It is not worth mining chia in Spain (24TB)

Hello,

After 1 year mining Chia, I decided to do the maths to see if with the actual price it’s worth to continue. It’s not for me.

I used this calculator:

Here you can see my little 24TB farm:

My hardware it’s a simple PC with 4 external 6 TB HDs.

60W iddle for the PC
10W for each drive
130W total

0,19€ KWh, one of the cheapest in Spain. All taxes included.

Monthly cost of running the farm: 17,78€
Estimated earnings: 0.1783 XCH 6,99€

I’m losing: 10,79€/month

Thanks for reading!

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Perhaps if you were supplying power to one 18 TB or one 20 TB drive, instead of four 6 TB drives, it might make it worthwhile?

Of course you would have to factor in the purchase of the larger capacity drive.

I will lose less :wink: bad business anyway

Your costs are way too high, your setup is not optimized at all. I’d suggest selling everything and starting again fresh with a better understanding of the costs.

People usually mine at 0.4w per tb, you are above 5w per tb

Consider it the cost of learning :wink: and be glad you bought hard drives and not Luna :rofl:

This is difficult to hear. My farm is also getting close to no profit.
If you could find an old PC like a hp sff 8300 at 14W idle, it can take 2 internal 3.5" disks and may 1 loose in the 5.25" cd bay…you could get down to maybe 50W if you also switched to flexfarmer.
Still not profit but maybe hodl-able?

Potentially, the least expensive way to keep those 4 USB drives running would be to get RPi 3 and run FF on it. Still, that would be $50-100 spent, and with 24 TB farm recovery just for that would be ~5-10 months.

With XCH in $40 range, we entered the zone where the least efficient farms (whether due to setup and/or electricity cost) really will need to turn off. If XCH will slide to $30 range, most of the farms will need to look at the electricity bills and decide what to do. As with any mining, at some point having sub-optimal setups will just not do.

I guess, with the initial price going sky-high, the chia model switched from a hobby (farming on spare space, as Chia promoted it) to [semi] pro setups with dedicated farms, where efficiency may start being the main filter (what may put some pressure on node count - chia robustness).

I’m not selling anything atm so there is no point in calculating my returns. I will know when I sell how much I made or lost. Until that time the monthly energy cost is an extra investment I am making in Chia.
I think with the price as it is - and has been for months - there is no point to selling your wins directly. Either you stop or you hodl.

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My point was not about selling (H/W or XCH), but rather shutting down the farm, as buying XCH directly will bring you more XCH than electricity you pay for. So, at least for now (as everything is falling down), it is hodl for both H/W and XCH.

I do not see how anyone could be out of the red, unless they had lots of hard drives and plotting capable computers laying around.

I spent thousands on hard drives, plotting computers, and other miscellaneous items. At the current XCH price, it will take years for me to break even, even if electricity was free.

In the winter, my hardware heats my apartment. My monthly gas bill has been approximately $10. So my electric cost for plotting and running my farm has basically been free, because I use nearly no gas to stay warm.

In the summer, I might have to suspend my Chia activities, or pay a fortune in adding in the high cost of keeping my A/C running 24/7.

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You still didn’t listen, you run your power cord to the guy next door and offer to wash his car and cut his grass!!! :joy: :joy: :joy:

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Part the problem is the OP is only farming 24TB, so that power usage of the whole system is not spread across many TB of plots.

I recently purchased about $1200 worth of new drives, but feeling that it was a mistake. I didn’t make any Chia in past two months and it is about $40 now. I think it is far better to purchase Chia rather than mining it. Mining only worth at high price.

At least you can use your farm as heater, so it has not gone to waste completely :slightly_smiling_face:

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Farming, Chia is what we try and do, :sweat_smile: :sweat_smile: :sweat_smile:

It’s always the same. Either you are one of the first, get big and get your dividend over time or it’s too late to join the party cuz all the hot chicks are already fucking someone.