Chia mining: is it still profitable?

CORRECTION/ERROR IN ANALYSIS: Daily 40 plots = 4Tib not 40gib as 1 plot = 101gib

What do we cover in this video?
- 00:00 introduction
- 01:05 What is Chia
- 02:48 How to start mining Chia
- 04:18 Plotting in parallel vs single
- 06:19 How much can you earn
- 09:44 Chia pools
- 10:23 Conclusion

Chia resources cheat-sheet for 1 plot:
- MEMORY: 4GB of RAM per plot
- CPU: 2 Threads per plot
- SSD space: 256GB per plot

Thanks to @Mining Chamber : https://youtu.be/QfaIGum5fCE?t=544

Chia Network builds upon the legacy of Bitcoin and Satoshi Nakamoto's proof of work principle. Initially it had the noble goal of making a democratic, decentralised and trustless blockchain by leveraging unused CPU power. This sadly didn't turn out as expected as Bitcoin is now mainly mined by a few big ASIC miner farms.

Chia wants to re-ignite this noble goal by and improved Nakamoto consensus system: Proof of Space and Time

So instead of consuming massive amounts of electricity to mine a block, you simply "farm" your plots and hereby leverage the exabytes of disk space that already exist in the world and are left unused. Sadly this is only half of the story, in order to stay competetive, you'll have to generate new plots faster then the network is growing. Otherwise your chances of winning a block decrease. This takes away part of the green element as the best way to create plots is using a strong CPU (which runs close to 100%) and very fast NVME drivers which have a limited lifecycle and which will have to replaced within a year (cheap ones within 2 months of Chia mining).

Useful links:
- Chia website: https://www.chia.net/
- Chia Calculator: https://chiacalculator.com/
- Whitepaper: https://www.chia.net/assets/Chia-Business-Whitepaper-2021-02-09-v1.0.pdf
- Coinbase link: https://www.coingecko.com/en/coins/chia

Useful resources on Chia:
- @Sloth Tech TV : ttps://www.youtube.com/watch?v=26DMmerPR7Y
- @Coin Breakthrough : https://www.youtube.com/channel/UCi6c6gqIi7Qe18lZIF98JCQ
- @der8auer : https://www.youtube.com/watch?v=xChp7iSQ4Mg
- @Seth Estrada : https://www.youtube.com/watch?v=jexCLI_lorQ&t=2s

#chia #chiamining #bitcoin

Let's get on that crypto train!

Bren

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