Altcoin miners have already begun to get rid of hard drives that are used to mine cryptocurrency. Experts explained how the project managed to become popular and whether it has any prospects
Over the past four months, the Chia Coin token has fallen in price by 86%. On September 7, the cryptocurrency was trading at $236. The altcoin’s capitalization dropped to $391.4 million, according to CoinGecko. In mid-May, the cost of the Chia Coin token reached a historical high of $1.64 thousand.
Due to the collapse of the Chia Coin rate, miners began to massively sell hard drives (HDDs) and solid-state drives (SSDs), which are used to mine cryptocurrency. Miners are getting rid of equipment because Chia Coin mining is currently unprofitable.
Chia Popularity
A surge in interest in Chia Coin occurred in mid-April, as indicated by Google Trends data. Apparently, users were attracted by the unusual method of token mining. To earn Chia Coin, it is not computing power that is used, but disk space. This way, anyone with free hard drive space can start mining the coin.
The popularity of Chia Coin resulted in a shortage of hard disk drives (HDDs) and solid state drives (SSDs) in Hong Kong in April. Due to increased demand for devices, their average cost has tripled.
View mining statistics on Uupool.
To monitor your mined funds, you need to go to the statistics section on the pool website by clicking on the second item in the main menu.
To view transactions to the pool’s internal wallet, you need to click on the following hieroglyph (see screenshot below).
Project development
In May, the president and chief operating officer of Chia Network Inc. Gene Hoffman announced plans to conduct an IPO (initial public offering) on the stock exchange before the end of this year.
Chia Network has raised $61 million from a group of investors that included Richmond Global Ventures and Andreessen Horowitz. During the investment round, the project was valued at $500 million. Company leaders note that they plan to create a trading and payment system that will be used by government agencies, banks and financial institutions.
In July, Chia Coin cryptocurrency developer Bram Cohen announced plans to launch a decentralized exchange and automated market maker. According to Cohen, other DeFi products will be developed in the Chia ecosystem in the future.
Conversation with a Chia miner with 1PB of capacity
You may already be aware that in Russia now prices for large-capacity hard drives and SSDs are rising rapidly, and people are rushing around computer stores, rushing to buy components for new computers. The reason for this excitement was the new cryptocurrency Chia, the mining of which requires large HDDs and wear-resistant SSDs.
Chia offers an environmentally friendly mining model that does not require enormous energy costs and reduces greenhouse emissions, since a huge number of power plants still run on fossil fuels.
For a better understanding of everything related to this cryptocurrency, we present to your attention a transcript of my conversation with the Chia miner, which took place on the evening of April 21, 2022. I act as the SSD seller, and the miner acts as a repeat buyer who makes a coming-out during the conversation. During this conversation I learned a lot about Chia.
Disclaimer of any responsibility by the author and RuVDS for all decisions you make regarding cryptocurrencies and mining
Author and RuVDS:
- are not the organizers/developers of Chia
- have no opinion about the future fate and value of this cryptocurrency
- may not share the position of the miner in the conversation below regarding any of his statements
Tips for those thinking about investing and mining:
- spend money you don't mind throwing away
- chances of getting rich are unknown
- NEVER invest with borrowed funds.
- NEVER sell your last apartments/cars/pants for gaming with cryptocurrencies
- DO NOT “borrow” savings from your old mother, with persuasion - “I’ll give you back twice as much later”
- Some of the cryptocurrency projects are created by scammers
Miner: Good afternoon, please tell me, do you still have the Intel P3700 1.6TB SSD?
C: Yes, 1 piece left.
Miner: Wow! I understand there is hype on them now.
C: And then she is U.2.
Miner: Yes, I understand. By the way, they performed well. I also took an Intel P3605 1.6TB, which plugs directly into PCI-E, but the U.2 Intel P3700 is more productive.
C: What do you want to buy? There are several more drives in PCI-E format.
Miner: I have nowhere to put them anymore. I took 2 pcs P3605, 1 pc P3700, and one HGST SN260 for 7.68 TB from you, and also bought a couple of new ones elsewhere. I’ll think about it, decide and take what I decide.
C: You can also take advantage of the hype. Sell what you bought and buy yourself a higher capacity.
Miner: I don't need to sell them, I use them for Chia mining. On the contrary, I miss it. I just got into the topic a little earlier than people, from November 2022. And I’m taking it for plotting. The plotting is powerful.
HGST SN260 is, of course, the coolest, definitely. You just had to take the 6.4TB version, it has a larger resource, 3 DWPD. Otherwise, I’ve already spent 50% (7PB) of the resource. Intel P3605 holds up well, and the U.2 P3700 is generally handsome.
C: By the way, I learned special commands with which you can format the HGST SN260 7.68TB into a capacity of 4.48TB, and the resource will be 7.5 DWPD (61.3PB), 4.3 times larger.
Miner: I'm willing to pay for this information.
S: No need. I'll send it to you in chat. Please answer the question: why does Chia plotting consume resources so quickly?
Miner: The fact is that all calculations are performed in a temporary file. It makes a temp file of 0.29 TB in size. On the device on which plotting is running. I have two Ryzen 3950X and a Threadripper 3970. And they write a lot to the SSD. I think that the Intel P3605 will not survive the year, despite its 14PB resource.
The best performers (in terms of resource) in plotting are SATA S3710 800GB and U.2 P3700 1.6TB. I put the latter as a leader, resource 43.8PB.
And the U.2 P3700 is also very good in speed.
That's what I want to say. I've been in cryptocurrency for a long time. We are now dealing with one of the most hype projects in history after cue ball and ether. Therefore, we need to move in this direction. I now have only 1PB hard drives.
The speed of network growth is colossal, incredible, this has never happened before. Not on any of the 5,000 cryptocurrencies known to me. The daily increase in network capacity is 7%.
When I started working on this issue, the network complexity was 120PB. And now a little less than a month has passed and already 458PB. Most recently it was 470PB. Apparently, some large node fell off.
The complexity of the network increased 3 times in less than a month. This is a phenomenal case, this has never happened before in practice. Ether grew slower, cue ball grew much slower. Well, of course, he was the first, no one yet knew what crypt was.
I'm currently mining Chia. She is not moving yet, spot coins. There are concepts in cryptocurrency: spot and deliverable futures. The latter is a commitment in essence. Since yesterday, Chia has entered trading on two exchanges.
The exchanges, of course, are not so hot: one is Korean and another is in the East. Chia came out at a very interesting price. On HotBit, a South Korean exchange, yesterday the peak candle was $5,000. Then it dropped, of course, to $2000. This is a futures.
The spot will be able to be moved in 2-3 weeks. Hot Spot is essentially the coin itself. It is on wallets and everyone is waiting for the opportunity to move it between wallets. The price will, of course, fall. She will be dropped. I don’t think it will go below $100. And then from $500 it will rise higher. These are my predictions.
C: I’m wondering, is 1 core in plotting mode able to load the entire SSD or is multi-core very important?
Miner: For example, here is my configuration of Ryzen 3950x (16 cores, 32 threads), HGST SN260 7.68TB, u.2 Intel P3700 and Seagate HDD hard drives. To form 1 raft, which participates in mining, filters the network and confirms blocks/transactions, 1 thread is required.
If your memory is good. Memory is needed ECC, with error correction, since it is designed for 24x7 operation. With regular memory I had glitches, crashes, no luck.
Percents need 4.2-4.6 GHz and higher, preferably. Intel has 5GHz. But Intel's collectively are significantly inferior to Ryzen at the moment. Even the Gen 11 generation, 10980XE processors are losing to Ryzen. And Threadripper brings Intel to its knees.
C: So 1 thread processes 0.3TB?
Miner: The process of forming a raft is divided into 4 phases.
The first phase is arithmetic. Formation of control tables. It takes up approximately 40% of the total plotting time. In this phase, the CPU is mostly used, and the SSD is not used very much.
In this phase, you can work with 4 threads. There's no more point. Allocating 4GB RAM for each thread.
Phases 2, 3 and 4 cannot be run in multiple streams. They go in one phase, sequentially. This is version 1.10.05. I started with testnet. The temp file size was 0.6TB. Now it has been optimized to 0.29-0.76TB depending on the amount of RAM. The size of this file is floating. During the formation of the raft, it dynamically changes its volume.
On Intel, I can run 4 in parallel and sometimes load the 5th-6th one when the previous 4 rafts are in the minimum volume phase on the temp disk.
C: Do I understand correctly, a good processor is able to load almost any volume of SSD drives that you connect to it?
Miner: Yes, at the moment I cannot provide my ThreadRipper 3970x (32 cores) with fast SSD capacity. In fact, he is idle.
C: In theory, many x8 PCI-e SSDs (for example Samsung Pm1725) can work on x4. You can connect more of them if you use something like switches. Something similar to video cards, when many of them can be connected via narrow buses, which are enough for mining.
Miner: The most significant problem is different: how to organize storage systems with more than a petabyte of capacity. In the near future, many of the miners I know will cross the petabyte mark.
Now we distribute everything through controllers, via USB, through hubs, SATA, through everything that is possible. This will be a big problem.
People have started to enter and have the opportunity to set up farms, for example, at 5PB. But how to breed it is difficult. Because 2 machines on the network are farming, mining on the network using ready-made rafts, and the harvest itself. A harvester is a harvester that forms rafts. It is problematic to connect more than 3 of them to the network at the hardware and software level. Therefore, everyone gets out in their own way. Someone is forming rafts offline.
C: I didn’t understand this point: there is a huge difference in plotting performance between SSD and HDD. But you also use HDD. For what?
Miner: Yes, we do. There is such a “self-seeding” mode. A temporary file is created on the HDD and the finished rafts are dropped onto it.
C: But is it more profitable to store it on an SSD or not?
Miner: Hundreds of times. Or dozens. And in terms of economics, the most profitable thing is HDD SAS disks at 10,000 RPM in shelves. There are 10-15 discs in a shelf. The main thing is that the controller maintains the throughput. These discs can be bought for 500-600 rubles. It is no longer interesting to plot on HDDs with read/write speeds below 140MB/sec.
The plotting cycle takes about 62,000 seconds. Intel in 2 threads takes me 36,000 seconds. Significant difference. On Intel, I can run the plotting cycle 3 times in a day.
C: By the way, I can say that of those who purchased on the 20th of March, I only had 2 miners. You and another person who bought 2 6.4TB disks.
Miner: I think I know him).
I came to Chia quite smoothly. In September-November there was such a project called FileCoin. It turned out to be very cost effective. The meaning is similar, but technically it is more complex. There was a requirement to have a 10 Gbit network, 4 machines participated in the mining process. But in the end, the Chinese dumped everyone: they brought many containers with Epyc servers to Italy and knocked us out of the project, crushing us like kittens. The complexity of the network increased, but the value of the coin did not increase. Some people can play for a long time. There are resources to mine and forget about it. And then take yours when the price reaches the target. Everyone's economic situation is different. Someone is forced to drain the market in order to recoup all their costs.
In November 2022, the active phase of Chia development began. And in a few months a similar Israeli project will start.
At current prices: futures reached the $5,000 mark, in my opinion, my investment in equipment should recover.
C: What should be the optimal endurance of an SSD for this project?
Miner: Optimal - the higher, the better. Everything will roll away. If it seems that the Intel P3700 1.6TB with a resource of 43.8PB is an eternal solution. No, that's not true. No more than a year. Let's roll it away. Let me remind you that 7PB of resource was spent on a 7.68TB HGST SN260 disk in less than a month. Seriously beat him up.
Now I will explain where these crazy resource consumption figures come from. Currently the network complexity is k=32. At this complexity, the size of 1 raft is 101 GB. According to the developers, the shelf life of these rafts is 10 years. They planned it that way (laughs). I think by the end of the year this block will be finished and there will be a next one with k=33. With a block with k=32, the volume of writing to the temporary file is 2.2TB.
C: Yes, yes, I will reset the command to reformat to a smaller capacity and its resource increases by 3-5 times depending on the final capacity.
Miner: In general, regarding HGST, these are the thoughts. It can work in parallel on 16 rafts - this is its maximum throughput. At the same time, the operating temperature is maintained at up to 47 degrees Celsius when a fan with a capacity of 120 m3 is operated. We get that it should be only 4.8 TB in size for maximum reliability. Then this will be the optimal piece of hardware for Chia plotting on a processor with a clock frequency of 4-4.6 GHz per core.
C: If you reformat the HGST SN200 7.68TB to 6.4TB, it turns out that the capacity will drop by 15 percent, but the resource will increase by 3 times. It turns out that it loses in volume and increases in resource, significantly, and there is a non-linear dependence, with a volume of 4.48 TB it will already have a resource of 7.5 DWPD (61.3PB).
Miner: This is very important, very important. Let it shrink to 4 TB now, let it shrink, it doesn’t matter at all, but if I win on reliability, it’s just a bomb.
C: So for you the minimum SSD size is 4 TB and it is advisable to benefit from reliability many times over, right?
Miner: Right, yes. For HGST 4 TB - 4.5 TB, no more is needed, it fills up normally.
The capacity on this disk is not critical now. This disk, it is simply fiery, it works very well, the fact that it is capacious - this allows me, for example, to directly, without a buffer, throw a ready-made raft through the grid, without unloading onto the HDD, without creating a queue and disrupting plotting cycles. In this regard, the disc is simply unique, simply bombastic. I even stack the rafts counted on it. The temp file works for me on it. And it does all this very quickly. He would like to add reliability to this disk. And if the speed had been increased further, there would have been a bomb. In general, 3 such disks, in my opinion, will cope with a 32-core Threadripper, I think so.
C: Overclocked or normal?
Miner: Well, why drive him away, he’s a fool himself. I think that in 2-3 months we will all approach Threadrippers, what is it, 3990X... We will all approach 64 core Threadrippers. Well, literally a quarter, maybe, because weak models simply won’t be taken away anymore. I’m talking about them, if you’re interested, call, write, I’ll tell you everything, everything I know.
When forming a finished raft on a K=32 block, the finished size is 101 GB, as I said, and at the same time the recording volume on the temp disk is 2.2 TB. In order to create 1 ready-made raft, for example, now have 10 rafts and mine them, then the probability of receiving a reward, given the current network, is 9 months, that is, it is very weak.
S: Yeah, how much is it that you have to wait 9 months for the reward?
Miner: Well, 10 rafts, that’s 1 TB in essence. Which will give 1 chia in 9 months...
Yes, yes, provided that the network is still growing with difficulty and is tripling every month, and accordingly this time is being pushed back, that is, the possibility of receiving a reward for this block will be reduced to 1 block in 5 years, 1 coin in 5 years, I don’t exclude this either.
At the moment, there is no organization in pools, that is, there is the concept of solo mining, and there is the concept of pool mining, pools do not yet work. The Chinese made one pool, this pool is growing a lot.
The pool software has nothing to do with the developers, and we are Russians, Belarusians, Ukrainians, there are many of us here, Slavs, let’s call them that, we are afraid to go there because, firstly, we will overpay. Secondly, now we have a complexity of 464PB, in fact, all this equipment needs to be rebuilt. Those who will remain solo are the whales on the market who can afford millions, can invest several tens of millions of dollars in this business. They will be able to afford to stay solo, the rest will have to overpay. The hype has gone, now the NVME people will tear it up, and then they will run to you. We've been through all this before.
S: Oh, well done, how did you predict all this?
Miner: Yes, I suffered, I have half a bucket of these Transcends, these Barracuds, Crystals already burnt. Samsung's Pro, it's all pampering for 3 days. That is, if you give him a good load, well, he will live for a week, maybe a week and a half, then he just ends. I think you need to move in this direction and look.
The trend of a possible increase in the value of the coin is confirmed by the exponential growth of the network.
C: Need 4 GB per stream? Do you need to have more memory?
Miner: Not really. Usually the connectors that mothers have are enough. 128GB for 16 cores is enough for 32 threads, head on.
It is advisable to install a great memory, then if, as with an SSD, the stingy pays twice. Therefore, the memory must be equipped with error correction.
C: And this period of peak memory load itself, when it calculates the raft, is it quite long? Is there a chance that the error will appear on regular memory?
Miner: Well, it’s been working for me for the second month without turning off without rebooting the machine.
C: What I mean is that in order to mine something, you need to calculate something. And how long does this iteration itself take? Because if it’s very long, it’s clear what will happen there, errors will pop up on bad memory, if it’s not very long, then even bad memory, if it’s, say, 10% of the time, it’s not so scary.
Miner: Well, from experience, memory doesn’t work well without correction and I struggled with it...
C: Got it.
Miner: I left, I just sold the memory, even though it was high frequency, it was 3.6 Hz, it doesn’t matter, it’s better to go for more specialized memory for this, well, here, I don’t know, server memory works, it’s good. Well, again, server memory, in consumer motherboards you still need to choose which one to plug into.
C: Yeah, it’s only Ryzen that can support such ECC memory?
Miner: No, Intel can do it too, their 299 chipset can do it. They just have different models, Pro, Creator, these are the models you should look at, which were originally designed for this and support this chipset and support working with memory with error correction.
I will be very happy to help, I’m ready to tell you everything I know. If you are interested, let me send you the information resources where our advanced groups are, where this is actively going on now.
C: I think it's interesting.
Miner: Well, yes, I’ll leave the links, I’ll post the links in the chat on Avito.
Chia official website.
An unofficial group for the exchange of experience and mutual assistance between Russian-speaking Chia Network participants
C: Yes, thank you.
Miner: And look for yourself, read it. Well, you just need to sit there for a couple of days and read. As I understand it, from talking to you, your preparation is good, so it won’t be too difficult for you to grasp and understand.
In general, it can be installed and launched on any iron, absolutely, you can install mining and spin it. We actually started there, I don’t know, on Celeron (laughs), on laptops in testnet when there was no mainnet yet, but there was testnet and the project was being tested...
And the project itself, to understand why I’m in it, because its proof is interesting, in fact, let’s take first-level blockchains, let’s take ether, let’s take bitcoin, well, there are newfangled, recent ones (Alteran, Slan - audible unclearly), In any case, they use proof, proof-of-work, proof-of-stake, it is not a very clear algorithm, and first-level blockchains will have to, as it were, search... Everything relies on them, second-level blockchains on which they are already building on ethereum, the next blockchain and all the DF technology and this whole bunch, it doesn’t matter to them...
So, how does she win? The fact that energy costs are, of course, hundreds of times lower than bitcoin is a huge plus, the team from Los Angeles is the second big plus, and among investors Andreessen Horowitz is the third big plus.
Andreessen Horowitz is among investors, so they wouldn’t just go there, especially during the premine, and the fourth big plus is a coin, a coin that will undergo an IPO, not an ICO, it will go to the Chicago Stock Exchange and, in fact, this coin has a big premine, they have been working on it since 2022, it was simply not shown to the masses and it is mostly mined, and this is precisely when listing on the stock exchange, on the Chicago Stock Exchange, this will be the asset that will be traded... Well, somehow here it is again crumpled, but tried to convey my idea...
C: Yes, by the way, I don’t understand how they can sell cryptocurrency through the exchange, that is, I understand that the exchange has tokens and securities, but for the exchange to trade cryptocurrency, officially like the Chicago one, in my opinion there are no such precedents at all have or will they trade their shares?
Miner: They will trade shares, and the security of the shares is the presence of the team of tokens.
C: Ahh, so it turns out, for example: You won’t be able to sell anything through this exchange, through the Chicago one?
Miner: Yes, for example: I can buy a share on the Chicago Stock Exchange and thereby, indirectly, buy this coin.
C: But how to sell?
Miner: The coin itself?
C: Yes.
Miner: The coin itself... It will be listed, it will be in circulation. You can sell/buy it as much as you like without any problems.
C: Very interesting, thanks for the information.
Miner: Get ready there, bring the hardware, get ready, everything is just beginning for you, I’m telling you for sure. And the U.2 P3700, people still don’t understand what it is and how to work with them, but the U.2 P3700 is also a bomb.
C: Yes, okay...
Miner: It’s fast, just look, I ran it, for example, on the same parameters on Intel P3700 and on PCIe P3605, and on U.2 via an adapter, I still haven’t been able to purchase a cable, I don’t have time, on 10 cycles , that is, a 10-fold repetition of the cycle when both media are fully loaded, the U.2 P3700 was finishing the 10th cycle, the PCIe P3605 was just starting the 8th.
Well, I took PCIe P3605 and U.2 P3700 from you. I installed U.2 on a PCI adapter and plugged it in side by side and worked on both drives, and I got something like this.
U.2 P3700 showed itself better and was 20% more productive. I called you to ask if there is still U.2.
I’ll explain to you, the developers posted it in November, there are open resources on GitHub and they posted there the economics at cost when forming rafts on different models, the P3700 has a cost price of 7 cents and its closest competitors are already several times worse. And the tail is consumer SSDs; their cost is hundreds of times higher when forming a raft. I was initially on the P3700 because I had this information. 7 cents is the cost of forming a raft, it is attributed only through the cost of the SSD; it is not attributed through the cost of the rest of the hardware and energy, including.
Well, it was nice talking, thank you for listening to me.
C: On the contrary, you brought me up to date and for the first time I heard such interesting facts only from you, no one else is aware of it. And so I want to tell you, since Monday there has really been a demand, everyone is lying, they say that they are taking it there for some innocent purposes, well, in short, for video editing, for this, for that. They mostly buy 1.6TB, 1 piece at a time, apparently by amateur miners; one actually took a couple of disks. Well, in general, I have a suspicion that many people lie and few people tell the true reason for the purchase.
Miner: What's the point of lying to them anyway?
C: I don’t know why, they want to be first or what. That is, demand has been exploding since Monday; this was not the case last week.
Miner: This was the first wave, get ready for the second, the second will be stronger, and the third will simply cover. I am now considering the possibility that in addition to the fact that I am provided with everything, I have purchased hard disks in advance, 3 months in advance, and there is still free liquidity in sufficient quantities. I'm considering investing in shovels now because there won't be enough of them for people to mine gold.
C: Are you thinking about making money by reselling equipment?
Miner: Why not. There is some cash, why not use it.
C: Well, if in reality everything grows so much, then it won’t be so easy to buy for resale, at a good price, so to speak.
Miner: That's right, that's right, I know the price on the market and what they want, what kind of money, I understand everything. Well, you see, people also have all sorts of different things in their heads, that is, some from the street, some for the first time, some are running to the store in DNS, some are somewhere else. People make a lot of mistakes. In general, now everyone has made one mistake, everyone has stepped into this rake, I report to you 99%. Now 2% will contact you; these are those who were smart and realized, and now everyone has switched to NVME, now in a week they will burn them and come to you for normal SDDs. This is how things will develop.
C: But I most likely won’t have any left, apparently by the end of the week.
Miner: So you urgently need to move in this direction now. You understand that they will rake out not only you, they will rake out everyone, but they will rake out everything they have, because you can’t contain the hype, just imagine the eyes of a healthy person who sees the futures price of $5,000, who understands that he can earn this money on his own. having mined... Well, you see, now they will sell everything, take out loans and run to you to buy an SSD, that’s all.
C: Yes, if I had known about this, I would have had much more goods. 90% of the goods have already been sold out.
Miner: We should have communicated earlier; I don’t know why we didn’t communicate. Well, okay, it’s okay, it’s still just beginning, don’t think that this is the end. Look, the bitcoin market that is currently observed, the development in the cryptocurrency market, even taking into account a small correction, is undoubtedly in a bullish phase globally, I am waiting for the development of the market. Growth of its capitalization. For example, let’s take the stock market, it has been in a bullish phase for 32 years, so all this is just beginning and rushing and rushing. I think that I will have enough time in a bull market to make money for the rest of my life.
C: God willing.
Miner: Something like that, such thoughts. I'm actively working here.
And with Chia it was clear that when there was no way to get there at the presale, but there was only one way through mining, without hesitation I decided to mine and that’s it, that’s why I’m in this project.
C: Cool, well, have a nice evening!
Miner: Thank you, you too, thank you for listening.
C: Thank you! Okay, happy, XXXXX.
Miner: Happy, yeah.
PS from the miner: everything I said on technical issues is my personal opinion, it should not be taken as a guide. Surely there are ways to do things more efficiently and correctly than I can. Most recommendations apply to 24/7 mining on a large scale; they are unnecessary for mining on a small scale. For beginners, there is no point in bothering with mothers and rare memory; you can mine just like that.
PPS from the miner: I highly recommend the Russian-language chat, where there are competent and experienced admins, tech. specialists, a variety of technical solutions for every taste and budget, and a very friendly community, ready to advise, tell and teach at any time of the day.
PPPS from the miner, evening 04/25/2021: For the last two days I checked on the technical side, what I said. We even underestimated it a bit.
I was confused about the SATA Intel S3710, but no: I put 2 x 800Gb in comparison with nvme 2TB Transcend. Intel is surpassed in terms of performance. It is on the formation of rafts.
And HGST SN260 7.68TB - I distributed the load and it passed 17 rafts in parallel. There was no time to upgrade it to 4.48TB. I'm waiting for a failure so I can reboot and reflash it.
So I remain confident in what was said and written.
Acknowledgments
- For permission to share the transcript of the conversation - to an anonymous miner.
- Thanks to TripletConcept for the image. It is better to watch it in full size in a separate window.
Mining profitability
According to Yandex.Market, at the beginning of September the average cost of a 4 TB hard drive is 10.8 thousand rubles. According to the official Chia profitability calculator, a 4 TB hard drive can generate $0.23 per day. Monthly earnings will be $7.04 (512.5 rubles, taking into account the current exchange rate as of September 7). Thus, the hard drive will pay for itself in 21 months and one week.
Mining Chia Coin on a 10 TB hard drive brings in $0.58 per day. The average price of such a drive is 36 thousand rubles. The hard drive will provide a monthly income of $17.6 (1.28 thousand rubles). The payback for a 10 TB drive will be almost 28 months.
According to RBC-Crypto calculations, in mid-July the payback period for a 4 TB hard drive was 18 months, and for a 10 TB drive – 24 months and one week.
"Expectations are too high." Why is it too late to start mining Chia Coin?
When making calculations, the official Chia Network calculator warns that the profitability estimate is based on statistical data and the actual profitability may differ from that presented in the calculator. In addition, it is worth considering the increase in the complexity of mining, which occurs due to an increase in network disk space due to the connection of new miners.
In May, analysts estimated that mining the Chia Coin cryptocurrency on a 512 GB solid-state drive (SSD) could destroy the device in just 40 days. In almost a month and a half, the drive records 256 TB of data. For the average consumer, a 512 GB SSD will last the device for five years of use. When mining Chia Coin, the lifespan of 1 TB SSDs is just under three months, and 2 TB SSDs last almost six months.
Wallets for storing Chia Coin (XCH)
Chia coin, in addition to cryptocurrency exchange accounts, can be stored in the official Chia Blockchain - the same one where pharming is carried out. It is downloaded from the official website. Versions available for:
- Windows
- MacOS
- Ubuntu
- CentOS/Red Hat
- WSL2
- Amazon Linux 2
- And other platforms: Raspberry Pi 4, Docker, FreeBSD, Ubuntu Binary, OpenBSD.
The software only supports 64-bit operating systems.
We enable harvester mode in the Chia Blockchain program.
In order to mine Chia with a miner from Uupool, you need to switch the operating mode of your Chia wallet.
In the config file, change the enable_upnp value: “true” to “false”
Now you can only create rafts, seed with the official wallet program, and safely mine on Uupool.
In the miner program you will see the following line in the Debug section.
