Chia is another virtual currency just like Bitcoin and Ethereum. It is a California-based corporation formed in 2017 by American programmer Bram Cohen, who was also the founder of BitTorrent. Chia Coin is based on the idea that cryptocurrencies must be readily accessible for anybody. It helps you to engage in and earn from it while requiring little effort. It requires substantially fewer resources than many cryptocurrencies and has far low computational expenditures. If you are considering beginning a Chia farm, keep in mind that Chia takes substantial amount of hard disc space. Only after this requirement is fulfilled does it enable a person to mint Chia coins. Does that sound bizarre? Don’t worry; stay tuned with us; we’ll take you through the process of farming chia coins .
Chia Coins v/s Other Cryptocurrencies
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When Chia is compared to other cryptocurrencies, such as Bitcoin and Ethereum, they are more or less similar. Both Chia and Bitcoin cryptocurrencies employ the “Nakamoto Consensus protocol.” The Chia coin differs from the other two cryptocurrencies in generating the coins. Where Bitcoin and Ethereum use Proof of Work, Chia, on the other hand, uses Proof of Space and Time. Bitcoin’s proof-of-work uses giant, costly machines to overcome obstacles to earn money. This distinguishes Proof of Space and Time which makes advantage of excess storage. Doing this will make Chia more open to newcomers to the World of cryptocurrency. While, this can also render Chia more durable. This also indicates that Chia has a decent possibility of remaining sustainable for an extended period. Due to this reason, Chia is the most environmentally friendly cryptocurrency because of Proof of Space and Time.
If you are considering investing your money in Chia,there are some alternative investments you could consider. Let’s look into some of the ways by which you can farm Chia coins.
Process of farming Chia coins
As you’ve heard before, if you’ve experimented with other cryptocurrencies, Chia is different altogether. Some basic cryptocurrency concepts are similar, but the Chia coin foregoes the Proof of Work algorithm in favour of Proof of Space. Rather than mining coins with massive computing power, Chia needs huge complex disc storage areas to be populated with the correct data.
You’ll note that we use the phrase farm rather than mine when it comes to Chia coin. This is symbolic of its comparison to the filthy Bitcoin approaches. To farm Chia, we must first demonstrate the technique of Proof of Space. So, what is Proof of Space and time?
In order to briefly explain it, Proof-of-space and time (PoSt) is a technique used by storage miners to ensure that they still store a unique piece of data for the network. It is distinct in the sense that it enables users to establish the fact that they have been physically storing data for a specified period of time. This is done by choosing the miners at a random order, and the data that the miners provide, will be further examined for verification to make sure it is free of any fallacies.
For farming Chia coins, you need to follow the steps mentioned below as follows:
- Go to the website of Chia Network.
- Select “Download Chia Blockchain.”
- Install the Chia Blockchain for Microsoft or ios, depending on your preference, by scrolling down to the respective versions.
- Following the above procedure, Chia Blockchain must be installed and be suitable for operation.
- Now you’ve to choose “Generate a new private key.” You should also take a mental note of the 24-word phrase and safeguard it or memorise it thoroughly, as you’ll need this to get back your Chia profile in case you log out of it.
- After that, you must choose “Plots”, and an “Add a Plot” section will appear. You must fill in the required details and wait until the process is completed.
Initially, storage is briefly utilised to create plot files in the Interim Drive at its first stage. As soon as it is finished, it is transferred to the Final folder, making room in the interim Directory for the following plot to be added further. The plot files are stored in the Final Directory until they are destroyed. They are continually cultivated for new monetary payouts until they are removed from the farm.
Basic prerequisites for farming Chia coins
As we’ve already learnt about the process of farming Chia coins, furthermore, the following steps will go over some of the most significant or essential prerequisites for cultivating these coins. So, without further ado, let us quickly go through those.
Recommended Personal Computer configurations
The farming of Chia coins requires all of the standard PC components. The Temporary Directory, wherein the plots for farming the Chia coins, will be provided, must be a competent Solid State Drive (SSD). Something more petite will be sluggish or will cause the program to malfunction. You may use Solid State Drives or Hard Disk Drives for the Final Destination for your plots, but they should be somewhat large, as far as the sizes are concerned. We’d tell you to choose hard discs unless you have the extra budget for pricey storage cards. Getting started with Chia farming is considerably easy. You should be comfortable and at ease with a standard PC with a powerful processor, including plenty of Random Access Memory (RAM) and a very excellent SSD. Purchase many HDDs, and it’ll be more than enough for you to farm more Chia coins.
What are some of the best Hard Disk Drives for farming Chia Coins?
We’ve previously gone through how to farm Chia in extensive detail, and selecting the correct hard drive is just as simple. All that is necessary is a functional Hard Disk Drive that can use to store as much data as possible. The more capability of these hard disc drives, the more money you may generate and store.
Some of our best choices as far as hard disks are concerned involve:
- Seagate Exos X10 10TB: These are built with helium for improved consistency and reliability. The enhanced storage is ideal for large data applications such as chia farming.
- Seagate Exos X18 18TB: This X18 Hard drive features a faster transmission rate and nearly twice the storage. It’s likewise made of helium and has a capacity of 2.5 million hours, which makes it highly ideal for starting a Chia farm. This enormous 18TB disc may be expensive at first glance, but it purports to serve your purpose efficiently.
- Seagate BarraCuda 8TB: These are less expensive than the others, albeit they aren’t meant to operate continuously. You will not get significantly faster data speeds or more extended depreciation protection, but starting your journey is considerably good.
Furthermore, we would like to conclude that, compared to the other cryptocurrencies, farming additional Chia coins requires much more work and effort, not to mention patience. We’ve also witnessed a rapid increase in the allotted platform. However, things are starting to slow down. That takes us to our final point. Chia is considered a ‘green’ cryptocurrency since it does not use as much electricity to run a hard drive as it does to conduct and compute tasks. Chia’s power needs are far lower than those of Bitcoin but are now certainly as low as required to lower the emission of e-wastes.
Depending on how Chia’s network is expanding, despite starting with hard drives worth $150 billion, it is insufficient to keep up with the economy’s rapid development. During the first few months, they managed to make the most money, which explains why the miners who made the most left after a few months because they saw Chia losing money due to her high costs and low requirement.
What is plotting in Chia?
Chia farming helps us create plots by allocating a particular quantity of spare disc space. Plotting is the sole intensive step involved in the faring of Chia coins. Plotting is done on hard discs. Once you’ve finished plotting, your machine will start farming, and the programme will handle all of the labour and monitor your earnings.
How much time does it take to farm Chia coins through the process of plotting?
While the plots may be farmed with little cost, constructing such plots necessitates utilising resources shortly since a single plot of about 100GB can easily take 24 hours to develop.
Is it profitable to mine chia?
Due to the lowered demands of Chia coins and the higher price of its hard drives and SSDs, it has minimal profitability. It is also due to the high volatility of the Crypto market.