Today we’ll tell you how to mine Chia. You’ve probably already known about the new virtual coin that purported to be the “Bitcoin killer”. Several digital coins have tried to take the place of the leading cryptocurrency in the last ten years. But all of them have failed. Some have become altcoins, i.e. lower tier coins, others have been forgotten. Let’s look at what Satoshi Nakamoto’s next coin rival is all about.
A page about the new Chinese blockchain start-up Chia on reddit.com has a title “Green Money for a Digital World”. HDD mining of Chia has been popular even before coin listing on exchanges, and this is not surprising at all. Bitcoin is firmly on the $50,000 mark, and many people blame themselves for not mining a few coins on a regular PC at some point. It has introduced a lucrative new coin. Chia mining on SSDs and hard drives will bring you fantastic profits.
Chia is one of the newest cryptocurrencies to debut this year. Bram Cohen found the project (who also created BitTorrent) and its primary goal is to become the most energy-efficient digital asset. Chia mining farm for cryptocurrency processing uses the resource of storage rather than the processing power of graphics adapters or integrated circuit devices like more common blockchain currencies such as BTC and ETH. Experienced miners might say that mining Chia is a trivial plotting scheme. Where is the innovation here?
Well, first, the requirements to mine Chia are much higher than those of previously launched cryptocurrencies with a similar way of generating new blocks. And second, no other such project has generated so much hype. The main talking points in favor of the new blockchain project:
If cryptocurrencies with no fundamental value, such as Dogecoin, rise in value fueled by hype (Dogecoin has no coin limit and can inflate indefinitely), it seems likely that the price of Chia will rise as its popularity increases. Issuing the new digital asset limited to 21 million coins, just like Bitcoin.
Chia uses a new consensus algorithm called Proof of Space and Time, or PoST, which essentially proves that you have allocated space on your hard drive/SSD that can create plots. This is an enormous improvement, in terms of efficiency, over the proof-of-work algorithm. The developers write source code for this cryptocurrency using the unique Chialisp programming language.
Whether Chia will displace Bitcoin, or at least take its rightful place among altcoins, is still anybody’s guess. But let’s go straight to the principal topic of our review and look at how to mine Chia. At the time of writing this review, it’s already traded, so we’ll be able to calculate a very real, not hypothetical, profit. The Chia mining calculator on https://chiacalculator.com/.
XCH mining can similar to farming. A miner, downloading specialized software from the project’s official website and starts a “planting campaign” on their data storage device. Each sown sector is a plot, which means “plot of land”, well, its owner called a “farmer”. To generate a new block, the system broadcasts a set of codes to the farmers, and each of them checks their plot for a matching hash sum. The more “seeded fields” you have, the better your chances of closing the block.
When using a Proof of Time, you want the broadcasting period for calls between blocks to be as short as possible. A verifiable delay function realizes proof time. Cryptographic computation takes a certain period, but is verifiable instantaneously. The key idea of the Verifiable Delay Function is the to execute sequential computational operations on a set of parallel nodes, each of which is equivalent.
According to the developers, any user with a desktop, laptop, mobile phone or corporate network account can take part in XCH farming. You just need to install the right software and have enough free space to create at least one plot, and then, you can find the hash amount to close the next block and get the reward. In theory, this is quite possible, but it happens rarely.
This is the first part of the article. Plotting setup will be described later.