With the new launch in the crypto space of the Chia blockchain, cryptocurrency enthusiasts started an armed competition with storage devices. We already are able to see that the hard drives are more expensive than before, and many IT stores are empty. At least in my country. Overlooking this, I have made up my mind, and I am going to build my own farming Chia computer. Therefore, if you are interested in Chia farming, stick around and subscribe to my blog to see how it works. In the article posted on my website, I have listed my future Chia farming computer components, which are already ordered, and now I’m just waiting for their arrival. Also, the orders didn’t perform as planned.
Chia cryptocurrency is already listed on several cryptocurrency exchanges, and it can be bought and traded in multiple pairs. But, for the new crypto enthusiasts who didn’t hear about Chia, let’s start with this feature.
BUY AND TRADE CHIA ON HUOBI GLOBAL
What is Chia and how it works?
Chia is a blockchain project that uses the Proof of Space and Time consensus. The development of the Chia cryptocurrency started in 2017, and the founder is a well-known entrepreneur who also funded BitTorrent, Bram Cohen.
Using the Proof of Space and Time consensus, the Chia network is more environmentally friendly than the Proof of Work consensus. Chia uses the free hard drive space to validate the transactions on the blockchain. Therefore, anyone can farm Chia cryptocurrency without any expansive ASIC miners. But, regarding that, the Chia network expands very rapidly, is going to be very hard to win some Chia cryptocurrency as a solo miner.
The Chia farming works from building plots on your hard drive space. The plots are some files that will solve mathematical problems given by the network. And your chances of validating a block, solving the problems given, will increase with the number of plots built.
Many crypto enthusiasts associated solo Chia mining with a lottery system, and this is true, and I totally agree with this. To win some Chia cryptocurrency, users will need to validate a block. And to have an opportunity into validating, they will need to build as many plots as they can, to be selected for solving that mathematical problem. Therefore, miners will need to fill up as much hard drive space as they can, with plots.
But, with some recent announcements from the Chia network, the official Chia Pools will come shortly. And in this kind of farming Chia, I am interested, because with pools, there will be a more stable Chia income.
There are already unofficial pools listed, but the miners will need to give away their Chia wallet private keys, in order to join that pool. Therefore, I wouldn’t be recommended this. Until then, I will build my computer and wait for the official Chia pools to appear. This way, I will also save my SSD’s life.
Where to buy and trade Chia cryptocurrency?
Chia is listed on several cryptocurrency exchanges and can be bought and traded in different pairs. Also, more exchanges will come for the Chia cryptocurrency, being a very interesting blockchain project, and with a bright future ahead. Therefore, interested crypto enthusiasts can buy and trade Chia on the following exchanges:
- Crypto.com app;
- Huobi Global exchange;
- Gate.io exchange;
- OKEx exchange;
- BKEX exchange;
- Dcoin exchange;
- CoinEx exchange;
- ZB exchange;
- LBank exchange.
My future Chia farming computer
As I said at the beginning, I have made up my mind to build my own Chia mining computer. If you are interested, check out here my initial components list, and also what I have succeeded to order until now. With these specifications, I expected to build approximately 12 plots in parallel. Also, with an estimated per day, of 20 to 30 plots. One plot will be built on an interval of approximately 5 to 9 hours, depending on every computer’s specifications.
The computer components orders, didn’t work very smoothly. Anyway, now I am just waiting to be shipped. I am trying to build something that is also on a budget, but at the same time to be competitive with the network growth. Regarding this, my initial hard drive space was planned to have a total of 70 TB, but I desire to reach 1 PB of storage sometime in the future, or even more. Until now, I only managed to order only 52 TB. In my country, all the stores are empty, and the prices almost doubled on hard drives. So, I’m beginning to ask myself, is it too late? But I’m not going back down, and continue my road with Chia farming, because I really believe in this project.
Nowadays, with the Chia network space growing very fast, the hard drive space is not enough to win some Chia rewards. It is also important the speed of your computer to build plots. More specifically, to fill up the hard drive space. Here you can find a Chia network estimative calculator to get an idea about solo mining.
So, to build plots fast, you will need a good CPU, a lot of RAM memory, and some good SSDs with some high TBW (total bytes written). The SSD’s will be put under a lot of stress, so the TBW will be necessary to be high, and not to change them regularly. Therefore, for plotting, it is recommended to use some NVMe drives.
Final words
I have missed the Bitcoin inception, but I will not be too late on this great blockchain project. Therefore, stick around, subscribe, and see how my Chia farming will work.
Regarding the market capital, Chia is currently ranked in a place near the 2500th area, according to CoinMarketCap. But with time, I see the Chia cryptocurrency in the top 100, easy. Also, please remember that I am not a financial advisor, these are only my feelings regarding the Chia blockchain project. Therefore, everybody should do their own research before investing in cryptocurrency.
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My original post: https://cryptofiveo.com/chia-blockchain-farming-crypto/
The source of this article is the Chia blockchain platform.
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