I know some expected pooling to raise price, personally I didn’t, no reason it should.
I also think the current price is fair when you look at netspace, reward is more than enough to cover electric, but a slow possible roi.
It could go down, but mkts are funny things, ppl move them for what seem odd reasons sometimes.
There is no ROI. It’s better to buy graphics cards and mine with it than do this. Plotting is more energy intensive than mining with graphics card and ROI is -10% of your investment. Bram and Co has conned everyone into their Green talk. Only time Chia will be green is when no one is plotting anymore. Let’s assume 1 graphic card uses 150watts of power to produce 50MH and makes you 100 a month. A 3060ti is 1200. 20 HDD drives will use 150watts of power and let’s say each drive is 10tb for a total of 200tb. The current ROI for Chia with 200tb is what 300 a month. The cost for 20x10tb HDD at now market price is 8000. So the maths and you can see that Chia is definitely not worth it. And to plot for 200tb will take the average user probably 2 months using 80watts or so for a 6 core cpu. The only thing that will save those who have put time and money into this will be if the netspace falls, but Bram and Co will not allow it as their interest is for it to grow. Bram and Co launched Chia officially 2 months ago and from my view there needs to be changes to the system. If they introduce staking into the equation than you might see some price stability. All other HDD based crypto have some form of staking.
Unless they start spinning up drives there’s no way they can control it.
I used to mine, used so much electric the elec company thought I couldn’t read the meter properly, then they thought the meter had even changed, using over 5kw ph is not cheap in the UK, and the miners become pretty worthless unless you sell them on fast.
HDD on the other hand should last much longer and can be used for other uses / projects.
It was never green, that was just marketing, I realised that as soon as I read it.
WOW. Nearly every number in this is wrong. I’m lucky to get 45MH on a 200 watt video card. And $400 for a 10TB drive? In the US, at least, you’d have to be like the worst shopper ever. At the absolute highest peak of drive prices I got 10TB Enterprise WD Gold drives for $320. Today, on Newegg,12TB for $280 easy, and that’s a proper internal drive, not a shucked external.
I’m based in Singapore so the prices are definitely different.
A RX5700 for me at 110W is getting me 50MH
Yes, his numbers are way off… in reality with the same amount of money… say $1000 for a 3060TI, you’d make ~$100 before electricity costs (130W/hour or 93kW/month). ROI 11-12 months
With XCH, you’re looking at grabbing 3x14TB hard drives so 42TB which should bring you ~$85/month before electricity (15W/hour or 11kW/month) Overall pretty much the same ROI
Still, I prefer Chia because I think it is somewhat greener. Less electricity also means less heat. That’s very important. It is harder to perform a 51% attack and overall a better alternative to GPU mining…
If Chia takes off and I hope it does, it will be like Bitcoin in 10 years time. Can you say the same about other coins based on POW, gpu mining? I don’t think so. That’s my opinion
I’m personally surprised by the continued slide in price. As mentioned before, if you look behind the curtains, the CHIA team is working on some terrific Business applications that will make CHIA very valuable. B2B in Intl banking is huge. The IPO will be good for the company. I’m buying all the way down as the long term upside (3-5 years) is terrific. IMHO. Again, look at the team. They are brilliant at what they do. Did they have some execution issues, yes, but greatness does not occur overnight. I believe in the business prop and for me to get CHIA at $240 is awesome! Larry
Definitely could be worthwhile opportunity to buy XCH at current price rather than HDD. Just be willing to value XCH at $0 or offload HDD at discounted price. At the end of the day the only people who gain are the Chia team and only people who set to lose all are all of us and yet Bram thinks some of us feel entitled. Bram get your head of your a$$ please.
chia is dead gone and will never again recover
A Bear market isn’t all bad. The netspace leveling out gives micro farmers a chance to accumulate XCH before it takes off again.
If you’re getting 45mh and using 200 watts you need to change your settings. Can’t advise what without knowing the card - but the fact that it can get 45mh does limit what it can be.
This site has decent settings for most cards: GPU mining ⛏️ | minerstat
Maybe you also just have a card I’m not familiar with and those are the stats
Market cap of mined Chia is extremely low actually. Considering very limited supply, if Chia is going to be one of the major crypto on the market (and I guess, that there is a significant chance), its market cap will reach top 20, which means, that price will have to rise at least 20 times.
I think we’ll start seeing a big drop in network space starting next week… At $150, the ROI will get to almost 2 years. That’s a major breaking point for a lot of people/businesses. Based on the price/coin, the net space will be just enough to allow a 12month ROI.
I don’t think we will see XCH at $100 or less but It makes little sense to start mining Chia today, it will be a lot cheaper in a month to simply buy the coin. I believe the coin will come back hard in the next year or less… we’ll see
caution. ten or twelve years ago many people said exactly the same about bitcoin. how dumb were they…
I couldn’t agree more.
The hype is about mining, which totally different from trading chia.
Be there, done that with Bitcoin, ETH, Stellar… Anything else you wanna tell us? ;D
I have to disagree. Trading chia and mining have the same goal and are based on the same principle… profit. If there is no profit, there is no interest in either of them.
HDDs give you flexibility. Since in the long run energy consumption is lower than with GPU oder ASICs Mining, I am also investing into HDDs. If not Chia, some other HDD based coin might be the next bitcoin or at least ETH.
Quite possibly so. They have 60mil in the bank to help them. Not many startups can say the same thing… let’s see what they do with that money.
As I said before, is not just the electricity that matters, it’s also less heat and less physical space space occupied. These are two very important factors. Even POS needs storage space/maintenance to be active 100% of the time. From a technical perspective, Chia is above ETH and Bitcoin because of these things… less energy/less heat/less space required and better security.
Yes they have a lot of issues and bugs to fix bug they are working on it and in the next few years things will get better. Also, they will eventually use the blockchain for something more than mining I’m sure. At the point, things will start looking better for the coin… until then the price will go down and so will the network space. I think we will always see a ROI ~ 12 months at any given time.
If XCH will start growing above 2k/coin, and I believe it will eventually… the lucky ones will be the ones purchasing coins now and mining them. But you have to be patient for at least 3 years until after the next halving happens… I want to wait at least 7… possibly 10 or more. Same with Bitcoin
But again, I am speculating. No one knows what will happen in 1 year from today.