Chia is a "greener" mining strategy using the Proof of Time and Space (PoTS) Protocol. It simply uses HDD space to "farm" plots you generate by having your CPU crunch algorithms. These plots are stored on a mass storage drive that is constantly pinged by the full node you are running on your network.
You can find more technical details at chia.net
- Energy consumption is way lower than mining any other alt coin
- You can plot farms on most any quad-core CPU
- Small HDDs are easy to find or can be salvaged off old machines
- You will be competing with every other miner on the planet
- No mining pools are officially supported yet
- Some of the Chinese farmers have banded together to form ad-hoc pools
- One of the largest is literally claiming >33% of all Chia
- It can take years with luck to find a coin if you aren't a large farmer
- I am farming ~250TBs worth of plots and my estimated time to find a coin is 10 months
- The estimated worldwide storage pool is >26EBs (yes, that's Exobytes!)
- Top 3 pools shown
- It is almost impossible to compete as a hobbyist
- Pools are not yet supported
- Storage is becoming hard to find at reasonable prices
- Chia is not listed on most exchanges
How to mine:
First, you need a quad-core machine with at least one SSD (preferably a fast NVME) that has 500gb free on it. You will also need a slower HDD to store your finished plot (farm).
Then you download the latest version (currently 1.1.7) and start the full node sync.
Finally, you create your first plot on the SSD and store the new farm on the HDD. The software will automatically start to farm it and index the key. These farms or software keys are used to solve a crypto "puzzle". If your key fits better than all the rest, you get the 2 Chia coins. Less if you are in a pool.
There are 21M Chia available and they are awarded eery 10`12 seconds
Until pools are supported in your country, hobbyists can and should prepare their equipment, but farming is futile at this point.