Chia - A dead investment. Any alternatives to recover?

Spent 3k USD to setup my small farm in the first week of may.
No blocks won, ultra low value for the earnings made on pool (thanks to price drop of xch to 150$).

If I had purchased 2-3 RTX 3070 (3 months back), I would have already earned 50% of my investment by now. Yes even in this bear market.

Now, looking for any alternative coins / tokens that I can mine with these HDDs. Suggestions are welcome. I have close to 100TB space when I delete all these plots.

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Unless you have a basement or other room seperate from your living room the heat from GPU Mining is unbearable.

As is the noise. In many countries GPU mining isn’t worth the trouble because electricity prices are too high. And the environmental footprint is horrendous. I have 2 kids and enough scientific knowledge to know we need to stop that shit ASAP.

I discovered Chia when I was doing a web search looking for a greener crypto alternative knowing it could be a good investment alternative to OG crypto.

“Chia - A dead investment” is a misnomer in my view. It’s only been 4 months FFS! This instant gratification shit has gotten way out of hand.

Full disclosure: I’m not Bram’s gimp (on Tuesdays)

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ETH Mining is profitable even in Switzerland. Even with a Geforce 1660… The only reason I do not mine on my 3090 is heat and that I am afraid for the 100°C VRAM despite Watercooling.

If I had a NVIDIA PCB card I would have gotten the EB WK full cover block which also cools the backside and the vram there.

Check out this guy farming chia on 900 GB high performance SAS drives. You will love.

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You can always trust humans to find the most energy intensive way to do something :roll_eyes:

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The problem is that people have no clue about accounting and math. I should have become a insurance sales agent. Haha.

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I’ve done heaps of math on XCH. My biggest concern was that the netspace could keep increasing at a rate that would make sub 100TB farming pointless. Turns out the netspace flatlined and my best case scenario modelling has come to pass. Lulz

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As long as you keep your Vram below 100 then you’re good. I actually lowered the power consumption of my 3090s so they’re hashing at around 90 but I’d rather lose 30MH/s than the cards for the next few days/weeks.

Just to add, I am paying £0.18 kW/h and ETH mining is still profitable and even with EIP 1559 it will still be profitable. At least with ETH you know the network hashrate isn’t growing by 1-2 TH per week lol

Don’t invest into any other cryptos. I think you should probably sell all of your equipment and find something else to put your money into. If you are expecting to invest in a brand new crypto and pay for your rig in 2 1/2 months, and you’re butt hurt because you didn’t, then this isn’t for you. No crypto is for you if these are your expectations.

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Well that depends… if you do your homework and pick up the GPUs for a good price (and mine the right coin) then you should be able to break even within the 3-6 months time frame.

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Idk man. Sorry too if I sounded like an asshole. Didn’t intend that. Was just saying, 50% ROI in 2 1/2 months is not a realistic expectation from ANY investment. That’s all I meant.

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I get you for sure… we’re sure living in interesting times in terms of crypto mining profitability. It’s never been so good like this and this causes people to have unrealistic expectations.

We’re all in the same boat bro… good luck with everything that you do!

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Tough to compare to gpu mining, since you would be lucky to get a GPU close to MSRP. There is also the eip 1559 eth mining profit drop in a month, and Eth going PoS in like 6 months. At which point GPU mining will be flooded with a ton of extra hash power so even the low profit coins will rise in difficulty.

It sounds like you paid retail for new drives, but chia was always intended for the overprovisioned capacity already in the world. You might pull a profit selling your drives now if you got them before the prices greatly increased.

The thing to keep in mind is that chia was always going to be a low profit margin crypto to mine given the extremely low barrier to entry, and huge amounts of storage already out in the world. That said, if you are pulling a profit at all are you really losing anything? The entire point of chia is it’s the extremely low cost of operation farming. Those drives can sit farming away for years and have resell storage value at any point.

The only reason I would stop farming is not covering electric costs if I had to sell XCH for it, so $20XCH is my cutoff point where I disconnect chia drives.

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“but chia was always intended for the overprovisioned capacity already in the world”

And BTC was meant for idle CPU’s. We need to stop beating the dead horse. I will be worried if Bram and company were so naive to not expect people investing in new drives for farming.

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Are there any websites that compare return per TB and/or plotting cost for multiple cryptos like there’s for PoW?

I think the wiki was very well done explaining what chia is and it’s ideal use. If people chose to ignore everything the devs have said about chia, then that’s really on them. I know I overpaid for my storage upgrade at $17/TB but that’s because I waited to see the XCH trade price before deciding to upgrade. Ultimately I really have nothing to lose because I only invested in storage I can use for non chia.

It will be interesting to see drive manufactures customize for chia farming with maximum capacity, always on, low power, and super low performance. I’m sure there is plenty of room for optimizing. Unfortunately the profit margins are already so low that investing in things like solar arrays will be hard to get an ROI. We already see illegal power theft become common for POW crypto mining.

I believe they knew from the get go that people will heavily invest in additional storage space. The wiki was probably heavily edited by the Chia Inc. lawyers to avoid any future lawsuits.

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Two quick points to add here. GPU mining is hot now yes but when 2.0 comes in less than a year profits drop to lower than power costs for most. HDD farming is long-term possibly for over a decade. BTC ASIC’s have a slim profit margin too yet most buy those over GPU’s because its long term.

Also prices for farming HDD’s tends to be similar to GPU mining as in if one coin is more profitable people move until the profits for the old and new coin are similar. So don’t count on a magic solution crypto is down everywhere except for Reddit moons.

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GPU mining is not worth it for the average person. It gets HOT and you’d need multiple GPUs to stand any chance. ASICs are better but outside of the US and Canada, people who own “too many” are being targeted as “illegal mining operations” and getting their entire kit of computers and GPUs and ASICs confiscated. Here in the US (specifically in the state I live in), the cost of electricity is so much that GPU mining or ASICs may not return a ROI within a reasonable amount of time.

My advice? Stick to Chia for now and ride the waves. I am planning on doing that.

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