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Western Digital reaps Chia cryptocurrency rewards with millions of dollars of additional HDD sales

Chia crypto was mentioned multiple times during a recent Western Digital earnings call. (Image source: WD/Chia/7wData - edited)
Chia crypto was mentioned multiple times during a recent Western Digital earnings call. (Image source: WD/Chia/7wData - edited)
A Western Digital earnings call has revealed the positive effect the Chia cryptocurrency farming trend has had on the company. Chia crypto farming requires proof of space, which is provided by large-capacity hard drives. Naturally, additional sales of WD HDDs that fulfill this requirement have added considerably to the corporation’s coffers.

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It seems Western Digital (WD) has been reaping the not unsubstantial rewards associated with Chia cryptocurrency farming. While it’s generally known that effective crypto mining involves the use of multiple high-end GPUs, Chia utilizes a proof of space and time method rather than a proof of work method like its fellow cryptocurrencies. Put simply, earning Chia is more about how much storage you can provide and for how long rather than how much processing power your computer system offers.

WD made revenue of US$4.9 billion in its fourth fiscal quarter, up 15% year over year. Unsurprisingly, with HDDs and SSDs being required for Chia farming enterprises, manufacturers like WD have seen an uptick in sales. In fact, the corporation’s CEO, David Goeckeler, was willing to share some information about the Chia effect in a recent Western Digital earnings call. The executive reportedly made these comments, via transcript provided by Seeking Alpha:

I think the first week of it last quarter, probably a couple $100 million of upside there in the quarter due to Chia.

Large-capacity hard disk drives are especially important for Chia farming, and there are some extremely large external WD HDDs available. For instance, the enterprise-aimed G-SPEED Shuttle XL range (Thunderbolt 2 series) offers from 24 TB storage space all the way up to 112 TB, although you would have to be willing to pay out US$7,999.95 for the largest model. But there’s always the affordable WD Elements Desktop HDD lineup from 3 TB to 18 TB, which has a 10 TB model for just US$229.99, to tempt would-be amateur Chia cryptocurrency farmers. The WD (ticker: WDC) stock price rose for the day, up +3.28% by closing time, to finish on 67.07.

Buy the WD Elements 10 TB HDD on Amazon

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Daniel R Deakin
Daniel R Deakin - Managing Editor News - 2413 articles published on Notebookcheck since 2012
My interest in technology began after I was presented with an Atari 800XL home computer in the mid-1980s. I especially enjoy writing about technological advances, compelling rumors, and intriguing tech-related leaks. I have a degree in International Relations and Strategic Studies and count my family, reading, writing, and travel as the main passions of my life. I have been with Notebookcheck since 2012.
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 08 > Western Digital reaps Chia cryptocurrency rewards with millions of dollars of additional HDD sales
Daniel R Deakin, 2021-08- 6 (Update: 2021-08- 6)