How Chia Coin works: Chia Network – complete overview | Pros and Cons – Chia Coin is a new cryptocurrency founded by Bram Cohen, who also invented the BitTorrent protocol, and many have already become Chia Coin holders. The official website of the project is https://www.chia.net/ru/.
Many Enjoyed Reading: Mining Chia on hard drives: Max Seeding Speed | Instructions | Pool or Solo
How does Chia cryptocurrency work? This is an important question, since many are interested in what is so remarkable about the Chia coin. The Chia Network blockchain is written in the Chialisp programming language and operates on the classic consensus algorithm described in 2008 by Satoshi Nakamoto, but instead of the energy-consuming Proof-of-Work mechanism (proof of work), another one is implemented – Proofs-of-Space-and-Time (proof of space and time). Hard drives are used to mine this cryptocurrency.
Chia is a coin that has rapidly burst into the market. 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 developer in major specialized media appeared in November 2017. Then Bram Cohen said that Chia is the crypt of the future. With the help of the Chia Network, the problems of centralization of virtual currencies will be solved, the Chia crypto 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.
How does Chia work? Proof of Space and Time – two-step block authentication. Everything happens 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. Then, in 2017, Bram Cohen announced that he had assembled a team and enough funds to implement his ambitious idea. And And we see that he spoke seriously, since Chia Coyne was still launched.
Benefits of coin mining:
From a technical point of view, the new Chinese cryptocurrency of 2021 Chia also has advantages:
We must, of course, not forget about the shortcomings:
From a technical point of view, the Chia crypto coin also has significant disadvantages:
It is more correct in this case to call the mining process farming. A chia miner creates one or more rafts on his hard drive. One raft takes up a little over 100 GB. The main idea behind the creation of the Chia cryptocurrency is to return users to the possibility of efficient home mining, while Bitcoin requires expensive equipment and consumes a lot of electricity.
How to start farming:
It was stated that Chia farming is more affordable than mining other cryptocurrencies and has less impact on the environment, but in reality this turned out to be not the case. Chia’s new crypt is wearing out the hardware a lot. There are reports from China that just 40 days of continuous mining can completely kill a 512GB SSD. A 1TB hard drive will last about 80 days, a 2TB hard drive about 160 days. In normal mode, such discs are used for 5-10 years.
Hard drive makers have begun rewriting their warranty agreements to keep miners from bankrupting them. There is an increase in demand for hard drives by 1.5-2 times. In addition to hard drives, you need to pay attention to other computer components – processor, motherboard and RAM.
The new Chia coin has already been added to some mining pools. This way you can more efficiently mine XCH:
If you are interested in the new Chia crypt, then you should immediately start mining in the pool. It will start generating income immediately, and solo can never wait to win.
Chia cloud mining is also available to users from China. Bitcoin can also be mined in this way, but this option cannot be considered the most reliable. It is good if you have chosen a trusted service and not a fraudulent project. This opportunity was provided by the cloud computing platform Amazon Web Services (AWS). AWS put together a quick tutorial on how to integrate your architecture, generate wallet addresses, and start farming.
The new Chia cryptocurrency is not too demanding on the characteristics of the PC. It is enough to have:
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 coins. As with BTC, a new challenge appears every 10 minutes.
Many people wonder how long it will take to mine 1 Chia Сoin? We figured out how farming works, but you can find out about the timing by installing software for mining Chia. The program will display all the data. At the moment, 1 coin can be earned from one farming site in two years, much like in solo mining with high difficulty.
Moreover, if you click on the question mark, then it says that real time can be 3-4 times longer. However, Chia’s farming does not consume resources at all, because only 1-2% of the CPU is used and only 300 MB of RAM. Chia Coin’s website states that chia also does not consume a lot of electricity and internet traffic, and it seems to be true.
There was no information about airdrops or distributions yet. The 2021 Chinese cryptocurrency Chia is available on exchanges, and you can also farm it yourself. The Chia coin rate for May 20, 2021 is $ 997.
You can store Chia Coin on a wallet that is part of the official software for miners – Chia Blockchain.
Mining Chia on hard drives has generated widespread interest, but at the same time accusations against iron manufacturers – the latter are suspected of fueling interest in mining XCH, which may fizzle out after the manufacturers fulfill plans to sell off the storage of drives.
The XCH rate remains volatile – after the sharp rise with the launch of trading on Hotbit, the price was cut in half.
Among the factors that will help maintain a positive momentum is the presence of its own language Chialisp with the potential for its application in the sector of decentralized finance, or DeFi.
Now you know which cryptocurrency Chia Coin is. A review of this digital asset will help you decide whether or not to participate in the mining of this coin.
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