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Bram Cohen’s Chia Drives Hard Disk Demand in Europe: Report
Research by Context shows just under 200,000 enterprise-grade nearline storage devices of 10TB capacity were sold to end-users in Europe this April.
The debut of the cryptocurrency Chia has generated a surge in demand for hard disk drives in the European market, according to a report.
STORY CONTINUES BELOW
- The latest research by Context shows just under 200,000 enterprise-grade nearline storage devices of 10TB capacity, and more were sold to end-users in Europe this April, marking a 240% increase compared to April 2020, reports The Register.
- 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.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
