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Diamond chips do have some value they are used in high performance commercial drills.
The waste depends on the process and material. If you are cutting metal, you'll have lots of little "chips" to deal with afterward.
This will depend upon the types of chips referred to in the question. The volume is not changed based upon the make up of a material or an object. The presence of other material, such as adding chips, may change its density. The volume will change if the chips referred to are chips that remove material from the outside ot the object.
chicken and chips
Silicon
chips
Potato chips would dissolve faster because they are made out of less dense material
Porcelain chips (or another material) are added to assure a nonviolent boiling.
You make computer chips and most ic devices from this material.
you do nothing just eat chips