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This new crypto coin aims to reduce the harmful environmental impact that comes with mining Bitcoin. The self-proclaimed green cryptocurrency, Chia has been created as an alternative to Bitcoin.
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UBS lowered its price target on Western Digital, but kept its neutral rating on the company in place due to cyclical and structural concerns surrounding NAND memory. Recently, a new cryptocurrency Chia has been gaining attention for causing massive hard drive shortages in Asian markets. Last week, UBS upgraded Seagate to buy on growth prospects in the data center space.On the earnings call, the company said it saw a $100 million benefit from Chia-related demand during the quarter. Earlier this month, Western Digital reported fiscal fourth-quarter earnings and sales results that beat analysts' estimates.Seagate (NASDAQ: STX) and Western Digital (NASDAQ: WDC) are also facing widespread global component shortages and rising COVID-19 cases, which could complicate the economic reopening and slow the return of enterprise spending.An admin of a Chia Facebook group has noticed that many users are now trying to sell storage drives, which are used to farm Chia. At one point it even dropped to around 180. It is currently sitting at around 215, a far cry from its high of 1,685 in May. Following launch of mainnet Chia trading start with average price 1,399 and surged up to peak by reaching 1934 USD. The debut happened just ahead of the broader digital currency selloff, and Chia is currently trading at $259.66. The value of Chia cryptocurrency has plummeted by more than 87 percent. XCH is native token of Chia ecosystem that playing huge role in paying for blockchain services use and farming feature. Chia network diluted market cap as of writing worth around 22 billion dollar, as CMC and Coingecko yet. The energy-efficient altcoin debuted in late May at a price of over $1,300 per token. XCH is native token of Chia ecosystem that playing huge role in paying for blockchain services use and farming feature. Demand for high-capacity storage drives soared earlier this year due to the Chia cryptocurrency, which uses unused storage for farming.Storage companies Seagate Technology ( STX -6.1%) and Western Digital ( WDC -3.0%) were among the S&P 500's largest decliners, Tuesday, as a temporary sector tailwind fades and challenges appear on the horizon. While Bitcoin uses the Proof of Work (PoW) cryptographic method to validate transactions, which is extremely energy-consuming, Chaingreen is a fork of Chia.Sundry Photography/iStock Editorial via Getty Images