The debut of the cryptocurrency Chia has generated a surge in demand for hard disk drives in the European market, according to a report.
- The Chia network was founded in 2018 by Bram Cohen, co-founder BitTorrent, one of the most influential protocols on the internet.
- That Chia relies on proof of space rather than proof of work is driving the rise in demand for drives and growth across the market, said the report.
- "It has taken everybody by surprise following the launch of Chia," Gurvan Meyer, senior enterprise analyst at Context, told the publication. "Even Western Digital and Seagate were not expecting high demand like this," said Meyer.
- The analyst said he expects the effect on the market to be long-lasting.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.