I figured it would be fun to capture answers from people before price discovery really takes off starting Monday, so we can compare plans before and after.
Right now, I’ve invested in a mid-level NUC, and ~65tb of storage, of which I’m about 27TB full as of now. I’m able to plot about 1.2TB/day right now.
My current goal is to get to 50TB plotted and farmed solo, and 50TB at a minimum contributed to the pool we’ll start here for the forum.
I am planning on buying 4 figures of the coin in the next few weeks as well because I sincerely believe in the tech and the team behind the tech, and frankly, I’ve only farmed a couple coins so far so I’d like to pump up my holdings.
Beyond that, I’m unsure how much else I’m going to invest from a hardware perspective. I’m curious what math you all are working with in terms of your own investment strategy, and also, hypothetically if you had let’s say $10,000 USD to spare, how you would invest it right (plotting and farming vs buying the coin directly).
I’ve put in $0. I got some free disks for my home lab a few months ago and during quarantine Christmas I had cleaned up a stack of the old 20x2TB disks that I had been using. They all have about 80k PoH (10 years) on them. I was planning to give them away, but saw Chia mentioned somewhere and thought it would be fun to try.
I was hoping to get to 30 XCH originally, but the netspace has grown so fast that now I’d be happy to hit 10 XCH. I’m at 6 and trying to be realistic.
I also set up a small 36 plot (2 disk) farm for my young nephew who has always wanted crypto currency. I told him he’d probably never win, but his farm hit a block after about 2 days (lol - he’s happy). I told him he’s not allowed to sell it because of the tax implications, so hopefully it’s worth something in a decade.
I don’t plan on putting any money in. I’ll farm what I’ve got and if it ends up being worth anything I’ll take it as free money. $10k+ and I’d be mashing sell so hard my paper hands might start on fire. Haha.
Long $STX and planning to hodl at least through EOY.
I have bullets chambered to buy XCH on the open market too, but unless it starts stupid cheap then I’ll probably sit back and observe the price action for at least several days. "The time to buy is when there’s blood in the streets!"
In a similar boat, have about 311 plots now but, haven’t gotten any chia at all so I’m partially hesitant to keep investing in it solo farm wise but, will likely make an equal investment to pool farm once its available.
Purchase side, would definitely invest $1000 once its first available because I also believe in the project and am excited to see this grow! Any confirmation where we can purchase yet?
If I combine the price and coins-per-TB-per day chart (Chia cryptocurrency blockchain explorer)… and it says a new drive will pay for itself in 6 months… I will buy and fill another drive (if I’m already full).
Since difficulty goes up so fast, this likely means break-even in 2 years. I expect drives to last 3 years. So, inevitable moon lambo for me?
I only invested in an external 8TB Seagate ($180USD) drive to add with a couple of 1TB drives that I already have.
And that’s it.
Will continue to farm solo until pools are released. I wouldn’t invest $10k on this unless I had $100k laying around the bank which I don’t.
But If I had, I would go full Cloud plotting/farming on the short term.
BUT, thats all still unopened and free to return for money-back within the next 14-30 days
If I would have started earlier it might have been different, but so close to the start of trading I might as well wait and see what happens when it goes live.
If next week turn out to be a bust I might just return everything and leave it at that. If it looks ok, I will put the system together and start plotting. I should be able to plot around 32 plots a day and have 1200TB storage. Already have my office pc running the first few plots on an external ssd, so I can get started fast.
We’ll see what tomorrow brings, but I hope/think I will be building a system wednesday if everything arrives on time.
If I get lucky early on and get a few block I will invest in more storage space. This is the biggest cost per plot and the one I’m afraid will get more expensive soon if Chia really kick off
My thoughts right now are to go long-term on Chia. I’ve invested over $13k and am actively working on my setup constantly, have finally won a block earlier today. I have tons of space left to plot and more on the way, hoping that in a year or 2, it’s a mega-money maker. I missed bitcoin, though I dipped my toe in very early I didn’t stick with it, don’t want to miss this one as it’s pretty exciting.
Look at my username. I will HODL.
I invested about £15k in hardware and disks, but before even knowing that Chia exists.
When I heard about it, I just re-purposed my whole homelab and was lucky enough to plot most of my storage before network size exploded.
Now I am helping people in the UK to plot their disks for a bargain price.
Because (not counting the nvme drives) my hardware will be used to different things when no plotting, I can keep my prices low.
Back to XCH, no matter the price, I will HODL. I wanted to sell some at 10k USD, but I asked myself - “what sum could change my life for better?”
Not 10k USD for sure.
Also, I am a strong believer that Chia will be the first 100k USD coin - even before BTC.
Can you share what is leading you to that conclusion? I’m also excited about the opportunity a new Level 1 blockchain can bring, especially with the smart contracts and programmability like ethereum, but first $100k is quite the claim
I’ve been a believer since day 1 (the announcement from Bram that he was starting Chia), I had already started setting aside $2,500 for the first wave of hardware investment, once I saw the traction two weeks in, I doubled down to $5,000. I’ve since started a business that’s earned close to $15,000 from Chia consulting, PaaS, and “speed daemon” plotter building. I recently doubled my investment again to expand and by tomorrow will be all in for $10,000. (before subtracting my profit from my businesses). My initial investment was on a 5 year horizon predicting a $5,000/xch. I’ve acquired about 32xch since block 1 with 675 plots (67.5 TB). Strategy going forward depends on Monday!! If the price is ~$200 I’ll probably try to buy as many xch as people will sell me, if >$1,000 my business is expanding!
The fastest growing network EVER
I saw how bitcoin was rising - you had more than a year to catch a bus - first with cpu’s, then GPU’s, then FPGA’s before the ASICS came.
Chia us growing more rapidly - 6 weeks ago we had 15x timess less space.
I didn’t saw anything like that.
Even Ethereum grew the speed 3x times in nearly half year - we done 5x times more with 4x times less time.
I told a few friends that I am farming Chia. Now people that I didn’t spoke from a few years are writing to me and asking “isn’t too late for start?” Never saw anything like that, even with BTC and ETH.
We will have smart contracts - which means that we will be able to lend a Chia for interest and other crazy things.
I was the crazy guy who sent free bitcoins to people in 2011.
I exchanged my whole monthly salary to BTC and tried to pay by it daily using my friends as a exchange - BTC to buy me a kebabs, paid for my rent in BTC to landlord, I even paid the programmer that I hired in BTC and gave him a few extra BTC for a good work.
I would like to do the same with Chia, but as a smart contract - for example, you can monetize all Chia now, but if you HODL longer, you will get more Chia after 5 years.
Don’t underestimate China - now, when Bitcoin is in heads of everyone, the “green bitcoin” is tempting - especially at the beginning.
We have Bram Cohen and Gene Hoffman. OK let’s face it - some times Mr. Hoffman behaves on chat like a douche. But… HE IS WITH US, TRYING TO HELP PEOPLE EVEN WHEN HE IS RESTING ON HIS YACHT. Frickin director of PGP is wasting his precious time to help us, users. Why? Because he believe that his help matters.
Like Mr. Hoffman or not, he is a smart guy and he know what he is doing.
Chia is spreading like a virus
Since I started to farm Chia, nine people that I know started to do that. I didn’t even advertised it to my friends.
I only showed my homelab and after that there was always a question:
HOW MUCH YOU EARN?
The Chia Coin don’t have the price yet, I am doing thay beacuse I like the project.
OK… I will try to do the same with X disks
Filecoin had 4 Exabytes and it didn’t caused the HDD and SSD shortage.
What it means? That people bought A LOT MORE HDD’s that they are able to plot even this year.
Look at our friend at the top - he bought 1200 TB of drives, but he is able to plot 2.3 TB daily. He will plot for the next year and he will stil
have a lot of storage.
Bram Cohen said - we will experience 50 Exabytes - 100 Exabytes on 1.01.2022. Today 2 May 2021, we have 1.5 Exabyte.
People have a lot of not plotted space - if you will watch BTC, the harder diff is, the higher price is. If this will be true for Chia, we should experience 33x- 66x of the value that we will see tomorrow at 18 UK time.
By the end of the year, if we have this rate continue, plus once we have price, a whole bunch of IT places are just gonna start going ‘Hey, we should actually do this with our extra space here’. We might be looking at like 50-100 EB by the end of the year or something like that, for netspace.
I hope we see XCH hold above $30, as that would at least cover drive purchases.
Based on Chia calculator and the rate of increase in network space I’m not even sure the 32TB I’ll have plotted by the end of the week will be enough to win a single block. And it looks like by the time pools actually launch even at 1k per coin the value of that 32TB of storage to a pool would be virtually nill. Starting to have a bit of buyers remorse on a few storage purchases. Not like it’s money I can’t afford to lose and at least storage space has other uses. I’ll be starting to look into other storage coins soon, may need to spin up instances for a few different ones to see what will pay well considering there is no whattomine.com equivalent for storage coins.
I’m just starting out plotting today, heard ppl talking about chia in discord channels last week and finally decided to plot my first just a few hours ago… on a HDD since I don’t have any spare SSD space left.
Actually tried to buy some chia with okex yesterday but finally decided to learn about how to plot first.
I’m planning to spend at least 2500$ to the rig, it will be a welcomed experienced for me since I just lost my job last year and is drifting around without purpose… I can still life decently if I lose that money and not starve.
If chia goes to 200ish I might buy at least 1000$ too, converting from the small amount of other cryptos that I have.
Will definitely join a pool since I can’t see myself spending 10k++ in one blow, at least not right now, when I’m still employed it is definitely possible, but that isn’t the case anymore.
However, answering your question with my current limited knowledge, if I have 10k to burn I’ll def spend 8k for hardware and join a pool with it, and spend 2k to scoop XCH at a lower price point (<200$)
I’m still learning on what kind of hardware to purchase, a more detailed and plotting purposed hardware or just upgrade my current windows PC, currently looking around the forum for threads discussing those.
Sorry to say but this is a major gamble and you need to know that the most likely outcome is that you will lose all money you put into this. I seriously recommend you reconsider, save that money, or put it in a safer investment.
Hi, Thanks for this, I don’t think it has been said enough that any kind of mining is pure speculation, even with all the promising potential chia have right now.
I’ve talked about it with my wife we concluded that it might be better for me to do something, and the amount of money is currently tolerable on the budget I’m thinking of doing, we understand the risks and we also talked about the fallback plan.
I appreciate the concern and I am already feeling the power of the community here.