Chia Wallet – wallet installation, mining and overclocking

Proof of Space is a cryptographic method in which verifiers indicate that they have allocated unused hard drive space for storage. To be used as a consensus method, Proof of Space must be tied to Proof of Time. PoT ensures that block times have temporal consistency between them and improves the overall security of the blockchain.

Users of the Chia blockchain will "seed" unused space on their hard drive by installing software that stores a set of cryptographic numbers on disk (plot). These users are called "farmers". When the blockchain broadcasts the challenge for the next block, farmers can scan their plots to see if they have the hash closest to the challenge. The probability of a farmer winning a block is the percentage of the total space the farmer has compared to the entire network.

Proof of Time requires a short period of time to be transmitted between blocks. Time proof is implemented by the Verifiable Delay Function (VDF), which takes some time to compute but is verifiable very quickly. The key idea behind VDFs is that they require sequential computation, and since there is no advantage to having a large number of parallel machines, power wastage is kept to a minimum. There will likely be relatively few Timelords VDF servers, as the fastest will always finish first, and it only takes one fast and honest Timelord online to complete a block and move the chain forward.

Chialisp is a new Chia programming language for chains that is powerful, easy to audit, and secure. The development team recommends currently available smart transactions: atomic swaps, authorized recipients, recoverable wallets, multi-signature wallets, rate-limited wallets, and colored coins. The beta test network includes full nodes, timelords, wallets, and implementation of Chia coins. The Chia Network supports the development and deployment of the Chia blockchain worldwide. Chia Network supports developers and enterprise use of Chia through software and lending.

Withdrawing chia from hpool to which exchange

The new cryptocurrency Chia Coin has caused real hysteria in society.
It feels like people around have gone crazy, because almost no one even tries to go to the official website of the cryptocurrency and get acquainted with the very first sign. Who and why decided that Chia Coin would become the second Bitcoin is no longer important today, because the flywheel has been launched, and large-capacity hard drives have disappeared from sale all over the world. Stores inflate prices, and suppliers calculate profits, hoping to increase their income at the expense of illiterate and gullible miners. In general, the creators of the new cryptocurrency call miners farmers, let's not break the good tradition. So, a week ago we did an interesting article on the topic of a new cryptocurrency, after which similar news began to appear on our resource, and by Saturday the faucet burst, and literally everyone began writing about Chia Coin. Today we want to clear things up a little because many people believe that they can actually get rich. Let's jump straight to the sign below, it eloquently demonstrates your chances of success.

Today there are three columns available, starting from the bottom:

It is clear that the number of farmers is steadily growing and in a week from 6000 reached 8400. The number of mined coins is also increasing, because at the beginning of the week there were about 330,000, but today there are already 370 thousand, but we are only interested in the latest information we provided. Let's calculate how long it will take to farm one coin today.

As you can see on a 1 TB hard drive you will only need 77 days and 12 hours. Pure nonsense. If you have an 8 TB drive (and we didn’t find anything else in stores), then it will take you about 10 days and 15 hours. Already better. Well, we only invested 25 thousand rubles, let’s see how much money we really need to invest in order to start extracting Chia like an adult.

Source

XCH Token Price Forecast: What are the long-term prospects?

In its forecast for the Chia token (XCH/USD), Wallet Investor predicts that the price will rise from $667.63 in early July to $1,240.75 at the end of December 2022 and almost double to $2,248.98 by the end of 2022. In the long term, the price will reach $4,453.27 by the end of 2025 and $5,084.41 by the end of May 2026.

Digitalcoin takes a less bullish view in its Chia price forecast, although it expects the price to rise in the coming years. The publication predicts that the token price will average $1,190.04 in 2022 and $1,327.29 in 2022. According to the publication's forecasts, the average price level will further reach $2,356.10 by 2025 and $3,566.34 in 2028.

Gov Capital's deep learning forecast has a bearish bias: the company believes that Chia's price could rise to the $1,200 level several times in June, but it will fall to zero by the end of the month. CoinCodex's technical analysis of Chia price is also bearish.

13 technical analysis indicators give bearish signals, while only five indicators have bullish characteristics. Simple and exponential moving averages (SMA, EMA) for a period of 3 to 21 days are bearish, while the relative strength index (RSI) and stochastic are bullish.

According to CoinCodex, Chia was trading around $783.74 on May 30, with technical support at $768.40 to $735.21 and resistance at $801.59 to $834.78.

Sign up for Capital.com to stay up to date with the latest Chia token price analysis and forecasts to help you identify the best trading opportunities.

Technical and economic features

Although similar to Bitcoin in some respects, Chia's code is written entirely from scratch and does not use the Bitcoin codebase.

To reduce currency volatility, Chia will use the strategic reserve created as a result of pre-farming. The developers set their goals in the following areas: creating an ideal blockchain for deploying applications, creating the first publicly traded currency close to an ETF, and stimulating adoption in corporations and among end users. Due to the demand for XCH, prices for HDDs have increased significantly in some places. The project does not plan to conduct an ICO; instead, it will go to the stock exchange - it will conduct an IPO that complies with SEC requirements.

After pre-farming, Chia will offer a reward of 64 XCH every 10 minutes. For twelve years after launch, there will be a halving every three years (the reward will be halved), then the reward will remain at the same level indefinitely (4 XCH every 10 minutes). This is done so that the price of Chia coin is subject to inflation as little as possible.

general information

Announced in 2022, Chia first gained widespread attention a year later when it was invested in by Andreessen Horowitz, a venture capital fund that owns shares of Twitter, Skype, Facebook and other leading social media companies.

Chia Network logo (simple and democratic)

The second major investor is Galaxy Investment Group of trader Michael Novogratz.

In addition to Bram Cohen, the team includes:

• Mitch Edwards is the former CEO of online retailer Overstock;
• Gene Hoffman is the former CEO of the NASDAQ stock exchange.

Key project participants

Chia launched in 2022, but gained popularity in 2022 with the advent of the ability for miners to mine new coins. Here, too, it was not without attracting attention - cryptocurrency mining is carried out not on a CPU, GPU or ASIC, but on hard drives - HDD/SSD.

Low energy consumption compared to traditional mining methods has made it possible to talk about chia as a “green bitcoin.”

As of May 2022, the project remains in beta testing. Selling mined XCH coins is not available, however, trading in IOUs for coins is open on several exchanges.

The first successes are accompanied by the first failures - the Hotbit trading platform, one of the first to launch operations with receipts for the purchase and sale of Chia, where the listing of the currency was supposed to take place, suspended its work.

Pool miner Chia Coin and solo mining

How to farm chia on a pool? Chia’s algorithms resist the mining of crypto coins using ASIC devices, and the protocol that opens mining in servers has not yet been presented by the developers. The only way is to mine coins yourself.

Mining services in the group are offered by HPool.

It was not possible to completely avoid the appearance of specialized devices on the mining market - the place of ASICs was taken by specialized SSDs for Chia mining, the production of which is already underway in China.

The disadvantage of solo mining is the slowness of block processing, which means mining crypto coins, compared to a pool for collective chia mining. Competition among miners is growing, which means the process will require connecting an increasing number of HDDs. At the same time, there is a shortage of drives on the market caused by farmers, and an increase in prices for drives that are still available, which means a double increase in costs.

How to mine chia for pool

If the power of a farm with HDD or SSD is small, then you can mine currency on a pool - combining the power of a group of miners. The reward from the server is credited to the wallet of each server participant, its value depends on the power of the participant’s farm. The principle of operation of the chia cryptocurrency pool is this: farmers pool their power and calculate a block in the Chia blockchain, the reward is divided among everyone.

Choosing a pool for Chia Coin mining

Pool setting chia

Working pools can be viewed on the website miningpoolstats.stream/chia. The main selection criterion is the overall hashrate.

Chia how to connect to the pool? It is necessary to choose a server that occupies the largest possible percentage of network capacity (hpool.com) - it will find more blocks, therefore it is the most profitable. You need to go to his website and register for the pool. Registration is standard - after entering new data, you will receive a confirmation email and you must follow the confirmation link.

After logging into your account, you need to go to the Personal Center section to add verification from Google. To do this, you need to install the appropriate application on your phone.

Then you need to set up verification via SMS, but this server does not work with Russian and Ukrainian numbers; you can get around this by creating a virtual number on special services. After installing verification, you will be able to enter your wallet to which Chia coins will be credited.

To track mining Hpool stats chia (statistics), you need to go to the Pool section, Open Pool item, you will see a snippet. Click on Pool Details. You will see complete statistics on Chia coin mining on the Hpool pool.

Then you need to download the application – Chia plotter – from the Download Center section. The link takes you to GitHub, where you need to find the latest new version of the plotter and select to download the file whose name begins with “chia-plotter-gui” for your operating system.

The downloaded program needs to be launched; its interface is in Chinese, but this is not a problem, because... it has few elements. In the topmost input field you need to enter a mnemonic phrase from the wallet (must be 24 words) and click on the Sign button, which starts authorizing the wallet in the blockchain. Then you can compare your wallet number and the number that appears in the program after authorization; if they match, then everything is fine.

On the left side of the program window there is a vertical menu, in it you need to select the Pool section, in it the open Pool subsection and click on the All button at the top of the window.

A list of pools will be displayed, you need to find a server called CHIAECO and click on the Open Pool button, which is at the bottom of the information block. You will be taken to a page with this server, where you need to click on the Go To Configuration button - a section will open where you need to copy the signature received when you launched the plotter program into the input field.

In this case, the application will ask you to copy the code from the Google authenticator, after entering it, the Chia wallet number will appear under the Binding Check heading, it should have the Successful status. This means the wallet has been added to the server.

Technology

Chia relies on the so-called “Nakamoto consensus”. Unlike the brainchild of the Bitcoin developer, Chia eliminates, at least formally, the need for high energy costs to maintain the operation of the network. In practice, the rapid increase in the complexity of mining network blocks and the use of increasingly powerful devices by miners reduces all green initiatives to a minimum.

The algorithm used to maintain the network is not the usual Proof of Work (PoW), but Proof of Space and Time (PoST). It can be roughly divided into two parts:

1. Proof of Time. Ensures strict consistency in the time of appearance of new blocks in the network, and with them - new coins, which increases the security of the network.
2. Proof of Space. Actually, the part “responsible” for using disks instead of more conventional video cards and processors to solve mathematical puzzles and then open a new block.

In network governance, Chia is closer to Proof of Work than Proof of Stake. The number of coin reserves - stacks - managed by users with an active full node does not affect how significant their decision will be in voting on the further development of the ecosystem.

What are the main advantages of Uupool over Hpool?

On Uupool you can mine on rafts created in the Chia Blockchain solo mining program, which eliminates the hassle of plotting with a third-party program, for which you need to correctly register the config in the BAT file. I'm sure this news allowed most novice Chia miners to breathe a sigh of relief.

The withdrawal of mined coins from the pool to the exchange is made without commission, but only this exchange is Chinese, and it is also a partner of the pool, in other words, you will have to withdraw only to it. And then you can manage your funds as you wish: change them through an exchanger, or transfer them to your main exchange. I think this is clear.

Registration on the pool does not require account confirmation via SMS; it will be enough to use an email address (although you can choose the method that is most suitable for you). Here the counterargument is immediately visible: there is no need to bother with a virtual phone number on services that are constantly glitchy, and their websites may be unavailable from time to time.

To mine Chia Coin on Uupool, you need to install the latest current version of the Chia Blockchain program on your farm or your computer.

With its help, we create rafts on our storage devices. Read more in the article

Where can I buy

As of May 2022, it is only possible to purchase IOUs - IOUs on XCH. When buying IOU for cryptocurrency, you should take into account the possibility of the exchange rate falling several times with the start of trading in real coins.

Main exchanges for buying IOU Chia:

• Hotbit.io (under maintenance after a hacker attack);
• Gate.io.

Trading IOU XCH on Gate.io

Registration on Uupool.

How to mine Chia Coin cryptocurrency on the Uupool pool.

Go to the Uupuul main page and click on the blue button in the upper right corner.

We will be redirected to a page with a login window, and there we will need to click on the blue hieroglyph.

The registration form itself will appear. The default is to register using a phone number, for obvious reasons this is not suitable for anyone, so you need to switch to registering using an email address.

Some email services may not receive a confirmation email. Try using foreign Gmail or Icloud, for example.

We indicate your E-mail, then click on the button below, you will receive a confirmation code, enter it in the appropriate text field.

Next, we come up with a password of numbers and letters of different case (maximum 16 characters).

Click on the big button under the text fields, and it should redirect you to the login page.

Chia Coin miner on Uupool. Setup.

After successful authorization on Upool, we need to download the miner itself for Chia. To go to the downloads page, you need to click on the penultimate item in the main menu of the site.

Select Chia from the list and click on the button on the right.

Should be uploaded to Github. Miners are available for Linux and Windows.

I download for Windows.

Unpack the archive to any location convenient for you and run the miner executable file.

When the program is loaded into RAM, you will be able to see its interface in Chinese.

At this stage, we need to generate a signature key for our computer. To do this, click on the hieroglyphs in the top menu of the program.

The following window will appear with various text fields.

In the topmost and wide text field, enter the mnemonic phrase from your Chia Blockchain wallet in one line and click on the blue button.

If you did everything correctly, without making a mistake, then your Chia wallet number will appear in the Fingerprint field, below you can see the public keys of the miner and pool (FPK and PPK), and the sigyanura key will be generated in the lowest text field.

Click on the blue button next to the text field with the signature and the entire key will be copied to the clipboard.

Now this signature needs to be added to Uupool in order to marry the miner, wallet and the pool itself with each other.

We go to the pool website and click on the first item in the main menu. Select Chia from the list.

Next, click on the item indicated in the screenshot.

Next, click on the Plotter ID button.

In the window that appears, click on the long blue button.

Then we enter the captcha and copy our signature from the miner into the upper text field and click on the blue button below.

If you did everything correctly, you will see the following window.

Now you need to add a computer to the pool so that information about the rafts is displayed there.

To do this, copy the account key.

And insert it into the miner.

And click on the hieroglyph to the right of the text field.

The computer will appear on the pool.

Now in the miner you need to specify the folder in which the rafts are stored, which you create with the Chia blockchain program.

To do this, click on the hieroglyphs in the miner on the right, near the round button.

Click on the text field, a window with an explorer will open, find your folder with rafts there. And everywhere we click on OK.

After which the directory with rafts will be displayed in the miner.

In order to start mining Chia Coin on the Uupool pool, you need to click on the large round button on the right in the miner. At the top you will see the gray farming status indicator change its color to green.

Chia won't connect to wallet

There could be several possible problems here:

• Chia wallet does not sync due to poor internet connection.
• A firewall or antivirus blocks the activity of the miner and Wallet itself.
• Damage to a single file on your PC.
• There is no connection to full nodes.

It’s easy to deal with the first 2 points yourself by checking the Internet speed, adding a miner to the antivirus exception, etc. But when files are damaged, the situation is more critical, although it happens very rarely. In this case, you need to close all windows touching the coin. Next, open the folder with the installed program and delete everything except wallet.dat. Now you need to restore your Chia wallet - just run the program again and wait for complete synchronization.

Another rare reason why the connection to the Chia wallet is frozen may be the lack of connection to full nodes. They can be restored manually by adding the following addresses in the program interface:

• node-eu.chia.net:8444
• node-or.chia.net:8444
• node-apne.chia.net:8444

If you always correctly stop the farms and the computer and provide them with uninterrupted power, then problems 3 and 4 will not occur, and you will never encounter the connection to the Chia wallet hanging.

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.

What you need to know before you start chia mining

Although chia farming promises to bring you wealth, you should be aware of the potential pitfalls. Here's what you should remember before you start farming chia:

• First of all, it should be noted that with the daily increase in the total network space, you are unlikely to encounter a block often.
• It's also worth noting that Chia is a new phenomenon, so it will take some time to figure out whether it's just a passing fad or is here to stay.
• Third, if you insist on mining alone, you won't enjoy it. You're almost certainly better off trying to join a pool for guaranteed results.

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).

Registration on the JUBI exchange to withdraw Chia from Uupool.

In order to withdraw mined Chia coins from the Uupool pool, you need to register an account on the Chinese JUBI exchange. There is no other option.

First of all, we change the interface language from Chinese to English.

And click on Sign up to start registration.

On the page with the registration form, switch from Phone to E-mail to use an email address rather than a phone number.

To withdraw Chia Coin from Uupool we need a unique identification code from the exchange. To find it out, you need to go to the User Center.

On the left we will see the UID and this is what we need.

We copy it and go to the pool website.

On the statistics page, click on the PUSH button.

A window will appear with a Chia Coin withdrawal form.

In the top line we paste the user identification code UID copied from the JUBI exchange.

In the second line we indicate the number of coins that we want to withdraw; if you click on the blue hieroglyph, the maximum number of available coins for withdrawal from the pool’s internal wallet will automatically be indicated.

After clicking on the square button with hieroglyphs in the third line, a timer with a report will appear on the button itself, and you will receive an email with a withdrawal confirmation code.

The minimum withdrawal amount for Chia Coin from Uupool is 0.2 XCH!

Then we check whether Chia from the pool came to the JUBI exchange in the Balances section.

0.2 XCH will take a long time to be mined at small capacities (about 4-5 TB), so you need to purchase large drives right away if you don’t want to wait several months.

If you want to withdraw funds to another exchange and not hold XCH, then it would be logical to sell Chia for USDT, and exchange them for the same DOGE in order to transfer them to Binance with a minimum commission, for example.

From Binance we are already withdrawing to the card via P2P trading without commission.

Another way to withdraw funds from JUBI is the Baksman exchanger. Wide selection of coins and payment systems. I've been using it since 2016.

If you want to choose an exchanger with the most favorable exchange rate, then the Best Change exchanger monitoring service will come to the rescue.

Read also:

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