Chia Coin Review – Your First Mining Rig

You’ve probably heard of Chia before. Some say it’s the new gold mine, others label it as just another shitcoin and move on.

Unlike some sensationalists, I took some time to follow and research the project before deciding to write this review. We hope this helps you better understand whether Chia is right for you.

This will be part of our Chia series where we test out different hardware and plan out your Chia farming and rigging. If you are interested, please follow me.

What are teeth? The Basics

Chia is a new coin that aims to solve some of the problems that occur with most cryptocurrencies in use today. That means Chia’s main goal is to get out of both. proof of work and proof of concept Take your model into a whole new realm.

Chia Coin introduces a new concept – Proof of space and time (post). They say it’s much more environmentally friendly than you think. CaptiveNot only that, it’s safer. POS. Unlike POW, POST also meant It makes mining more accessible to the average Joe because it requires storage instead of raw hashing power. And because it requires less power, Chia mining could theoretically also benefit people living in areas with expensive electricity bills.

POST vs. POW

The problem with proof-of-work is that it is not environmentally friendly at all. The amount of energy used by Bitcoin miners worldwide is comparable to that consumed by a small country. Many POW coins also suffer from centralization issues. We see more and more hashrate coming from large mining farms with specialized equipment.

Proof of Space, on the other hand, utilizes your hard drive storage space. Unlike other projects such as SIA and Storj, Chia does not provide decentralized storage. Instead, it essentially gives you some CPU performance and Lots of free storage space Verifies transactions on the network.

To prevent grinding attacks like Burstcoins, Chia also time proof concept. Plotting takes quite a bit of time and work, and this was done intentionally to prevent people from abusing the system through constant plot overrides.

teeth features

Chia was created by Bram Cohen of BitTorrent Fame. It is written in Chialisp, a Lisp-like language. Like Ethereum, smart contracts are possible. Chia wallet already supports atomic swaps and multi-sig. Users can also build their own cryptocurrency based on Chia.‘Color Coin’. Users can then create their own rules for how those coins work, anchor them to the real world and/or assets, use them in reward plans, etc.

Chia farming and farming

Unlike most other mineable coins, Chia mining consists of two parts.

memo: Tooth mining was marked with ”.Agriculture‘Developers empathize with the eco-friendliness of the coin and to prevent it from becoming associated with an increasingly unloved word.’mining‘. However, in reality,mining‘ is still technically correct and ‘Agriculture‘ is just a talent.

Tooth Mining Hardware Requirements

According to the theory, Chia can be mined/honored on almost any PC with at least 250GB of free storage space. Even though all plots take up about 100 GB of space, the plot process requires about 250 GB of free space. There are no minimum requirements for CPU performance unless you have a completely old model.

While this sounds simple enough on paper, the reality is clear. a little more complex (Just a little, I promise!… fingers crossed back). Here are a few things you need to know before growing Chia:

1. Hard drive speed is very important

A slow hard drive will give you slow plot times and therefore diminishing returns.

POW mining includes: hashrate, the more hashes your mining rig has, the more profit you can make. Chia mining is the same, except that running speed is more important than computational power.

As we now know, drive speed is determined by the drive itself, the type of connection. (SATA, PCIe, etc.), the same goes for motherboard port types. This ultimately means that Chia mining speeds still vary depending on the equipment used, and the differences can be enormous.

Here is the list that most people use to create their Chia plots (I will have my own list of NVMe SSDs in the next article):

2. Requires a huge amount of plot

As I write this, the average probability of finding a block in a plot is very slim. According to the calculator built into the official Chia farming software, the average time it takes for a piece of land to hit the jackpot is 13 years. This number could easily double in the coming months as more miners join. Basically, if you want to make any kind of profit from Chia mining, you’ll need at least 40-50TB worth of high-speed storage.

3. Chia Farming Kills Consumer Grade SSDs

If you’re planning on mining on a gaming PC, your SSD drive can easily hang due to Chia floating. During the plotting process, the drive must read and write terabytes worth of information. If you don’t already know, all solid state drives have a write limit (known as TBW). Basically, there is a certain amount of information an SSD can process before it dies.

Chia farming will kill most consumer grade SSDs very quickly. Most drives won’t last more than 2 months. However, expensive enterprise-grade drives can survive Chia mining for up to two years.

4. Dedicated Chia floating equipment may be required.

Depending on how long it takes to generate one single plot, Chia Miner software provides the option to generate multiple plots in parallel. This is useful if you have multiple drives connected to your PC, but creating more than one plot at a time places a significant strain on your CPU and RAM usage.

With all this in mind, if you want to profit from Chia farming, we recommend purchasing a dedicated Chia mining rig with an enterprise-grade SSD, decent CPU, and RAM.

This is exactly what I am using to plot Chia. In the next article, we will provide a more detailed list of budget and luxury plot and farming equipment.

Tooth Mine Competition and Possible Issues

The mining environment is shaped by the amount and size of active miners. Ideally, home miners should only compete with other home miners, but this has not proven to be the case with POW coins. Most POW coins are dominated by large corporations that own large mining farms and take advantage of areas where electricity is cheap or free.

Tooth mining is not power-intensive, which is an advantage. The downside is that many existing data centers around the world could easily turn into Chia mining farms. Server-grade storage drives are ideal for Chia mining due to their high access speeds and durability.

If you’re mining at home, it’s a good idea to join the project as soon as possible before the network gets too saturated. But there’s a problem.

tooth pool mining

Yes, the amazing feature called ‘Pool Mining’ is not officially available in Chia yet. Why is it important?

As with traditional GPU and ASIC mining, there is a fixed amount of coins mined each day, and the more units mining a coin, the lower the probability that each miner will receive a reward.

Now Chia has no official mining pool, so everyone has to mine independently. This is what creates the lottery effect. As a miner, instead of a constant, slow flow of cryptocurrency based on the number of plots, you earn either nothing or two full Chia tokens (XCH) every tick, depending on sheer luck. Adding more plots increases your odds, but there’s always a chance that someone with one plot will come along and shamelessly steal the jackpot.

Currently only community pools are available, but they seem to be unreliable. The official pool will be released next month.

as a result

Chia is receiving a lot of attention as a new cryptocurrency. It was recently listed on an exchange, and in the past month the list of exchanges where the coin can be purchased has expanded from 3 to 17. With prices currently hovering between $600 and $700 per coin, Chia is one of the following. It’s a coin worth mining, at least until large storage providers get into the game.

I’m working on several guides on how to grow Chia efficiently, so stay tuned! Here’s what hardware is best for plotting Chia.

Subscribe below to receive immediate notifications when new Chia-related articles are published.

Chia Useful Links:

Official website: https://www.chia.net/

Forum: https://chiaforum.com/

Agricultural Calculator: https://chiacalculator.com/

Thanks for reading. As always, we welcome your comments, suggestions, and questions.

Subscribe and stay tuned for further updates!