It is late to start farming chia now ?
I have unused 2 petabytes of HDD storages
It depends upon how quickly you can create plots. My recommendation is to fill up 0.5 PB per month if you can swing that. I don’t think anyone can do it on a single system. And then luck will play a factor once you get your 2ish PB filled.
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Maybe. I started seriously about 2 weeks ago. Netspace is huge and I am not expecting big rewards fast. I am learning and enjoying the experience and I can get most of my money back on my secondhand servers and drives.
Look at it this way, if someone could take you back to bitcoin 6 weeks in and give you a shot at mining some you would right?
Mine chia now if you believe in it, you want the challenge, you’re in it for the long hall and you want to enjoy/learn from the experience. Otherwise buy some if you think its got a future. Or steer clear if you don’t like the sounds of it.
I heard about it, liked the idea, it came at the right time when bitcoin was getting a hard time from Musk and the press, and it could go a long way.
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The short answer it’s definitely not too late. Official pools haven’t even released. Most small farmers are going to be replotting when they release. You can actually see returns solo farming 2PB.
First, be sure you read the chia wiki and realize what you are actually getting into. Most of the complaints I read online are from people that clearly haven’t read the wiki. Expectations are a big part of chia farming and understanding what chia is is important. I personally only recommend chia to people who are up for the technical learning curve and already have a system running 24/7 with a large storage capacity. You already have the expensive part of chia farming(storage).
You’ll have to do some research into your plotting setup/setups since your talking about 20000 plots. You’re in the right place for suggestions on how to do that as affordably as possible. I’d say make a post for plotting suggestions for filling that space. Share what hardware you already have access to since that is what chia is all about. I personally would be perfectly happy taking 6 months to fill 2PB, but plenty of people think about chia on a whole other level than me. I say plot cheap, and expect to keep plots online for years.
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If you had been smart enough to get in to bitcoin at 6 weeks you would have been part of a VERY small group, not a mob. Every dollar you invested in Bitcoin Mining 6 weeks in would have such a crazy return that I will not try to calculate it. With Chia it is already becoming very difficult for small farmers to even keep up with the total storage curve.
There is little comparison between early Bitcoin Mining and current Chia Farming investment wise.
If I had 2 PiB of storage available to me I would definitely give long hard thought to using it for Chia but even then there is risk.
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Great points. This is what I mean, should you farm Chia as a solid investment? No. As a technical or educational exercise, yes? As a gamble, a lottery, yes.
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If they already have 2PB sitting doing nothing chia is pretty much a no brainer way of generating income from it. There is almost no wear concerns farming. Farming is about of light of a task as you get short of not spinning the drives at all. If the plotting is done efficiently there is little downside to chia.
People are freaking out over netspace growth but that’s only because they don’t have petabytes on the network. They could plot a few hundred gigs to a pool to cover any daily operational costs. Then solo farm the rest for pure profits. They should be able to efficiently plot that space without spending thousands on just the plotting process. Even if it took six months to a year to fill it would still be profitable.
It sound like the chia team is using the work the community has done to make the plotter more efficient for different types of systems as well. Rather than one basic plotter for all systems.
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Didn’t they say in the AMA that you don’t need to replot for pools?
Those that took a gamble when the network was a couple of hundred PBs and the price of CHIA was an unknown are the ones that reaped the rewards and made some real profit out of the experience.
For those (even with 1 PB of space) waiting for the pools to launch, all I can say is good luck and enjoy your couple of dollars a day return if you’re lucky.
As far as I’m concerned, it’s already too late to get into this game. If you have some spare dosh then do yourself a favor and just buy some CHIA whilst the crypto market is down.
… and just to add, with my 130 TB on Hpool, I’m just about making £7-£10 a day. For the money I’ve spent I would have been much better off buying the CHIA!
I guess it’s my fault farming solo for so long and not trusting the Chinese pool. No problem with them at all, payouts work just fine. SIGH… you live and learn…
Good luck!
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I remember seeing a YT Live event where they specifically said that you needed to plot for the pool you join (in the beginning). You link it to what I am calling your unique pooling ID. If you leave a pool, you unlink your plots from the pooling ID and pay a few mojo or something like that to get a new pooling ID. The old pooling ID (being linked to your prior pool) is now invalid because you have a new pooling ID linked to a new pool. You can still solo farm on the current plots, but they didn’t recommend that.
When looking at your profits, you should be looking at the XCH you earn, not the $. Because the only way to make significant money in this game is the long-haul. And the $ value today is not what it will be in 5 years (for the love of god I hope not). But the XCH you earn will be exactly what it is.
Either believe in the coin’s future, or just get out and cut your losses. Watching the daily profit/loss is a waste of time.
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If you look at Chia like stocks and bonds, you don’t really want to micro manage your portfolio. You want to keep long term and see the ups and downs and go from there with decision making. Unfortunately, Chia is new for most and people have what they think is too much money tied up in it. If they think they have too much money tied up in Chia, walk away or be prepared to take whatever comes when you do cash out (in the long distant future).
But bitcoin didn’t have 1million nodes at week 6… Actually this example show really well how different both situations are: I don’t think bitcoin even had 100 miners at week 6, but not sure how to verify this.
Either way I agree, 2PB should be profitable specially if he already has the space available! With a couple of machines and MadMax the farm should grow big fast.
Check chiacalculator.com/ to make sure it is worth the husle. IMO it is, but it depends if you have the hardware to plot.
Beware the basic calculator! lolz! Always use the advanced calculator for any hope of reality!
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I always multiply the time to win by 2 and divide my estimated winnings by 2. At that rate, I think I could have hope to win 2 XCH by this time in 2023 and the time to win only gets larger. I am not putting any money into getting more plotting going or getting more drives (yet) so once I fill up my NAS/server in the next week or 2, I am done plotting till I get more storage or pools come out and I figure out something.
Yea… I made the mistake of treating this like GPU mining but it’s a totally different ball game. GPUs are much more versatile than disk drives. For me the key is to get as close to ROI as possible then continue with speculative mining. Had I joined HPool from the outset I would have been fine. For now I can only keep what little CHIA I get and hope (like you) for the price to rise in the next few years.
Chia farming is a long term activity.
Opposite of PoW where ongoing energy cost are a big part of the picture, after creating plots, the energy consumption is small.
There is actual unused storage space you compete against, making buying new storage space a gamble. Luckily the resell market for HDDs is still strong.
ROIs with todays netspace are still good, but market forces will ensure netspace growth continues at high pace until it depresses the ROI and only XCH price increases can temporarily boost ROI until netspace catches up again.
Chia the company wants to be like redhat; i.e. an enterprise play. Their business model will need to be proven out, personally think Chia is the future… You’ll need to decide for yourself if the risk is appropriate for you to commit to farming for a long time to capture the ROI.
You make valid points.
I think I have about 50TB to fill up and I won’t be investing anymore into extra storage. As it stands my drives are connected to my various mining rigs so yes, to earn some mojos whilst the real work horses do the proper work sounds like the most sensible plan.
Let’s see where this gets us.
There is two important question : what is your goal with this “chia farming” ? what can you do else with your 2 PB ?
I can’t answer for you, but if you want to get some return from those 2 PB that are already paid and laying around → go farm them and get some reward, you don’t need to invest a lot on a plotter and can plot at your own pace.
If you want to learn more about all of it, for sure 2PB is a good start also.
If you think you can do something more profitable with your 2PB, please tell us 
Chia is not dead, it’s starting and the network is growing rapidly. your reward today will constantly go down and investing 2PB is a lot if you have to pay them. probably never get a return. But in the future, most of us thinks Chia could be the next crypto gold bar and want to be part of the game.
people were paying pizza with bitcoin few years before, because it didn’t had value and was a real bad investment at this time. few years later nobody will scrap any portion of BTC.
There are already forks of chia. Why don’t you try some of them and your HDDs won’t stay unused and you’ll have bigger chances to get rewards.