Amazon dips its hands into Chinese cryptocurrency Chia

Amazon has rolled out a solution for mining Chia (XCH) cryptocurrency on its cloud computing platform, Amazon Web Services (AWS).

AWS users can deploy a cloud-based storage system within five minutes to mine Chia, reported The Block.

The campaign page, which is simplified in Chinese, tutors the user about the usage of the cloud services to generate Chia wallet addresses and creation of plots to start farming (mining).

Chia was invented by Bram Cohen, who also invented the BitTorrent peer-to-peer filesharing system. Chia started trading on May 3, this week. It is a decentralized storage network that uses hard drives as computing power unlike the energy-intensive proof-of-work mechanism employed by bitcoin.

Chia Network had announced that it would make mining easier for individuals by letting them commit unused hard drive space to support its decentralized network, in February 2021.

Data from Crunchbase reveals that Chia Network is backed by investors like Andreessen Horowitz, Naval Ravikant, and Cypherpunk Holdings.

Last month hordes of Chinese retail investors jumped into Chia mining, leading to a rise in the prices of various hard drive models by as much as a 100% premium.

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