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Chia cryptocurrency: a second chance for those who missed the golden time of mining. How and why to mine Chia (step by step)

Chia cryptocurrency: a second chance for those who missed the golden time of mining. How and why to mine Chia (step by step)
Why Chia is considered a promising project, what is useful in it, what does deflation and investors have to do with it, what difficulties it faces today and what to expect in the future, as well as how to mine Chia (step by step) and when Chia Coin mining will open - read the article about the most important thing.

The attention riveted to the Chia project today is primarily due to the hype among miners. As expected, the main "instigator" was the country with the highest concentration of miners - China, where a massive purchase of SSD and HDD drives for mining began. But the project has not even entered the market yet? Why are many experts already assessing it as a promising investment for both traders and miners? Understanding.
History and idea: short

The project has gained popularity only now, but it was announced back in 2017. Green-paper, explaining the environmental friendliness of the mining process of cryptocurrency Chia, was published in July 2020.

The first message from the creator in major specialized media appeared in November 2017. Then Bram Cohen said that with the help of the Chia Network the problems of centralization of virtual currencies will be solved, Chia will be more reliable, environmentally friendly and safe in the context of mining, and will also make transactions faster and cheaper by solving the problem of centralization.
Proof of Space and Time - two-step block authentication. In fact, it should be like this: the three "most significant stories" found by full nodes will be passed on to "farmers", not miners. Thus, the "best proof of space" is found, after which the PoST servers begin validation and publish the verified block to the network. So large or individual miners with large powers will lose their advantages, as is happening now with BTC. And the era of real, effective decentralization will come.

The project's FAQ states that mining rewards through Proof of Space are proportional to the amount of space a user occupies on the Web.

At the same time, in 2017, Cohen announced that he had assembled a team and enough funds to implement his ambitious idea. And today, in 2021, we see that he seemed to be speaking seriously.
Chia cryptocurrency: a second chance for those who missed the golden time of mining. How and why to mine Chia (step by step)

Chia cryptocurrency: a second chance for those who missed the golden time of mining. How and why to mine Chia (step by step)

What is the reason for the attention. And it is due

    Cheaper to start and in progress

For mining Chia coin, free space on hard drives of computers or flash cards will be used. They are cheaper than common mining ASICs and the amount of energy required to maintain them is significantly less.

    Manufacturers of SSD and HDD, who understand that the more popular the cryptocurrency, the higher the price of their equipment, which is necessary for its production, may be interested in the popularization of the project today and a possible pump of the coin.

A lot of money is already being invested in it. Moreover, there is already a shortage of HDD and SSD in China. It is likely that a local shortage will grow into a global one. I would also like to note that it is not mass-market products that are being bought up, but equipment similar in characteristics to the server equipment. Which also motivates manufacturers.

Among other things, funds became investors in the production capacities of companies to create such products. As we can understand, large investments also reflect the interest of the market.

Will cryptocurrency begin to appear en masse on cryptocurrency exchanges? Surely it is impossible to say. However, as a representative of the WhiteBIT crypto exchange comments, we understand that the low supply (that is, a low level of supply) of equipment at the start of trading allowed the token to gain popularity and, accordingly, can lead to an increase in value later. What is not a motivation for crypto exchanges?
The usefulness of new projects directly affects the demand for coins in the crypto environment.

PoST is characterized by the word “green”. You need to understand that the Chia Network project is a pioneer in the field of Proof of Space and Time consensus alternative to Proof of Work. Chia's blockchain and smart transaction platform is less power-hungry. This is one of the keys to understanding its popularity.

In addition, he developed and implements the new Chialisp programming language. And today it is defined by three adjectives: safe, powerful, easy to audit.

According to analyst James Crypto Trade, the following smart transactions are already available: atomic swaps, Authorized Payees, recoverable wallets, multi-signature wallets, rate-limited wallets and colored coins "colored coins". All this, according to the project team, should make the process of using crypt easier in comparison with cash and bank cards.

    Faith on the part of large investors and prominent figures in the crypto world also fuels the hype around the coin among small investors and traders.

Its founder is Bram Cohen, famous for the creation of BitTorrent. In whom andde are also the people behind the creation of the largest online music and home goods retailers eMusic and Overstock by Gene Hoffman and Mitch Edwards. In addition, the contributors include the Andressen Horowitz venture fund, which is affiliated with Coinbase, Pantera Capital (a venture capital company), Kenetic Capital (proprietary trading), Sequoia Capital (a venture fund), Polychain Capital (an investment company) and others.
Limited number of coins

Whatever one may say, if the project is interesting, over time it will gain popularity among users. We know that like Bitcoin, Chia has a limited supply of 21,000 coins. At the moment, not a single one has been mined. But the project already has popularity, and the whole crypto world also knows about the declared simplicity of mining Chia.

Thus, the number of free, not mined coins will decrease over time, which will lead to deflation. As Crypto FOX writes, deflation increases the purchasing power of a cryptocurrency when it creates a form of scarcity.
Potential and existing difficulties

    Rising prices and scarcity. Now

Jiahe Jinwei, one of the world's largest manufacturers of SSD and HDD cards, has already sold out its affordable products. So, Lightway and Asgard drives are either hard to buy or hard to find. In addition, Snapdragon NVMe 1TB, Yi Pro NVMe 1TB and Yi Pro NVMe 1TB, AN NVMe 1TB, AN2 NVMe 1 / 2TB and AN3 NVMe 1 / 2TB are absent in warehouses or practically in short supply.

Forklog reports that, according to analysts' estimates, in the special administrative region of China - Hong Kong - the drives will rise in price to $ 77 per unit.

    Restrictions on the sale of mining equipment "tomorrow"

In order to “moderate the market”, the company plans to fight the current situation with restrictions on the sale of such consumer-grade goods in the future. In addition, JJ will ramp up capacity to kickstart the development and implementation of dedicated SSDs for mining specifically Chia.
Resale of out-of-order cards

The third emerging problem is a quick failure, wear and tear of existing cards that are not designed for mining cryptocurrencies in general. In this regard, the market may be filled with used SSDs, which will not cope with the task (oriented list - in the first paragraph).
Chia: step by step instructions for mining

Chia mining will be available from the beginning of May this year (according to information from the official website of the project). At the moment, there is no coin on cryptocurrency exchanges.

Artofpc.com gives the following sequence of actions:

    Install Chia Blockchain, run the ChiaSetup-XXXexe file;
    Here - create a wallet;
    In the "Charts" tab, click "add a plot". You will be presented with a menu. You can choose the number of rafts, the size, and the temporary and final directory in which each of your rafts will be stored (.PLOT file).
    In addition, you can edit advanced options including maximum RAM and CPU threads usage. If you have free RAM, do not hesitate to allocate more for your mining needs than is prescribed by default. This will affect its speed later.
    If you're not sure how much RAM you have, just hold ctrl + shift + esc to open the task manager. Here click the Performance tab and check. You will see how many GB of RAM are currently in use and you can calculate how much more is available.
    It is recommended to leave the default 128 GB for mining. After you have optimized the settings for your specific PC and its capabilities, click "Create Plot". Done!

Minimum PC Requirements for Chia Coin Mining

    Quad-core 1.5 GHz processor;
    2 GB of RAM;
    Python 3.7 or higher.

Ideally, you need two hard drives: one fast and spacious for temporary storage, another, larger capacity, for storing mined areas.

Finally, the progress of mining will be displayed in charts. For one mined block, the user will receive 64 Chia. As with BTC, a new challenge appears every 10 minutes.

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