- Introduction
- Is chia farming profitable
- Is chia farming profitable reddit
- Guides
- Tools
- Videos
- Energy
- Is chia crypto farming profitable
- Earning Calculations
- Is chia farming still profitable
- Summary
- Chia farming is not profitable
- Part Two. Expectation vs Reality
- How to choose the most profitable pool?
- Established
- Growing
- Unproven
- Resources
- Proof of Space and Time
Introduction
Many opinion articles on cryptocurrency read something along the lines of “cryptocurrencies use resources, and thus they are bad.” We have to start here–Bitcoin kicked off the start of a revolution that has permanently transformed finance, commerce, and society. If you read the business whitepaper, Chia acknowledges the strengths of Bitcoin, and we have taken the best parts and improved them; notably the programming model and energy use. Cryptocurrency is all about tradeoffs between scalability, performance, power, decentralization, and security. Proof of Work (PoW) was a breakthrough in providing permissionless and decentralized coordination of network participants, but the economics have devolved into purpose-built hardware that consumes too much energy.
Is chia farming profitable
Beginning of the experiment
It should be noted that servers in Hetzner have gone up in price by about 10 euros in a month, so the 1700 costs 73 euros instead of 63, for which I bought a server for some of my projects in April. And before the new year, servers were generally 55 euros. EPYC AMD prices start from 260 euros, although a few months ago they were 120-150 euros.
Setting up is elementary, like everything started and even ran a complete synchronization for an hour, but after that 15 thousand blocks turned into 240 thousand, so, apparently, will be synchronized before noon.
During the hour of synchronization the difficulty of mining increased from 7 to 8, as people are actively entering the topic with CHIA mining along the way.
Is chia farming profitable reddit
Farming / Mining
Farming is the process of checking your plots every ~8 seconds to attempt to find a proof in order to be rewarded Chia (XCH) coins. Sometimes this process is referred to as Chia Mining.
ChiaLinks cannot guarantee or endorse any third party tools. There is a screening process in place for open source projects to ensure no malicious code at the time of inclusion but there is no guarantee that the code has not changed since.
There have been tools in the past that have become malicious resulting in lost XCH and compromised private keys. Use at your own risk.
Guides
Tools
Videos
Energy
Copyright © ChiaLinks.com 2021-2022. CHIA NETWORK INC and CHIA™ are registered trademarks or trademarks of Chia Network, Inc.
Is chia crypto farming profitable
You may wondering how do I choose the most profitable Chia pool? Maybe the biggest one? or the one that has a lot of features? In this article we will try to figure our which pool is the most profitable pool for farmers.
If we imagine 10 different size pools with same fee then the profit for you as a farmer on the long run from each pool will be approximately same, right? That seems to be the case.
In the big pool with a lot of farmers you get a reward very frequently, but it will very tiny reward. Opposite thing in the small pool, the reward might be once during a day or week or even 2 weeks, but you will get bigger share.
Earning Calculations
Let’s do some math and see how farmer reward depends on the pool size. I will use chia calculator website for reference numbers.
Is chia farming still profitable
This is one of the reasons we don’t see a large decline in Netspace when Chia price goes down, because farmers have already spent the resources to obtain and plot the drives.
Summary
There are a lot of similarities between Chia and Bitcoin, as Bram has been very open about taking the great parts of Bitcoin and building on them in Chia. Netspace is very similar to hashrate in Bitcoin, but the fact that Chia uses storage to secure the network creates very interesting properties. Storage is already a large and mature market; it makes the perfect medium to leverage underutilized resources for network security.
Storage devices are power efficient compared to GPUs, CPUs, and ASIC for mining other cryptocurrencies and consume a fraction of the energy, with Chia today consuming 500 times less electricity than Bitcoin at a higher node count and decentralization.
Chia farming is not profitable
Two plots (hard disk space) do somewhere around 8% per hour, which means that the plot will roll out in 7.5 hours if everything goes the same way. But it’s not clear if it will work in the absence of full synchronization.
So tomorrow or the day after tomorrow there will be a day of revelation, when it becomes clear that the server build for 120 euros (if we finish with a 2Tb NVMe SSD for plots and a 4Tb HDD for storage and mining) will pay for a year.
Part Two. Expectation vs Reality
Something about the fantasy of finishing work at noon (see above) turned out to be a pipe dream and synchronization of the network, apparently, will take the whole next day.
Given that the currency is new and has existed since March, at this rate in a month to synchronize will have to weeks, while the Digibytes I have synchronized approx.
You can see if you buy new efficient Bitcoin mining hardware, CapEx is two-thirds of the TCO, and OpEx is the remaining third. With hardware that is a few years old, and reselling on eBay for much lower than its original price, OpEx costs make up the majority of the TCO. With power making up the majority of costs for Bitcoin miners, the competitive edge comes from the availability of the latest and most efficient miners paired with low electricity costs.
Bitcoin miners are in search for renewable and cheap energy (which is a good thing), but the incentivization is heavily dependent on local policies. A lot of the estimations on renewable energy use need to be updated after the major policy changes in China, where the majority of mining was prior to mid 2021.
Pool can easily cheat and add hidden fees, so be careful choosing pool.
How to choose the most profitable pool?
Taking into account all information above your best choice is pool with lowest fee. Using the chia calculator you will be able to get an idea of your earnings taking into account all the factors. If you’d like to earn less but receive rewards very often then large pool is your choice.
Supporting small pools is also important thing for Chia Network decentralisation, so consider to support small pool and move some number of your plots to small pool.
Trust is also important factor, check who’s behind the pool you want to join.
That’s all for today, stay tuned and consider joining our pool! We’re a small pool with 0,25% fee and daily airdrops.
Mining efficiency is driven by process technology for the ASIC, which is why a few year old miner isn’t competitive on the network with average power costs. The metric of goodness for mining is J/TH, or the amount of energy in joules consumed to perform 1 terahashFarming Efficiency
Farming is very different. For one, farming uses commodity storage hardware, mostly larger capacity hard disk drives (HDD).
Farming also does not store user data, so lower quality storage media with a higher error rate can be used. The first order metric in farming is $/TB of the storage device, followed by W/TB for power efficiency. The Netspace in an efficient market will likely come from both underutilized storage and reused/recycled, refurbished, and 2nd use drives because these are lower upfront costs.
Hyperscalers and cloud service providers (e.g.
Farming Pools
Farming pools allow a group of farmers to combine their farms in order to earn more consistent rewards. See this official pooling FAQ for more information about how pools work in Chia.
NEVER share your private key (24-word mnemonic) with anyone. Properly implemented pools should not require sharing your private key nor ask you to install any third party software.
Only pools following the official Chia pooling protocol (released July 8, 2021) are listed here.
Established
Growing
Unproven
Resources
Copyright © ChiaLinks.com 2021-2022.
CHIA NETWORK INC and CHIA™ are registered trademarks or trademarks of Chia Network, Inc.
Much of this is underutilized and provides a perfect medium for blockchain security.
Proof of Space and Time
Chia uses the novel Proof of Space and Time for blockchain consensus. Participants of the network called farmers allocate their underutilized storage space to the network in a farming process. The naming of farming implies that it is much more environmentally friendly than mining. The Chia proof of space construction is designed for efficient and quick verification of proofs, making the farming process very lightweight.
