Minefield: The Essentials You Should Know About Chia Coin Mining

What is Chia Coin?

This token runs on the Chia Network blockchain, which was created by Bram Cohen. As you may know, he’s a well-known US Software Engineer and creator of BitTorrent. He believes that BTC and some other cryptocurrencies running on the PoW algorithm consume a lot of energy.

What about Chia crypto ICO / IPO or launch on exchanges?

The development of the project has been underway for several years, but the commercial journey of the coin has just begun. Chia coin release date on the market is May 3, 2021. Its ticker symbol is XCH.

What is Chia’s crypto price?

At the time of writing, the price of XCH was $833.16. The CoinMarketCap team has not yet verified the project’s Market Cap. However, according to the project, its self-reported Current Supply is 514,760 XCH with a self-reported market cap of $426,535,958 (by the info from the page of Chia coin on CoinMarketCap).

What do you need to know about Hard Drive / SSD crypto mining?

This idea is not new. Coins that require SSD for mining have been around for a few years already. The most popular one is Filecoin for the IPFS network. Its idea is to allow some computer users to earn FIL coins for using the excess capacity of their hard drives for data storage by other users.

Bitcoin (or Ethereum) mining on SSD or hard drive: is it reasonable?

Totally different protocols, blockchain scale, hashrate requirements, and mining costs, all of these give a definite answer: no, absolutely not reasonable.

What’s going on in the hardware market right now because of Chia?

It’s a rare case where a coin being mined on HDD/SSD has created such a buzz.

Important note on HDD / SSD Mining Risks:

According to Fast Technology analysts, Chia Coin mining on a 512 GB SSD can take 40 days to kill the device. The drive writes 256 TB of data in almost a month and a half. The average consumer with a 512 GB SSD uses the SSD for five years.

The best SSDs for mining

SSD mining is an exotic type that can quickly damage your SSD. On the other hand, many people think it is more eco-friendly, and that is quite important. We will probably see the real profitability and prospects of Chia mining in the nearest future. For now, we can just be sure of one thing: the project has gained its popularity after a few years of quiet development. Whether to mine it or not — it’s on you, but at least it will be interesting to keep an eye on this unusual project.

Bottom line

The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.

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