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This is no Bitcoin though. And when you know that professional and state owned farms already have petabytes of hashes it doesn’t look like something that’s profitable for the normal man.
There's plenty of people solo hashing and getting rewards. People with 10 - 20TB range.
If this coin isn't a complete dud then in time it'll get harder and harder but they're supposedly working on pools and hope to have something in the next couple months.
I think if the coin makes even $20 - $30/ea it's still worth it for people to solo mine it, just because of the flip value on the drives.
Francisco
No. This is exactly like bitcoin mining in the early days.
Hell, i turned off some miners because they were only making 1.7BTC a day or week ... now years a later huge facepalm. At the time it did not make sense, now i am left cursing why did i shut those down?
We literally abandoned a warehouse full of Antminers in Tuzla/Bosnia 2019 as the power cost at even 3c/kwh was too high and locals tried to break in all the time thinking we grow weed. By now all have been stolen.
Costs add up quickly - 2500EUR rent, 7000EUR for power, 500EUR for the guard, 75EUR for his ammo, 450EUR for internet....
So... now the locals grow weed there? What's the price?
4500HRK/600EUR per kilo, around 60cent per gram. We call it Alban haze and it is abundant in the balkan.
Right now, 1 chia is estimated at 1220 USD. If Chia will be like this on Monday, everybody will want to sell, including the founders.
It's always super volatile at beginning.
We shall see how it looks in a few months; But judging how much capacity people are putting into this, i bet it's going to be rather high price
well, thats a future contract, not sure anyone would buy into that...
I also hold some INSANE long futures (like 12 tons of Oranges due 2027) but for a real product that makes some sense at least.
most likely the futures sold are from the bank aka the creators only anyway. and this is going to be what gets fulfilled. after that the price will drop quickly. it's more interesting to see, how many they really sold and put into the market then, besides the share of the miners.
I guess regular small guys won't be able to sell their few chias early in the process anyway, as you still need to get them to an exchange first and then find a buyer...
however, the whole topic turned out to be very interesting and entertaining - can't wait for monday for all the drama ... or maybe not?
Exactly. Drama or not, it will be a very interesting plot, whether this turns into a tragedy, comedy, horror, or sci-fi about a possible future. I think I may need lots of popcorn on Monday.
EDIT: Meanwhile... Chia is heading towards 1.5 exabytes.
Yes it is just Chia mining. BTW, the people who think that they are going to cake out from mining chia have another thing coming to them, trust me on that one.
Also, to settle the argument, no Chia does not need either 300 GB nor 128 GB of RAM. You can set plot sizes in variations, most people go for larger plot sizes, but you can do them at around ~119 GB, etc. Also, while creating the plots it is better to have a more powerful CPU and more RAM, but after that, you can essentially run the entire thing off of a couple of raspberry pis or something like a more powerful single board computer, provided you are able to properly set it up to have the right power configurations and have the controllers/cabling set up right. I know people who have their own setups with a couple of petabytes doing this, at home, in their apartments. It's a fad but it'll pass, trust me, it won't be like the GPU situation. Chia has been almost entirely hype, look at what happened to filecoin. There's an overabundance of file-related crypto projects out there and half of them are getting no real use because the protocol sucks. There's one project coming that's set to fix this as it's able to interact with all of them (filecoin, storj, siacoin, chia, arweave, amazon s3, ipfs, btfs, etc.) called coldstack - which looks pretty cool IMHO.
PS - if you guys really want to make money, get yourself on the waiting list for a helium miner. They're about 300-400 bucks each, I've got a couple. Last month off of one of them alone I made over $1800, and they just announced they are doing a 5G integration, it costs $100 to get on the waiting list for one of the miners, shipping in July. If you get on the waiting list for a traditional helium ($HNT) miner you can get one shipped to you in May-June or so at the earliest, July at the latest, but you should hurry because more people are getting into it each day and the mining reward halves in mid-late August. Still will be well worth it, though. Uses less electricity than the average residential cable modem does in a month.
So, mine, hodl, go brrr to the moon. Snake oil, a waste of resources.
Chia doesn't store data like filecoin, storj, etc... So you can't compare it to them, and it won't be used via a stack like that.
It's too early to speculate on how it will go, but there's a lot of steam behind Chia right now, so it'll be interesting to watch the situation unfold.
Waiting for pools .
1 day left until launch? Who's hodling?
1.5 exabytes already. Who cares anymore?! This is going to be some great popcorn with chia flavor.
My only concerns is if all this speculation will affect other currencies of the world.
No. It still is by far to small for being a real impact yet, no matter the outcome tomorrow.
Chia's current network capacity counted in 16TB drives is around 124k now. This is only the space used for plots. Looking at it, a lot of people who just bought the drives were not even able to plot that fast to fill up their available disk space and are at just 10-30% full.
I know of my own own friends whoa are buying a plotting PC this week. And what is interesting with chia is that there is not that much worry about the investment as plotting machines can be easily converted into powerful developer, gaming and similar machines.
My personal prediction is that the network capacity will be climbing incredibly fast (in the nearest future at least) regardless of the outcome of trading opening.
When is Chia starting to trade? Thought it was today.
10am PDT. Here is a counter.
30 minutes to disappointment (I kinda hope )
Planning to insta sell?
No, I have none. I refuse to use this.
I hope it will crash and burn, we don't need another fucking shortage of parts
Amen
The conversation of zoom, live...
Tl;dr?
Cohen cashing out after this night
True. I also think he will cash out. Pump and dump, as expected.
Easy to make money nowadays if you are willing to be shady.
Create some shit coin. Hype it. Cash out; job done.