power. However, it’s uncertain just how much electronic waste will be produced as a result of this new cryptocurrency. In terms of volatility, although Chia is pretty volatile, it’s expected to be more stable compared to existing cryptocurrencies such as Bitcoin, Ether, and Dogecoin.
When Chia first started trading in the first days of May, it was priced close to the $2,000 mark, but then it dropped to $600 in the following days. Over the last couple of days, however, its value has once again risen to just under $1,200. If the altcoin can continue making similar gains, then it’ll certainly have a more noticeable impact on both the hardware industry as well as blockchain mining.