I just realized that Chia might be really impossible to mine as a home user, unlike Bitcoin or Ethereum where you can join a pool from your home PC and still earn.
For example a friend of mine is using one card, his gaming card - an RTX 3060 Ti, and gets 300$ per month. Here with Chia I have to burn my SSDs and fill my room with hard drives to get a chance - and it’s not guaranteed - to win a reward. Unlike other coins where you can just connect to a pool and you’re guaranteed to make some shares
Soon users won’t be able to get rewarded and the only ones to be able to mine will be those who have huge number of HDDs.
Even with the ridicoulous cost of a GPU today, it will still be cheaper to buy a single RTX 3060 Ti and get 300$ per month than starting to mine Chia. a 8TB HDD cost about 200$. And you know you’ll need plenty of these. Not to mention the SSDs… And not talking about the fact that Chia just barely started and the difficulty is relatively low
Also, it does not really solve the pollution part if we’re using hundreds of thousands of hard drive and then throw them, or kill SSDs.
I just don’t see how this network can be a long-term reliable system unless AWS, Google Cloud, Microsoft Azure and so on will run this network on their data centers in their closed loop and just release the rewards in crypto exchanges like Coindesk or Binance.
Please enlighten me, I’m not against it, but I just want to know what you think about it.
(Yes, of course right now some of you get plenty of Chia per day, but they will be useless if this chain will not be able to stay stable)
Do you think some changes needs to be done with this network? I thought about decreasing the file size and raising the creation difficulty, and also making the pass filter harder
Those that took a gamble (i.e. invested in hardware BEFORE knowing the price of a CHIA) and mined/farmed in the early days have already hit their own jackpots. Nothing you can do about that now.
In the space of a few weeks I have seen the network grow from a measly 0.5 exabyte to a whopping 3 exabytes! The recent decrease is but a blip as people sort out their software versions.
With CHIA, you’re essentially buying expensive raffle/bingo tickets. Nothing more, nothing less. If you don’t like the concept then don’t participate. Sorry if this sounds harsh but you know as they say the truth hurts.
Personally I will not be investing anymore into this project. I’m quite happy with my GPU mining. After all, GPUs are much more versatile than bloody hard drives!
FYI, I have 400+ plots and sweet f all to show for it but such is life. I’d be delighted if I can get lucky and score a couple of CHIAs at least then I should have my money back.
You have 400+ plots and 0 XCH? Wow… I guess I’m going to stop mining soon. Because I basically installed a virus that kills my SSD lol
In many things in life you win when you are the early bird, but at least you can get some crumbles later on, as you said with GPU mining today - where some people became multi-millionaires, yet the simple man like me and you can get a nice income from a few graphics cards. But here, it’s either win all when you start, or nothing later on, which means they designed this whole network as a temporary thing. I’m not hurt by the truth, I like it, but I want to know if the developers have bigger plans other than “It’s greener because HDD and SSD use less watts”
Which makes you think, is this network a ploy by some hardware manufacturers?
Let me tell you something my friend and this rings true for any crypto project. The DEVs don’t give a hoot about the likes of you and me… and that’s fair enough. Their project etc. etc… mainly etc.
The CHIA project looks to have made a hell of a start. You won’t find a single coin with such a price to start with. Who knows where this is going to end up but as they say, what goes up must eventually come down.
Personally I believe the DEVs have shot themselves up in the foot by not releasing a pooling protocol earlier but as I said, they don’t care about the small time farmers. There are much bigger whales out there.
My only regret is that I could have added a couple of GPUs to my mining rigs instead of wasting my cash on 3 18TB drives. But I’ll carry on playing this bingo with my existing plots you never know I might get lucky.
15 days apparently but that’s going to go back to a moth once the network size goes back to normal in a few hours (i.e. once people have updated their software versions).
I’m not holding my breath. Expected time to win is just based on probability. Realistically it’s likely to take much longer knowing my luck
The utility of this network is not to make you rich or even guarantee you an ROI on a hardware investment. The idea was to use over-provisioned space that already existed. What you choose to do beyond that is up to you. The amount of inbound whining and sense of entitlement is absolutely nuts.
Code your own coin if you aren’t happy.
No I am not a whale. I’ve just been around crypto for a long time. This isn’t Robinhood.
If you actually hover over the question mark that’s next to Last Attempted Proof then click on the LEARN MORE link it will explain it to you better then I or anyone else here on the forums.
If you want a layman version though then do come back and I will try my best!
The opinions of “when mooners” mean nothing to me. I’m in this because of my love of crypto and belief in Bram. The energy savings over PoW networks is also extremely exciting. Those are my motives.
I just think that perhaps all physical resource proof consensus algorithms are prone to people spending as much resource to win it as they think the rewards are worth. There’s about 3 exibytes of plots. suppose each plot takes 10watt-hours to produce, that’s already 3 gigawatt-hours for the past month.
Once you are plotted that goes down to like 5.1 watts? Meanwhile I’m sitting here heating my house with GPU’s pulling thousands of watts off of the wall 24/7. There is a MASSIVE difference.
To extend the theory. If Chia takes off like the high profile coins, what’s preventing people from using just as much power as that of Ethereum and Bitcoin network? The idea of Chia, I think, only sounds appealing because it’s farmed with low-power hardware—platter hard drives(how innocent ). But eventually, people will find ways to get cheap HDDs, maybe manufacturers start making dedicated HDDs. Do also realize that the network is growing fast. 5 watts per HDD that will generate far more revenue is just profit margin that newcomers will close. Do you not picture a future where everyone has shelves of 5 watt HDDs that end up using even more power than GPU/ASICs?
)
). But eventually, people will find ways to get cheap HDDs, maybe manufacturers start making dedicated HDDs. Do also realize that the network is growing fast. 5 watts per HDD that will generate far more revenue is just profit margin that newcomers will close. Do you not picture a future where everyone has shelves of 5 watt HDDs that end up using even more power than GPU/ASICs?