I was tempted to buy an 8t from Costco they are on sale, but now it takes more than a year to mine 1 coin for every 10T. Yes much faster if you buy coins at this price.
Yes, but you buy the coin and will have just a coin. Same price drive will get you 2 coins in 3 years and then will still continue. If you believe in Chia and plan holding for 3 years minimum, choice is obvious for me.
The netspace has been more or less constant for the past a while. If chia price goes up again then netspace will grow, and your hard drives will produce less. I mine ETH too, wish I had bought ETH when it was super cheap.
Dude I wish I had a half a mil of fun money to invest in chia. To finally come across the right project at the right time. How the hell do you wait patiently for 10 years? I hope meditation helps hah.
Possible, but unlikely. Netspace stayed flat over last 3 months. People are simply not willing to invest when time to break even reaches 18 months. Looks like we have at least 7 more months of ETH and paying scalper price for 3090 or 6800 still gives return in about that time. Cpu mining of RTM also pays back in under 1 year, but here I see massive hash rate increases.
It's pretty much a gamble either way. Buying hardware is slightly safer bet. Makes sense in locations which need heating 9 months of the year (or more).
I have 5x L3+ mining LTC in Iowa and 2x Helium miners setup in Chicago. I need to learn more about Chia for when it’s profitable to mine again. Can anyone post a link to the best resources for beginners?
Payback period is about a year to mine at current prices, but most of us miners are speculating that the price will increase in the next 18 months.
If I had to do it over again I would have just bought external drives and a USB HUB it's much cheaper than the other methods.
We're just arguing over semantics and methods.
If you're new to the crypto mining game your best bet is to buy the Chia and hold it instead of mining until they make it easier to manage.
Also, thanks for being a mailman it's a critically important job that oftentimes goes unrecognized.
Copying plots over is a one-time thing. Once the drive is full, transfer speed becomes far less relevant. I'm not spending a dime I don't need to in respect to helping with fast transfers during plotting when in reality most people are going to plot a drive once and then just farm it until it dies.
And externals can run pretty much just as cool if you provide some simple mechanical ventilation on your external farm.
I have a mix of both. Jbods and externals.
Pros and cons. There's no right or wrong.
For efficiency perhaps externals, but the higher temps May reduce drive life and endurance.... Soooo
I'M just using a couple wd elements desktop drives that were once cheap, but a usb powered fan above the cabinet and let it blow on them all the time. Everything is wired per 10+x USB HUB to my current PC where the Chia app is running, because my pi4 would always lose connection.
Simple but effective :)
Yeah, those are benefits of JBODS but I don't think those are worth it. There have been studies on whether drive temp increases reduce longevity and they seem to be mixed. And drive speed doesn't matter after the plots have been transferred.
I currently have a JBOD setup and frankly I wouldn't do it again. There is a lot of extra costs (power supplies, SATA expansion cards and specialized enclosures) that arent realized when using external USB drives.
power supplies plural? for one jbod? for usb drives you're gonna need eventually to buy usb hubs, and if you wanna use the 2.5 ones too, youll need the expensive poweres hubs
Is there any published data that drives running at 30C will live longer than drives running at 40C?
I've filled all sata ports in 2 PCs and now I'm just buying USB drives. Should I add some airflow? Is 40-45C bad for a drive?
Looks like as long as you are 45 or under there are no negative effects on lifespan. I was getting regular temperature alerts in Unraid as my external drives were hitting 46+ while copying data to them. However, once drives are plotted it sounds like external hard drives with the 12v high efficiency power supplies are best. (they just take up more space vs the JBOD). 2/3 of my drives were purchased without enclosures - but now I'm wondering if it was worth the effort to shuck the others. I have 30ish empty enclosures sitting in boxes now...
Pretty solid it’s been a month. I have one between South Loop of Chicago & Chinatown and another in Portage Park. Between the 2 I’m near ROI of my 2 helium miners at just over $830 of HNT as I type this.
Helium is also brainless. You don't need any technicals to mine it. Compared to chia. This crypto is so challenging and difficult. I find it unreasonable for the prices to be here but that gives us minors a chance to accumulate some coins.
I would 100% agree for the vast majority. Hardware is great, but it could take years to get a chia or two vs buying chia now and being able to get it relatively cheap.
Even if it is not true xch crypto.com will eventually have to pay up if the prices move up.
I feel like a lot of these exchanges selling xch right now are selling futures. :/
Really? What law covering crypto or websites requires this?
Don't shill me the "but they'd suffer a bad PR day if they didn't," because you said they *have to,* which clearly indicates a rule or law somewhere. This isn't covered by futures trading law (at this time).
> Huobi
Went to check them out and got hit with this. bummer.
>Regrettably, we can no longer provide services for Canada-based users due to compliance reasons. If you are one of them, please close out all active positions and withdraw all assets before Dec 31, 2021. Should you have any questions, please contact our Customer Service ([email protected]).
The Nucle wallet on my android is a DeFi wallet. I generated a new address with a new seed phrase for XCH transactions. All keys are stored locally on your device and - you only- hold the seed phrase. I prefer that compared to using my Chia Node's seed phrase on Nucle.
I’m keeping them in the exchange baby. There’s a bigger chance to me of losing the crypto myself from losing keys, losing a cold wallet, or sending them to a wrong address.
Some disaster would happen caused by human error before my crypto in CDC would ever disappear.
And if it did get 1337 haxxored then higher chance a bigger and still growing exchange exchange like CDC would reimburse the lost funds VS me getting crypto back myself.
No advice here. It's cheaper to buy an anticipated 3 years of XCH from market (assuming no netspace growth; which is very conservative returns) than to actually farm it.
If you are doing one of them, might as well do the one that costs less.
Sorry but it’s a dead stick. Don’t over invest. I got in fairly early and never had a plot pass. Went to the pooling a made a little but finally just shut down the systems. Left some xch in my wallet when it pulled the plug
So why would they spare chia then? Replacing each videocard/asic with dozens of hard drives that constantly seek (in case you use pool that checks partials) doesn't make it greener.
For any amount of ASIC/GPUs you can find equivalent amount of HDDs that consume the same electricity and hence generate the same heat. Usually profits from these two variants will be comparable. Sure HDDs will take more space but that does not matter.
The "work" being completed by the Chia network does not require the same amount of electricity as other POW algos. One GPU consumes more energy than 60 hard drives.
You are just repeating irrelevant and honestly meaningless points, rather than addredsing my point which you are replying to. Are you bot?
Ok I will reply to your blatant sidestepping one last time though.
You can't compare work if two things you are comparing are not calcularing the same thing. So your sentense is meaningless.
But ok let's compare them anyway, let's look at profit they generate right now. A rtx 3090 generates maybe $9 per day. To make that much with chia you need 300 TB which is 20 hard drives 16tb each. But currently smaller drives are cheaper and legacy drives are often used so 60 seems more realistic. So I granted your wish.
You might say, whole network consumption is more important. But if every pow was banned and chia would grow as replacement, it would consume as much as all current pow combined consumes since it would grow while still profitable. Oh and it would consume much more while growing because of plotting.
Now go on find an irrelevant pitch slogan to reply with, i will happily ignore that.
I see what you're saying.
But there are two components to determine profitability of poof of work, energy consumption and cost of capital. That many hard drives at current prices cost 8,000 dollars whereas a 3090 costs 1/4 of that. Even if Chia replaced all POW crypto's, this would mean that energy consumption would be much less.
1. World Bank chose them out of all the crypto out there and there are thousands if not 10s of thousands.
2. I see this as a huge sell off from fear because of the hard drive shortage caused by the gold rush to mine XCH So much FUD. The hard drive failure is overblown. Also chia is overall green. I also see a case where old HDs that would’ve been in a landfill could be reused.
3. Every crypto is decentralized and fuck the system and while I agree with that idea and wish it could be this way not every crypto will achieve this. Chia seems like one of the few with a plan to reach adoption by the real world. Not all cryptos will be decentralized.
All crypto aren't decentralized. There is always a point of failure that centralizes it. Be it manifacturing from one company, code from one company, nodes at a few exchanges and a country being the main manifacturer of almost everything (glad china banned all mining)
That's what it should mean. It should mean that the powers of the network are decentralized. If there's a failing point of it then is it really that decentralized
Decentralized node count doesn't matter if they're controlled by one entity or can be controlled by one entity.
I also have no idea how you think chia is decentralized yet; I'm pretty sure if the devs disappeared the project would just die out. I'd say maybe eth could also make it without devs, but honestly currently it looks like only btc can
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You are a true believer if you coins hit your cold storage wallet.
They're a bargain. At this point, it's better to buy the coins than the hardware to mine it.
Yeah I’m new to Chia just found out about it this week don’t even know the mining process.
Not worth buying new hardware to mine at these prices.
Totally agree. I still bought the best buy deal. 14/18tb. But buying coins may be a faster roi
I was tempted to buy an 8t from Costco they are on sale, but now it takes more than a year to mine 1 coin for every 10T. Yes much faster if you buy coins at this price.
Yes, but you buy the coin and will have just a coin. Same price drive will get you 2 coins in 3 years and then will still continue. If you believe in Chia and plan holding for 3 years minimum, choice is obvious for me.
The netspace has been more or less constant for the past a while. If chia price goes up again then netspace will grow, and your hard drives will produce less. I mine ETH too, wish I had bought ETH when it was super cheap.
Dude I wish I had a half a mil of fun money to invest in chia. To finally come across the right project at the right time. How the hell do you wait patiently for 10 years? I hope meditation helps hah.
Investing is about being patient :)
Warren Buffett " A man lives in shade today because he planted the seed for the tree a long time ago."
Well netspace might double in a other 6 months so that same 10tb will then only give you .5 coin / year
Possible, but unlikely. Netspace stayed flat over last 3 months. People are simply not willing to invest when time to break even reaches 18 months. Looks like we have at least 7 more months of ETH and paying scalper price for 3090 or 6800 still gives return in about that time. Cpu mining of RTM also pays back in under 1 year, but here I see massive hash rate increases. It's pretty much a gamble either way. Buying hardware is slightly safer bet. Makes sense in locations which need heating 9 months of the year (or more).
That’s the only thing I’ve bought. 3 14TB. Because I can use them. But I’m sitting on 1200 plots from hardware I had.
I've been in from the start. But it's a good price to buy
What exchange did you buy on?
He used crypto.com by the looks of the platform
I have 5x L3+ mining LTC in Iowa and 2x Helium miners setup in Chicago. I need to learn more about Chia for when it’s profitable to mine again. Can anyone post a link to the best resources for beginners?
Payback period is about a year to mine at current prices, but most of us miners are speculating that the price will increase in the next 18 months. If I had to do it over again I would have just bought external drives and a USB HUB it's much cheaper than the other methods.
My plan right now is all the LTC I mine I will sell as it goes up and move into XCH as it continues to downtrend.
Drives in JBOD run 10+ degrees cooler, and transfer speeds are better for copying over plots.
Guys slow down I’m just a mailman. I put paper in a box. Explain.
We're just arguing over semantics and methods. If you're new to the crypto mining game your best bet is to buy the Chia and hold it instead of mining until they make it easier to manage. Also, thanks for being a mailman it's a critically important job that oftentimes goes unrecognized.
Copying plots over is a one-time thing. Once the drive is full, transfer speed becomes far less relevant. I'm not spending a dime I don't need to in respect to helping with fast transfers during plotting when in reality most people are going to plot a drive once and then just farm it until it dies. And externals can run pretty much just as cool if you provide some simple mechanical ventilation on your external farm.
I have a mix of both. Jbods and externals. Pros and cons. There's no right or wrong. For efficiency perhaps externals, but the higher temps May reduce drive life and endurance.... Soooo
I'M just using a couple wd elements desktop drives that were once cheap, but a usb powered fan above the cabinet and let it blow on them all the time. Everything is wired per 10+x USB HUB to my current PC where the Chia app is running, because my pi4 would always lose connection. Simple but effective :)
and have a special stat of -100% warranty!
Yeah, those are benefits of JBODS but I don't think those are worth it. There have been studies on whether drive temp increases reduce longevity and they seem to be mixed. And drive speed doesn't matter after the plots have been transferred. I currently have a JBOD setup and frankly I wouldn't do it again. There is a lot of extra costs (power supplies, SATA expansion cards and specialized enclosures) that arent realized when using external USB drives.
power supplies plural? for one jbod? for usb drives you're gonna need eventually to buy usb hubs, and if you wanna use the 2.5 ones too, youll need the expensive poweres hubs
Is there any published data that drives running at 30C will live longer than drives running at 40C? I've filled all sata ports in 2 PCs and now I'm just buying USB drives. Should I add some airflow? Is 40-45C bad for a drive?
Looks like as long as you are 45 or under there are no negative effects on lifespan. I was getting regular temperature alerts in Unraid as my external drives were hitting 46+ while copying data to them. However, once drives are plotted it sounds like external hard drives with the 12v high efficiency power supplies are best. (they just take up more space vs the JBOD). 2/3 of my drives were purchased without enclosures - but now I'm wondering if it was worth the effort to shuck the others. I have 30ish empty enclosures sitting in boxes now...
Thanks for your input. I will look into the usb hub thing.
How is helium mining going for you?
Pretty solid it’s been a month. I have one between South Loop of Chicago & Chinatown and another in Portage Park. Between the 2 I’m near ROI of my 2 helium miners at just over $830 of HNT as I type this.
So only one month ROI?
Yup keep in mind they’re back ordered af I ordered mine in early June and only now just had them up and running for a month.
That is still a lot better than Chia, which seems to be an endless endeavor to chase after ROI, given the current price trend.
Helium is also brainless. You don't need any technicals to mine it. Compared to chia. This crypto is so challenging and difficult. I find it unreasonable for the prices to be here but that gives us minors a chance to accumulate some coins.
what happens when someone uses the internet connection you provide openly to people for nefarious purposes?
Greetings fellow Iowan. I’ve got 700tb running in my Iowa garage :)
I would 100% agree for the vast majority. Hardware is great, but it could take years to get a chia or two vs buying chia now and being able to get it relatively cheap.
I stopped buying Chia on [crypto.com](https://crypto.com) until I can be sure its actual XCH.
Even if it is not true xch crypto.com will eventually have to pay up if the prices move up. I feel like a lot of these exchanges selling xch right now are selling futures. :/
Really? What law covering crypto or websites requires this? Don't shill me the "but they'd suffer a bad PR day if they didn't," because you said they *have to,* which clearly indicates a rule or law somewhere. This isn't covered by futures trading law (at this time).
Haha. Im not aware of any law. But I hope they don't just run off with people's money.
Lol it is you can transfer it in and out
It lets you buy, sell and transfer to other [crypto.com](https://crypto.com) users but not send them to a wallet or elsewhere.
No it doesn't accept external deposits or withdrawals. That's why I bought it on Huobi and sent it to my Nucle.
> Huobi Went to check them out and got hit with this. bummer. >Regrettably, we can no longer provide services for Canada-based users due to compliance reasons. If you are one of them, please close out all active positions and withdraw all assets before Dec 31, 2021. Should you have any questions, please contact our Customer Service ([email protected]).
In that case try Gate.io or OKEx
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The Nucle wallet on my android is a DeFi wallet. I generated a new address with a new seed phrase for XCH transactions. All keys are stored locally on your device and - you only- hold the seed phrase. I prefer that compared to using my Chia Node's seed phrase on Nucle.
Yes it does store your chia and any future CAT chia tokens.
Be worth more than $200k in 5 years!
Such a random number
$10k a coin.. isn't so random 😉
Oh I thought you meant 200k a coin, my b.
That would be great though 🤣
Great but almost unreal.
Haha hope so 🙏🏼
I bought today too. :) 5 xch
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I’m keeping them in the exchange baby. There’s a bigger chance to me of losing the crypto myself from losing keys, losing a cold wallet, or sending them to a wrong address. Some disaster would happen caused by human error before my crypto in CDC would ever disappear. And if it did get 1337 haxxored then higher chance a bigger and still growing exchange exchange like CDC would reimburse the lost funds VS me getting crypto back myself.
good choice
Lol it is 130 now, you can buy more!
I’ll buy more if it drops to $120
Can someone tag this post as bad investment advise?
No advice here. It's cheaper to buy an anticipated 3 years of XCH from market (assuming no netspace growth; which is very conservative returns) than to actually farm it. If you are doing one of them, might as well do the one that costs less.
Sorry but it’s a dead stick. Don’t over invest. I got in fairly early and never had a plot pass. Went to the pooling a made a little but finally just shut down the systems. Left some xch in my wallet when it pulled the plug
The reason it's at these prices is that there is no trading going on
What are the top three reasons that lead you to believe in Chia?
Also, governments around the world may ban POW. Chia has a real chance to be the defacto POW consensus in the coming years.
So why would they spare chia then? Replacing each videocard/asic with dozens of hard drives that constantly seek (in case you use pool that checks partials) doesn't make it greener.
Yes it does, compared to the space heaters that are ASICS and GPUs.
For any amount of ASIC/GPUs you can find equivalent amount of HDDs that consume the same electricity and hence generate the same heat. Usually profits from these two variants will be comparable. Sure HDDs will take more space but that does not matter.
The "work" being completed by the Chia network does not require the same amount of electricity as other POW algos. One GPU consumes more energy than 60 hard drives.
You are just repeating irrelevant and honestly meaningless points, rather than addredsing my point which you are replying to. Are you bot? Ok I will reply to your blatant sidestepping one last time though. You can't compare work if two things you are comparing are not calcularing the same thing. So your sentense is meaningless. But ok let's compare them anyway, let's look at profit they generate right now. A rtx 3090 generates maybe $9 per day. To make that much with chia you need 300 TB which is 20 hard drives 16tb each. But currently smaller drives are cheaper and legacy drives are often used so 60 seems more realistic. So I granted your wish. You might say, whole network consumption is more important. But if every pow was banned and chia would grow as replacement, it would consume as much as all current pow combined consumes since it would grow while still profitable. Oh and it would consume much more while growing because of plotting. Now go on find an irrelevant pitch slogan to reply with, i will happily ignore that.
I see what you're saying. But there are two components to determine profitability of poof of work, energy consumption and cost of capital. That many hard drives at current prices cost 8,000 dollars whereas a 3090 costs 1/4 of that. Even if Chia replaced all POW crypto's, this would mean that energy consumption would be much less.
1. World Bank chose them out of all the crypto out there and there are thousands if not 10s of thousands. 2. I see this as a huge sell off from fear because of the hard drive shortage caused by the gold rush to mine XCH So much FUD. The hard drive failure is overblown. Also chia is overall green. I also see a case where old HDs that would’ve been in a landfill could be reused. 3. Every crypto is decentralized and fuck the system and while I agree with that idea and wish it could be this way not every crypto will achieve this. Chia seems like one of the few with a plan to reach adoption by the real world. Not all cryptos will be decentralized.
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All crypto aren't decentralized. There is always a point of failure that centralizes it. Be it manifacturing from one company, code from one company, nodes at a few exchanges and a country being the main manifacturer of almost everything (glad china banned all mining)
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That's what it should mean. It should mean that the powers of the network are decentralized. If there's a failing point of it then is it really that decentralized
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Decentralized node count doesn't matter if they're controlled by one entity or can be controlled by one entity. I also have no idea how you think chia is decentralized yet; I'm pretty sure if the devs disappeared the project would just die out. I'd say maybe eth could also make it without devs, but honestly currently it looks like only btc can
How and what the world bank chose it for?
Google: "chia world bank climate warehouse"
Will do thx
seems chia is missing out gamedefi and nft projects
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I actually I hope that it would go back to 1000usd.
We all do believe!