Nothing… I’m eternally grateful to the guy for giving us bittorrent.
Not sure where I placed my crystal ball but CHIA will not overtake the crypto big boys. Not for a loooong time if ever.
Then it doesn’t really solve the problem. Chia only solves as much problem as it’s big a market share in the global crypto market, if the power save is real. The consumption theory is still the same. However much Chia is worth earning, people to buy up/deploy those resources to make it.
Good. Get out. Clearly you think it’s a shitcoin.
Hold It. This is not the place for banter. I’m giving everyone a warning.
We are all in this together and we will treat each other with respect.
Pool consensus will be available the 17th of May.
SSDs are used to plot faster. They are not necessary.
That’s a fair point but I suggest you check out 69chargr’s posts… to call them rude is an understatement.
I’m out of this chat and I shan’t be responding to his ilk going forward.
Agreed. I guess you all can make the call if you want pump and dumpers who clearly don’t give a crap about Chia to pollute your forum. Until the past 24 hours this place has been amazing.
Do you have any opinions on my consumption theory?
You might want to take a closer look at that photo
Ok, I caught up with the thread. As I said, this forum is to have respectable conversations about Chia. This is a global project and there will be many many different views/theories as to why Chia was created. In my opinion, all those viewpoints boil down to trust. Trust to the Chia Team that invented this.
Some people will believe and trust Chia Inc’s goals, and some people will not believe them and think this is a scam only to make them rich. In the end though, we all chose to be here and do this voluntarily. So yes, there will be times when things get heated when two passionate people that think differently meet, as we all know from world history events.
We live in the best time of all human history, we can all speak rationally to one another even though our beliefs are different.
Doesn’t that burn through at least $20-$30 worth of electricity to earn that $300?
At least large hard drives weren’t that desirable – I don’t think anyone here was crying about how they can’t find 18 terabyte hard drives to store all their, uh… “files”… all the GPU miners have made basic videogaming on a PC very expensive prospect, and eat up a lot of electricity in the process.
300$ after electricity costs.
Right now with 3 Exabytes of Chia network size, you need around 50 TB of storage to get estimation of reward of half a month, which is roughly 7x8TB HDDs. Each 8TB Hdd cost 150-200$ so that totals for 1050-1400$ only for the HDDs.
Last month the network size was 1EiB, so that tell you the growth speed of the network and what you’ll need in the future. If the network grows to 6 Exabytes, you already need twice the amount of drives which is 2100-2800$ of drives, and that’s without a decent PC that can create plots fast enough, add extra 1500-2000$ for that PC. So it’s total of 3500-5000$ for a simple rig. with that you can buy around 3x3060 Ti’s (Or more) even with the ridiculous prices of GPUs and still make more. Not to mention that if something happens to Crypto, you stay with great GPUs that you can re-sell, and not get stuck with dozens of HDDs that only god knows what you can do with them later. So with the current plotting/farming requirements and the suspicious initial price of Chia (I’ve never seen any crypto starts at 1000$ price) you wonder who’s behind that pumping. Just saying to people watching this coin - be careful before you invest into it. Only if you already have a readily available equipment like I do in my IT job you should invest. At first I wanted to buy a dedicated PC especially for this but then realized that cost for it would be ridiculous
Really? I guess it is true that GPUs haven’t been moving that fast lately, so they retain value over time… but a 2015 era GPU isn’t worth much these days, is it?
I dunno. I think the price of GPUs is going to continue to go up and up, until they implement anti-crypto in hardware. I think that’s coming, because it kinda has to – otherwise videogaming on a computer has been completely ruined by all the crypto GPU pricing nonsense. You’re looking at 3x, 4x the price of a video card for your PC … I think it’ll go to 10x pricing. There’s no upper limit as long as the coin prices go up.
And all those GPUs burning all that electricity… it gets worse over time. That same 5 watts to run a 10tb drive is 20tb in a few years.
I’m not sure why you mention 6-year old PC hardware as if any hardware that old would be worth anything. However, my 4-years old 1060 6GB is still kicking even after all these years. And, it can get extra $$ from mining, and it can even still be sold for a decent price
I don’t know what you can do with a single 10tb drive… not to mention it costs 200$. And you’re trying to make it look like prices of HDDs won’t go up if the demand goes up, and it will. I bought 14TB SAS drives last month for 350$ and this month the supplier offered the same drives for 450$
Calculate and tell me how many 200$ 10tb HDDs you need to get a reasonable estimation for reward, because maybe I was wrong with my calculations earlier
I think the price of GPUs is going to continue to go up and up, until they implement anti-crypto in hardware. I think that’s coming, because it kinda has to – otherwise videogaming on a computer has been completely ruined by all the crypto GPU pricing nonsense.
yea… I really feel sorry for all those missing out on playing fortnite!
BTW… GPU mining is not, I repeat is NOT the root cause of the shortages in supply.
It’s a part of the algorithm that makes sure that at any given check only a small subset of all existing plots are eligible for winning. I sort of visualize this as having a batch of lottery tickets, and at any given drawing it is announced that tickets that have a serial number that begins with number 1 are eligible. This way I only have to check the ones that start with 1 and not all of my tickets. That number changes every time, of course. So at any given point in time only a small set of your plots actually requires checking.
I think bitcoin prices going from $10k to $60k in one year absolutely had an effect on GPU supply. That’s 6x! You’d have to be insane to think otherwise. The only reason you can eke out $300/month is because of this 6x growth in bitcoin:
Let’s go back in time, way way back… back… way back when… to… May of last year… I know… it is hard to imagine, but twelve whole months ago… you’re looking at 1/6th that $300. So $300 / 6 = $50 per month.
Is $50/month really worth buying a fancy GPU over? A whopping $1.67 per day?
I do acknowledge your point, which is basically there is no Chia pooling, and yes, it’s been said a zillion times now, and I agree – Chia should have pooling. If you want to say it one zillion plus one times, by all means – do so. Say it.
(It’s actually more than 6x, since there was a dip around covid.)
1 year ago before the rise in BTC/ETH, GPU prices were normal, so you could afford it as well, unlike now.
Then, you’d have a decent GPU for both gaming and mine for fun in the rest of the time. so yes, 50$ when your GPU cost 400$ is definitely good, isn’t it now? It’s funny you say “increase in bitcoin price”, but don’t mention that the GPU prices were as low as the price of the coins.
So why not use my 400$ GPU that I already have for gaming to make 50$ every month for a coin that’s so cheap that the only thing can happen is it can go up and I can make more. For that I don’t need a dedicated 5000$ PC and extra 2000$ worth of hard drives… seems worth to me
But here with Chia, the coin itself starts extremely high - higher than Ethereum from 2 months ago, and the difficulty is even harder to mine!
On all sides it makes no sense
Fact of the matter is that Chia farming is quite expensive or at least the initial investment is high. But as soon as pools are up the rewards will start coming and then it’s a matter of price.
The second hand value of hardware - at least where is live - is quite good, especially with HDD prices rising and in short supply. I could easily recover 60-70% of the investment selling everything within the next half year or even later.
At this price point that would mean that even just winning a single block would put me safe. But it remains a gamble.
Mining Bitcoin was completely useless in the beginning, yet many people did it anyway believing in the long-term succes and got rewarded for it, could just as well have turned out different.
I do see the point that the threshold for starting to farm Chia is crazy high and that the rate of increase in difficulty is quite scary. But we don’t know what the future holds in terms of price. Owning a few bitcoin was once a joke, now people use it to pay back their mortgage…
I do see this as an exiting project with al the right signs of becoming something big.
That said, I also do not believe i the story of “leftover storage space”. I just don’t see why people or companies would have a couple of PiB’s of storage left over.