I’ve been invested in Chia for around 6 months, got 100TB of storage and joined up with SpacePool.
I have not hit a single Chia block and looking at the £69 XCH coin value and my position is outside the top 10,000 farmers on Space Pool, I realise I am a small fish, i put a lot of money into the plotting/farming system, but after electricity costs and SpacePool fees, i’m gettinga feeble 60 pence a day…
So, other than the go to comment of “well the coin might go back up” eventually, is there any other incentive?
I am thinking of re-purposing the rig to try something else, but just a couple of questions first:
I have around 920+ plots, is there any way of selling them?
From my spacepool earnings, can i send the earned XCH to an external XCH exchange?
I have only 2642 plots and keep going, I have 4 XCH blocks and hoping to get more in time. I don’t buy smokes I save for more hard disks. That my two cents.
I presume since you mention 60 pence you are UK based and, like me, are dumfounded by the £0.20+ per kWh unit rate…
I guess it depends on your view of longer term XCH price. I am not surprised you have not won a block with less than 1000 plots, I guess you neither have been lucky or unlucky yet - not enough time to tell! I have won 12 XCH and am currently on 3688 plots, but that has been growth from zero to 3688 since early June. So I guess I have been lucky. I am solo though, never bothered with pooling and probably won’t.
£0.60 a day at current XCH prices is what £219 a year. Most people would want to ROI on a purchase within a year these days it seems, so max your plots might be worth £219, but of course your disks have value too.
Let me know if you want to sell disks! I am aiming for 1 PB by the end of 2022.
Yes that’s correct, i’m in the UK, Kwh rate vs reward is what is giving me huge doubts.
I have dabbled in many other projects which are all light on energy usage, Chia farming is about 5x the cost of everything else and has the worst energy to reward ratio.
Where can i sell the plots? I am keeping the HDs as they are 18TB and provide a good energy watts to hard drive efficiency for other things.
Thanks for all the replies, but cannot anyone suggest:
Where to sell the plots, can you sell them as plot files, or do you need private keys etc when selling?
Where can i transfer the Space Pool XCH to externally?
Chia isn’t dying, it’s barely popped out of the womb. Heard about that guy who’s been searching a rubbish dump for the hard drive that has his bitcoin on it? Unless current financial circumstances demand it, don’t be that guy.
I would say this. Does this involve any heavy lifting? You don’t have to do anything really. A hard drive will have almost equal value 4 or 5 years from now because you can sell it based on the hours and usage not the date of manufacturing. If it’s noisy, in the way, or something similar then sure, consider your options. However, ask yourself how much work it is collecting pop cans and beer cans and cashing those in versus turning on your PC and leaving it do its thing.
If you want re-purpose and try something else, go for it! Try what interests you: it’s straightforward to replot if you want to come back later - they’re making it faster all the time.
Plots aren’t worth anything to sell: just delete them. And yes you can move your XCH - in fact it just became easy to turn them into a stablecoin (USDS) if you’d prefer to park that value for awhile.
Can you explain how and what is the best method of moving the XCH elsewhere? I’ll keep it as XCH for now, but would like it stored externally than a pool wallet. Could you explain how?
First everything I write her is my subjective opinion.
In your shoes I would do the following:
Calculate what it will cost u just to keep it running.
Don’t think about what it will make u but instead calculate how long it will take you to have let’s say 10coins. With close to 1000plots I think that should be doable in 2-3years.
If u can sell your disks and buy 10xch for the current price then consider doing that.
Make sure you have a few coins and put them away for 5-15years. You will bite yourself for not having any “stake” in it.
Right now the coin price is so low that just buying it makes sense.
We decided to keep farming and also bought the dip. We = 4-5 friends.
Please no comment on the logic. It’s a gut decision and obviously we are bullish because we see chia corp doing the right things. You could say we see the good fundamentals.
You can get out today by selling your equipment and your XCH, and probably net yourself a penny (or at least not lose too much), or you can keep investing electricity for a few years (you can calculate the amount) and hope for a profit. Drives still sell well second-hand while cash everywhere is inflationary, so I think it’s just a matter of balancing the equation of the money invested, with your risk tolerance and investing strategy.
This is pretty epic stuff its hundreds of millions worth of bitcoin too. THe council are refusing to turn over the landfill to find it. If I were them I’d do a deal, 50-50 if they find it, they’ll do all the work. If they don’t find it he pays for their out of pocket.
With 100 TiB in Space, you will avg seven XCH a year. Simple math. Most of us knew this was going to be a 3-5 year project. Patience is key for a conviction play. I’m beyond bullish for XCH and Chia as a whole. Good luck to you.
how about trying solo for a month and see if it hits your luck. Me and a friend of mine also started chia og plot mining and with with hpool. We made about 40 - 50 $ and then left it out.
Sold most of the drives. now I recently got to know about a guy who just with sheer luck won 4 blocks with just 50 tb total on solo mining in same time duration. now 4 chia coin means he recovered all of his drive costs.
