I have just looked at the Chia calculator and it says for 500TiB (5050 plots) the expected time to win is 1 day. So for 600TB HDD I have to spent over 13000$ to have the chance just to win 1 coin in 1 day. currently 1 Chia Coin has a value of ~1000$. After I have 5050plots (full 600TB HDD) I just earn 1000$.
Now since the 600TB HDD are full. I have to spend another 13000$ just to get 600TB HDD.
I have made over 12000$ loss. How is Chia farming profitable then?
Absolutely right. You should quit now.
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The thing about days is that they happen every 24 hours, and hard drives usually make it through the night.
Aside, rewards are 2 XCH per block for the next 3 years.
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what do you mean by every 24 hours? As far as I have understood (5050) plotting 600TB gives you a chance to win 1 single coin. For another coin to win within the next 24 hours you need another 600TB (5050) plotting. Isn’t that correct?
nothing requires you to increase your capacity but simply wait 13 days to recover your investment unless I’m wrong
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Plots are good for farming for the foreseeable future (10+ years barring some big advancement, basically as long as it takes more than 30 seconds to create a k-32 plot you can keep using the plot).
Generate 600 TB of plots and then just keep them connected to the internet to get your chance at a reward each day.
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So many variables here… it depends greatly on the coin price over time. But netspace, yeah, netspace will grow indefinitely… at what rate is anyone’s guess…
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The way the reward system works is very different to what you think.
A few thousand times a day, one plot out of all the plots that everyone in the network is farming at that moment is used to make a block, and each plot is equally likely to win. E.g. if you had 10% of all the plots, you’d be winning roughly every tenth block on average, but even if you only have one plot, you could win in 5 minutes if you’re incredibly lucky. And the same plot can win multiple times - you don’t have to delete and redo anything.
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I keep analogizing them to lottery tickets that are valid for all future drawings… So you fill 500TB with 5050 plots, and you have 5050 lottery tickets… You continue to ‘farm’ them for every prize drawing, they don’t become invalid, you don’t need to get new tickets, all your tickets are still good.
I wish I had 500TB filled, just about to hit 100TB in the next two days. No guarantees in this world, but I’m pretty confident that I’ll get back my ~15k investment at some point.
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Plots can win over and over. In your example, you’re likely to win a block (2 coins) every day.
so are you saying after I have 5050 plots (600TB) (and If I don’t continue to plot more). I still have a very good chance according to the Chia Calculator to win each 24hours a coin as long As I keep my plots and the Blockchain synchronized. ? (the factor - netspace growth excluded)
If I would win with one ticket (one plot) a chia coin - does the plot which won becomes invalid or can I win several times with one plot?
Yes to your question. Try reading the business white paper and studying the forums, lots of good info
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Exactly and that’s all we need to keep in mind. Bram Cohen simply said it’s like a bingo game with your cards- keep them forever and you’re gonna win. The only think is the enormous net space and the price of chia. Good luck everyone!
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You are misunderstanding. You will win every day for 600TB! You don’t need more hard drives unless you want to win even faster.
You can win from same plots over and over again my friend. It is very very profitable with 600TB! You make your money back in 2 weeks!
That’s if you already have the 600TB plotted, if you need to plot them, whenever you finish it’ll be more time probably.
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You’re right. I thought he already had them plotted 🤦🏻😂