Chia cryptocurrency mining dead

Introducing the simplest DeFi device. Earn Chia XCH , manage your wallet, and use native web3 applications. Evergreen Hub is a plug and play crypto miner Well technically a crypto farmer. Meaning you won't need a special power supply and it won't show up on your electric bill. Earnings are stored in the native chia wallet, where they can be used on a DEX , or to buy NFTs , or even play on-chain poker.



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WATCH RELATED VIDEO: WHY THE CHIA COIN (XCH) WILL HIT A 10K PRICE - Crypto Analysis

Bram Cohen


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If people say no to these cookies, we do not know how many people have visited and we cannot monitor performance. The Chia cryptocurrency craze is fuelling record sales growth in Europe among distributors of hard disk drives HDD , according to calendar Q2 shipment data from venerable number cruncher Context.

Stats for the three months show sales to end users, via distributors and resellers, went up by per cent year-on-year to , ….

You can't make any money from your spare space. A couple of months ago I rounded up all my spare hard drives about 1. The "estkimated time to win" started off at 10 years and got higher as more people added their HDDs to the network. God knows what it would be now. To have any chance of getting a payout you need to invest in s of TB. When I gave up I was competing with 24 EiB of network space or 28,,,,,, bytes.

Didn't bother clearing it to do it as knew by the time I did, I wouldn't have been able to make crap on it. I remember reading an article somewhere recently As I have a Pi doing nothing much apart from providing me Wireguard into the house, I thought I'd look at repurposing it for mining on its spare cycles. Tripped over a Monero article, where someone did that. I don't have the article to hand any more but the excerpt I do have is Exchange rate at the time of the writing of this article.

At a pace of accumulating 0. Tried Burstcoin before, exactly the same thing happened. Was originally supposed to be "use your spare space" but people just bought loads of big disks to shoot us out of the game. At least the power consumption is lower, but there's still an environmental cost to manufacturing all that extra hardware. Yes, but rest assured Mr. Cohen has the lion's share of it. Same as any other crypto currency Such a waste. The guy who created it only considered the fact that not much power is used during the farming as the only metric.

The bang we will be subjected to when all this crypto-crap comes down will be heard at the other end of the universe. I'm thinking it'll be an implosion where all the crypto pseudo-wealth collapses into a singularity and nothing of value is lost.

Unless you always try to find a silver lining, i. And some fabulous amount of energy too. A big percentage of world energy consumption is this nonsense. They should shut it down. It was a great experiment, top tech, very useful, but it cost too much and had very little real world benefit outside helping illegal money flow.

Well there could be a glut of once-written large capacity HDDs on the market, assuming people get over their sunk-cost fallacy and realise there's more money to be made flogging the disks than holding on to them in the hope of earning something And are you willing to pay for large capacity HDDs that has been used for a year or three, in an environment you know nothing about?

I just threw out a crate of old 3. Seagate STs that developed read errors starting from about 6 months old, drive retired once that happened. Retirement rate after that was about 1 every couple of months. Deathstars - you know you should be backing up anything worthwhile on them but too lazy to do it. I wouldn't put the failure rate of a drive from a rig much higher than a fresh drive.

If there's something worth keeping on it then back it up. The main advantage of a new disk is warranty although UK folks should be careful if they need to send the disks back to the EU for warranty replacement I tear apart dead HDDs for the magnets. They come in handy now and then, but maybe the market will pick up to the point that they can be recycled for cash. To be fair, there is a quick buck to be made.

Just guess which new tweak will become the next fad, get in early, and cash out before things sour. Or, of course, sell shovels drives. I suspect there's still money to be made in Ether, because so much is tied up in Ethereum smart contracts 1 and, according to studies I've read, a large portion of those are doing actual business processing for someone. So the value base is broader.

But I wouldn't get into it myself. Not interested in the risk, and even less in spending my time and energy in figuring out a profitable angle and working it.

If you haven't heard of them, your chance of winning is proportional to the amount of dust your hoover collects. So if you see my robot vacuum running up and down the street, you know why. The real trick would be a cryptocurrency based on Proof of Hype.

That appears to be an unlimited resource. Proof of work, proof of space, what's the difference? In each case, there will be loads of morons spending money and using resources for yet another funny money scheme that will practically only be used by criminals and scammers.

Crypto creates the same parodox as social media: terawatts of heat and noise, with the result of Absolute Zero. Besides, they're all too busy proselyting, arguing, flaming and out-IT-ing each other on this err, social media forum.

Sorry, IRC board. One difference is that proof of work is an incredibly costly and inefficient operation which makes it difficult to forge transactions and profitable to secure them in a global manner, whereas proof of space is a slightly less costly operation which achieves nothing at all.

If we're going to insist on cryptocurrencies with no external control, let's at least use one that has that. I don't think any of the existing ones are functioning at their goals very much, but some are a lot closer than others.

So, how does this "proof of space" actually work anyway? Are the "miners" offering up their space for other to use or something? Or is it simply that the more free space you have on your disks the more you can earn just by it simply existing? Is this the monetising of "nothingness? Is that worth anything? It's a lottery. Each chunk of unused space is one ticket.

When they need to mine, someone gets chosen at random and hashes the block. That's it. It does nothing. I'm wondering how many disks they bought up to sell later. I read the documents, and they are not mining now, They are meant to be "green" farmers. Somewhere, in one of the big Storage vendors' offices there must be a clever marketing person bound to get a huge bonus for Xmas The idea was absolutely genius, and more so since it's bound to push the high-margin top shelf products, where the real profit lies.

People are hopelessly naive. Why doesn't someone invent a fitness oriented cryptocurrency based on "proof-of-steps"? Then everyone will pull their unused fitness trackers out of their drawer and start using them again. FitBit the device can become FitBit the cryptocurrency.

Anybody wonder if some of these cryptocurrencies requiring vast amounts of high-end hardware aren't being invented by the hardware manufacturers themselves? Given my mum can apparently walk several miles just by sitting in a chair and knitting, I'd say it'd less be proof of steps and more proof of arm waving.

Which, to be fair, is an adequate summation of the whole cryptocon. I quite like the idea of going to the shop and paying in big round woollen coins. Good proof of work too. I'm thinking of starting a crypto called "Printcoin", once I've bought up a load of printers. It's a corner of the hardware market that hasn't been ruined by this stupid fad yet : Instead of "mining" using a graphics card or HDD, you use the printer to "mine" what I'm calling cryptonotes, which it spits out on paper.

Is it possible to invent a cryptocurrency which isn't fundamentally an investment vehicle that allows people with money to spend it on one resource and get a higher return in another form?

I think the question is why would you bother, given that we already have perfectly good forms of currency that work for all other purposes?

They actually work really badly.



Any one looked at Chia yet?

Create Account Retrieve Password. Chia is a relatively new cryptocurrency that is based on a proof of storage model which differs from the more traditional cryptocurrencies such as Bitcoin and Ethereum. Chia is advertised as a greener, more environmentally-friendly cryptocurrency because the plotting process on the storage devices doesn't consume much energy when compared to traditional mining. However, the plotting process for Chia is very taxing on SSDs. Some of the best consumer SSDs can only last a few weeks before dying. Chia is best mined on an enterprise-level SSD or a hard drive. The two most important qualities in a storage device for mining Chia [are] write speed and endurance.

Falling Chia coin pricing has seen miners selling off drives at a loss or Crypto: Noble in theory, horrid in practice in every way, shape, and form.

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Frequently Ungoogled Chia Questions

chia cryptocurrency mining dead

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It is hardly great for the environment when a self-proclaimed green cryptocurrency rips past consumer-grade SSDs and large capacity hard drives in less than two months. Meanwhile, enterprise-grade SSDs usually designed for datacentres come with hefty price tags.

What is faucet chia?

Came across some curious figures on CHIA mining acutal for May , see for yourself what it turns out:. In I already addressed this topic, but instead of ROI there was a monkey business, so a regular HDD would take several years to pay off. It should be noted that servers in Hetzner have gone up in price by about 10 euros in a month, so the 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. Setting up is elementary, like everything started and even ran a complete synchronization for an hour, but after that 15 thousand blocks turned into 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 coin dead?

The Chia network is powered by energy efficient blockchain with less damage to the environment. To create or "farm" Chia symbol: XCH , miners aka farmers must install Chia's software that creates cryptographic data known as "plots" to the hard drive. The blockchain broadcasts a problem for each new block, approximately every 18 seconds — with the likelihood of farmer winning the block being determined by the availability of unused computational storage capacity. Chia was created by BitTorrent inventor Bram Cohen. It was developed through a powerful, easy-to-audit and secured new intelligent transaction programming language called Chialisp.

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Mining Chia on hard drives: Max Seeding Speed | Instructions | Pool or Solo

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How to mine Chia (XCH): Easily farm crypto with your storage drives

RELATED VIDEO: Will Mining Chia Coin Break Your SSD Drive?

It contains all the features of this version and much more:. New features: — initial Linux support tested on Ubuntu. Looks clumbsy, but it does the job. Same Java requirement as for Windows 1. Only visual bug, plot was actually copied to final drive.

What attracted them to the dusty drives on the shelves? Crypto investors and miners of all stripes know the answer.

THE CHIA FARM

Relax guys… This scheme is soon dead. Beware of such crypto scams, especially from China! Chi n a coin! SGC where did you read that about cheating the chia system if you can generate plots faster that 10 minutes? Could that be right?

Chia pool faucet

Right now, it looks like the bulk reselling of Chia plotting hardware is primarily happening in Asia, though we would advise our readers to be wary of used HDDs and SSDs. Chia plotting destroys storage prematurely, and it has a larger impact on hardware longevity than Ethereum mining has on graphics cards. As always, be cautious when purchasing used hardware. You can join the discussion on Chia miners reportedly selling their hardware en-masse on the OC3D Forums.


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  1. Treves

    I believe that you are making a mistake. I can prove it. Email me at PM.

  2. Efrayim

    Agree!

  3. Lawton

    Well written. Of course, there is not enough positive, but I read it in one breath