The cryptocurrency world has been in turmoil last week when Tesla CEO Elon Musk announced to stop using using a Bitcoin payments. Bitcoin price dropped almost 20% instantly. While the ripples were felt in other cryptocurrencies as well, enthusiasts were extremely worried about the short-term future of bitcoin.
Environmental concerns have always plagued Bitcoin, and Musk, a green energy proponent, has been open about his holdings of cryptocurrency. But here in the city is a new concept that promises to be environmentally friendly.
What is Chia Coin Cryptocurrency?
Chia is a blockchain and smart transaction platform that aims to provide all the benefits of a standard cryptocurrency – decentralization, efficiency and security. But its unique advantage is agriculture – a non-polluting substitute for mining. It was released in 2017 but was relatively low in mainstream media. The Chia network was founded by American programmer Bram Cohen, who also invented the BitTorrent peer-to-peer file sharing system.
On May 3rd, it announced the launch of Chiacoin (XCH), which uses the storage on your hard drive to “farm” new coins. All it needs is 100GB clusters on a device called plots. Imagine this is a block of data that takes up 100 GB of space, each of which consists of a cluster. The more plots you have, the higher your chances of growing Chiacoin. According to Tom’s Hardware, 10 TB of storage gives the farmer a win rate of 0.000257%. 4,608 XCH blocks are generated worldwide every day.
Miners use hard drives to allocate as much space as possible for profitable and cheap mining or cryptocurrency growth. To start Chia farming, you need to download the program to your computer and allocate a certain amount of space for the network through the user interface. Since agriculture does not need an improved processor to compute complex mathematical algorithms for mining coins, it uses significantly less energy. Chiacoin has published a white paper claiming that it uses up to 10,000 times less energy than Bitcoin mining.
The Chia network also consists of a smart coin that is used for transactions involving multiple contracts and opportunities. Chialisp is a web-based application capable of performing banking processes, payments, asset payments and exchanges.
“Proof of space and time” on the network is the first of its kind. This makes it easy for the average Joe to get involved in the process without requiring a lot of investment. The idea is to minimize electricity consumption and reduce mining disparities.
Like other cryptocurrencies, Chiacoin has attracted a lot of attention and many have turned to agriculture on an ongoing basis. While Bitcoin and other coins are full-time mining intense demand for processors and GPUs, Chia has started the race for best-in-class storage hardware around the world. Hard drive stocks jumped after the launch of Chiacoin, which put pressure on Seagate and Western Digital by at least 15% in two days.
How to Farm Chia Coins (XCH) in India
The requirements are simple and are as follows:
A working computer with Windows, macOS, or Linux installed. A newer computer with an SSD is recommended.
NOTE: You don’t need to use a particular computer to farm chia coins. Just use a computer that you use regularly. Chia will farm a chia coin in the background. A desktop computer is preferable to a laptop because it is more difficult to carry a laptop with external devices attached.
1. A solid-state hard drive (SSD) or NVME. Requires 250 GB or more. You can also use an external solid-state drive (such as the Samsung T7 Portable Solid State Drive) if your drive is less than 250GB. An SSD is ten times faster (read) and 20 times faster (write) than a hard drive.
2. Larger external hard drives (HDD) are better. The popular size is 18 TB.
3. Chia Blockchain software.
NOTE: Prices for both solid-state and hard drives have risen recently due to the popularity of the Chia blockchain launched on March 19, 2021. There is a shortage of both solid-state drives and hard drives in India.
Install Chia Blockchain Software
To install the Chia Blockchain software:
NOTE: We’ll be using Windows because most people use Windows at home.
1. Open https://www.chia.net in your browser.
2. Click the Install Chia Blockchain button to go to INSTALL · Chia-Network / chia-blockchain Wiki · GitHub
3. Click on the “Install Windows Installer – Chia Blockchain” link for Windows to download the ChiaSetup software.
4. Click the ChiaSetup program to install.
5. Chia setup will automatically install the Chia Blockchain software on your computer. The program installs the software in the / Users / your username / .chia directory.
6. When Windows Defender Firewall requests access, click the “Allow Access” button.
You have successfully installed the Chia Blockchain software on your computer!
Configure Chia Blockchain Software
1. Click on the “CREATE NEW PRIVATE KEY” button.
2. The Chia Blockchain software will create a new wallet for you with a set of mnemonic words, as shown below. Make sure you use your smartphone to take the picture to keep this key in a safe place.
NOTE: Do not use the above key of the wallet. This is for reference only.
1. Click the “NEXT” button to start using the Chia Blockchain software. If Windows Defender Firewall requests access, click the Allow access button.
2. You will be taken to the main screen, called “Full Node,” as shown below.
The Chia software’s first thing is to sync (i.e., keep track of all recent network changes, i.e., blocks) with the Chia Blockchain. Synchronization will take up to several hours. Expect both 1344 and 47773 to change during sync. When synchronization is complete, the status will change to Synchronized, as shown below.
Plot Chia Blockchain
The chia farmer has two parts. First, you will need to create a series of stories, after which you can process those plots to receive Chia Coin (XCH) coins as a reward. For more plotting information, see https://www.chia.net/2021/02/22/plotting-basics.html.
In this section, we will focus on the process of creating Chia plots. Always plan on using an SSD, as this is a very intensive read / write operation that will take exponentially longer on your hard drive.
1. To create plots, go to the “Charts” screen as shown below.
2. Click the “ADD A PLOT” button to create the plot.
The following are the recommended settings:
a. Plot Size: It should be 101.4 GB (k=32, temporary space: 239 GB) as Chia Network recommends. You can choose different plot sizes, but it will take exponentially longer to create it, and over 90% of the plot in the network have k=32.
b. Choose the Number of Plots: This depends on how much free disk space you have on your SSD, as each graph takes about 250GB to complete. Use this as a guide:
- 270Gib Free Diskspace on SSD: 1 Plot
- 540Gib Free Diskspace on SSD: 2 Plots
- 810Gib Free Diskspace on SSD: 3 Plots
- 1,080Gib Free Diskspace on SSD: 4 Plots
- 1,350Gib Free Diskspace on SSD: 5 Plot
NOTE: Always select “Plot in Parallel” and choose a delay between 0 and 60 minutes to complete more plots in less time. In my experience, creating a plot or up to four plots in parallel takes about the same amount of time. So, plot as much parallel as possible.
c. Select Temporary Directory: Select a directory on your SSD.
d. Select the Final Directory: Select a directory on your external hard drive. SSD is used to create plots, not to farm plots.
e. Finally, click on “CREATE PLOT” to create a plot: It is expected that it will take an average of 6 to 12 hours to build the plot. If you are plotting more than three graphics simultaneously, then your computer resources such as CPU and RAM will be taxed more.
1. At the time of this writing, plotting stalls in two locations. It seems it will stay at both 31% and 100% for a long time. This is to be expected, and you have nothing to worry about 31% is a phase 2/4 process in which the status will not change until phase 2 is complete, possibly a bug. 100% is that the preparation of plotting is completed, and the transfer of the finished plot file from SSD to HDD. It could take up to 1 hour to move the completed plot file.
2. If for any reason, the plot failed, you will need to start the plotting process from the very beginning. Remember to delete all temporary files in the temporary directory as they will not be deleted.
3. The plot file is named: “plot-k32-yyyy-mm-dd-hh-mm- [series of alphanumeric words] .plot” and they are about 108.9 GiB in size.
4. Four stages of plotting are:
- Calculation table (Tables 1 to 7)
- Backpropagating table (Tables 1-7)
- Compressing table (tables 1 to 7)
- Write tables for checkpoint.
Farm Chia Blockchain
You don’t need to grow the Chia blockchain as all completed lots immediately start farming, where you compete to be rewarded with Chia Coin (XCH).
This is where Chia Farming gets interesting. Farming turns into an endless race for new plot so you can increase the total size of the plots on your farm: the larger your farm, the higher your chances of getting Chia Coin (XCH). You are competing with all other farms in a network that is growing exponentially.
To estimate how much you can earn by growing chia coin (XCH), use an excellent online chart on the Chia Calculator website – How much can I get Chia from farming?
Refer to the Chia Blockchain (chiaexplorer.com) to see how fast the Chia blockchain is evolving.
How Do I Get Rewarded in Chia Coin (XCH)?
Your Chia farm will have 4608 chances of winning 2 Chia Coins (XCH) per day. To receive the Chia Coin (XCH) reward, your plot must pass the filter and then compete with all the other sections presented for the best proof of space to receive the Chia Coin (XCH).
1. Plots Passed Filter. The algorithm ensures that the probability of passing the filter for your graph is 1/512. The plot must pass the filter about eighteen times in 24 hours.
NOTE: You should see regular iterations of your plots going through a filter, for example, 1 / Number of plots on your farm instead of 0 / Number of plots.
2. Evidence Discovered: After a plot has passed the plot filter, it competes for the best validation space with any other plot that has also given the plot filter. Each lot competes for the best proof of free space, where the chances of winning a prize depend on the total size of the lots on your farm.
NOTE: A plot is a collection of evidence for space with about 40 Proof of Spaces per plot.
Some Chia farmers get lucky. There are times when they receive Chia Coin (XCH) with only one plot, as shown below.
In most cases, your results will differ.
How Much Would I Earn from Chia Coin (XCH)
There are currently no prices for Chia Coin (XCH). Chia Coin (XCH) transactions has been nabled on May 3, 2021.
Meanwhile, there are several futures markets where IOUs are traded on Chia Coin (XCH). I am not familiar with these markets, so I have no comments on this.
Chia Farmer Pools
Pooling is not officially supported, but is under development. When mining cryptocurrencies, most people join existing pools (that is, many miners work together to earn more regularly and predictably) as a solo Chia farmer.
You probably won’t be able to reuse the plots you create and use them in the Chia farm pool. When you join the pool, you will need to re-plot all the plots.
Other Farming Considerations for Chia Coins (XCH)
Here are some other considerations when farming for Chia Coin (XCH):
1. Try to minimize the number of stopping and restarts of the Chia Blockchain software as it can take up to 1 hour or more to complete synchronization. You will not be able to process the farm until the synchronization is complete.
2. When using Chia Coins (XCH) on a Windows computer, change the power setting to Never.
3. If you want to expand your activities on the Chia farm, install two or more computers on which one set of computers does planning and the other set of computers does farming/harvesting.
4. You can have multiple computers with Chia Blockchain software using the same key. Instead of creating a new wallet, select IMPORT FROM MNEMONICS and enter twelve four-word mnemonics in the correct order.
5. Plotting is faster on a Linux machine (tested on Ubuntu with the same hardware configuration as Windows) than on a Windows machine.
6. Uninstalling the Chia Blockchain software on a Windows computer does not delete the wallet keys. You will need to delete the wallet keys using the Chia Blockchain software using the DELETE ALL KEYS option.
7. The Chia Blockchain software is not yet fully formed. We see software updates every few days or even on the same day.