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Bitcoin has had its share of detractors, ranging from Elon Musk to the New York Times. Critics complain about the power-hungry nature of its proof-of-work (PoW) mining. Mining is resource-intensive, with each Bitcoin transaction validation consuming 1,544 kWh or 53 days of power for the average household, according to the Bitcoin Energy Consumption Index.
The Chia Network aims to revolutionize the crypto space, setting out a protocol for using storage space to replace blockchain validators. Let’s take a closer look at the Chia Network and its pioneering consensus algorithm, meant to operate without intensive energy consumption.