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Wedbush analyst Matthew Bryson tells Fortune, "I certainly think that chia is a primary contributor to what's going on with Western Digital, particularly in the sense that the incremental demand on the hard drive side has created a shortfall in availability of high capacity drives. Analysts like Bryson are going to be watching "what happens with exabyte growth, which kind of tells you what demand has looked like. Right now it's been constantly increasing," he notes.

Prices for some of Western Digital's products, meanwhile, have also been rising at a rapid clip within the past month, per BofA. Story continues The firm's analysts note that "the rise in popularity of Chia would increase the price of both HDD and SSD, since HDD is primarily used to store the plots, while SSD is used for plotting due to higher capacity and performance to handle large amount of data," they wrote.

The plots and plotting refer to chia's "proof of space and time" model, which involves "farmers" instead of "miners" seeding and plotting hard drives as part of its process of unlocking coins. The big question, of course, is how long the chia tailwind might last. It was devised by Bram Cohen, the American programmer who came up with the BitTorrent peer-to-peer network protocol.

Chia Network is the company backing Chiacoin. Bitcoins are mined using a so-called proof-of-work which involves vast numbers of CPU cycles and hence electricity. Chiacoin farming requires much less processing. Chia is based on a proof-of-space-time consensus algorithm and a blockchain network. The proof is that some amount of disk or SSD space is actually used to store some specific data. A Chia Business White Paper explains the initial concept.

So much writing is involved that the SSDs wear out.

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