Chia Coin Mining become unprofitable - the coin has fallen in price by 3 times

[Sethrey]

A few weeks ago, hard drives began to fall in price, and some models are already 2 times lower than the May values. Everything is clear here: over the past month, the price of Chia has fallen by 3 times.

It becomes obvious why there is no hype for hard drives. Even if you imagine that in 2 months you will receive your 2 coins (2 Chia per block), then this will give you only $ 530. While we spent nearly $ 6,000 on 5 drives. With ever-increasing complexity, with a random chance and a falling cryptocurrency in price, it is impossible to return the investment.

So let's think about what other coins we can mine and earn.

1. Dogecoin. New blocks are discovered approximately once every minute on the Dogecoin network. For comparison, Bitcoin blocks are discovered approximately once every 10 minutes.
2. Monero. A Monero block is mined every 2 minutes, and we know that the current reward for mining transaction block is 4.99 XMR. So, by doing the simple math, we know that 1 XMR is mined every 24 seconds.
3. Crypton. You will receive Cryptons every 15 minutes (block generation time). You will also get Proof of Stake rewards on your Minimal Monthly Balance.

On the whole, such coins are worth mining as they're more eco-friendly than Bitcoin is, it requires less time for mining and fewer investments for mining.

Which eco-coin do you prefer more? Or green coins are just kind of hype now?

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[Sebahl]

Chia is an interesting concept, since it is the only real green way to have a Nakamoto type consensus algorithm. The success of the chain will solely depend on in which direction the Chia company is heading and how much adoption they can drive. I am mining it in a pool with some hard drives, that I was planning to buy anyway. If it becomes super unprofitabel to mine, I will just use the drive space for other purposes - datahoarding

[7deadlyBTCIN]

Honestly I'm not saying that this chia project is a total failure but it's far from green energy mining like many thinks, this coin isn't easy to mine like ravencoin or even ETH, using terabytes of HDD and plotting with higher end Servers or CPU will draw watts power you've never prepared for, o don't see different in mining ETH and Chia when it comes to power efficiency

[FP91G]

Therefore, I only mine on video cards.
Comrades who invested in CHIA mining have recouped their investments and it may take another 6-12 months. Dogecoin is mined on ASICs, Monero is better to mine on processors.
I haven't heard anything about Crypton. But while Ethereum mining is relevant, I do not plan to mine other coins.

[Vann]

The new beta version is finally ready. You can download chia-plotter for windows v0.1.2 from here:


SCAM DOWNLOAD FROM A NEWLY CREATED GITHUB ACCOUNT

• NFT plot support
• increased work speed
• New params:

         -c, --contract arg Pool Contract Address (64 chars)

• Bug fixes

^^^^^^^^^^^^^ SCAM DOWNLOAD FROM A NEWLY CREATED GITHUB ACCOUNT

Only download the Windows MadMax plotter from the original stotiks Git repo or build it from source.

https://github.com/stotiks/chia-plotter/releases

[Sebahl]

Honestly I'm not saying that this chia project is a total failure but it's far from green energy mining like many thinks, this coin isn't easy to mine like ravencoin or even ETH, using terabytes of HDD and plotting with higher end Servers or CPU will draw watts power you've never prepared for, o don't see different in mining ETH and Chia when it comes to power efficiency

Just the on-ramp cost is expensive. The CPU intensive plotting. But after that the HDDs don't draw much power. So there is a huge difference plotting once and then farming vs. GPU mining, which continuously draws a lot of power.

[btc-room101]

Well except for the problem is that all chia shit coins call for you to replot every few months, so this re-plotting and killing your nvme's needing a super-computer to make new plots never ends;

Doubt me just check out this new NFT plot deal where they're telling everybody U MUST REPLOT again, the scam just never ends.

[Bitcoin_Arena]

Just the on-ramp cost is expensive. The CPU intensive plotting. But after that the HDDs don't draw much power. So there is a huge difference plotting once and then farming vs. GPU mining, which continuously draws a lot of power.

Drawing a lot of power doesn't matter if one is mining a profitable coin using the GPUs. The problem with Chia is the coin price has plummeted sharply over the past month, and we don't know how far it's going to drop. I am sure there are people who spent a lot of money buying the HDD's when the profitability was promising, but are now stuck because of the current situation. I hope the risking pay off after some time.

[anu1908]

Drawing a lot of power doesn't matter if one is mining a profitable coin using the GPUs.

i think his point is that op believes chia is eco-friendly and more efficient compared to other coins, which might not be as black and white as op think.

not to mention chia is relatively more difficult to mine if you don't have enough capital, and rely a lot on pure luck to mine a block.

[swogerino]

Drawing a lot of power doesn't matter if one is mining a profitable coin using the GPUs.

i think his point is that op believes chia is eco-friendly and more efficient compared to other coins, which might not be as black and white as op think.

not to mention chia is relatively more difficult to mine if you don't have enough capital, and rely a lot on pure luck to mine a block.

Exactly.Chia is more difficult to give a shot than with GPU-s,you need a lot of hard drive space which is very costly nowadays,a powerful processor and lots of ram.You can easily win more by GPU mining right now and the price of Chia falling is another red flag for me that things are not going well for Chia miners and most probably this won't change for a while.

[Skinny48]

I nearly fall for chia mining and now I'm so happy that I don't, all I have in my mind is wait till official pool gets here even when I've already seen good server powerful enough to easily handle chia plotting at a very affordable price now I invested that money into graphic cards instead

[Starkick]

Hmm, I don't know. I don't like what is happening in the crypto market. In addition, using the example of chia, I am suspicious of the projects that Elon Musk praised. Also, given the current trends, green projects are likely to be popular. Therefore, perhaps krypton is the best solution. IMHO

[Bitcoin_Arena]

Hmm, I don't know. I don't like what is happening in the crypto market. In addition, using the example of chia, I am suspicious of the projects that Elon Musk praised. Also, given the current trends, green projects are likely to be popular. Therefore, perhaps krypton is the best solution. IMHO

Wait when the bear market finally sets in for months or a couple of years. That's when we shall separate men from boys. The coins that keep fighting on and the coins that will die a tragic death. Most of this green projects and coins shit will go down the drain and by the time we are ready for the next bull run people will have already cried, accepted what happened and moved on.

[Sethrey]

Therefore, I only mine on video cards.
Comrades who invested in CHIA mining have recouped their investments and it may take another 6-12 months. Dogecoin is mined on ASICs, Monero is better to mine on processors.
I haven't heard anything about Crypton. But while Ethereum mining is relevant, I do not plan to mine other coins.

Well, CRP is now mined as a part of huge promo action for miners https://bitcointalk.org/index.php?topic=5349259.new#new Maybe it will be interesting for you also. As between all the mentioned coins, it seems to be the greener one as it's mined on internet connection only.

[btc-room101]

Hmm, I don't know. I don't like what is happening in the crypto market. In addition, using the example of chia, I am suspicious of the projects that Elon Musk praised. Also, given the current trends, green projects are likely to be popular. Therefore, perhaps krypton is the best solution. IMHO

Wait when the bear market finally sets in for months or a couple of years. That's when we shall separate men from boys. The coins that keep fighting on and the coins that will die a tragic death. Most of this green projects and coins shit will go down the drain and by the time we are ready for the next bull run people will have already cried, accepted what happened and moved on.

BINGO we have one who can see;

The only thing green about chia is that plants like feces.

Today at 100TB ( $3k USD of hdds ) earns you a whopping $5/day ROI; Think how much ETH u could earn with $3k gpu's ( if properly shopped ); When XCH(CHIA) hits' $40 it will be $1/day for 100TB (1,000 plots); That's when the cost of electricity is more than your earning. Lights go out.

Bitcoin & ETH are like rocks compared to the 'green feces'; Crypto by nature is computational, and that is energy; There are no perpetual motion machines and there are no free-energy cryptos, nor will there ever be.

[ZeeeN]

chia is interesting concept and need time for development

if you compare to dogecoin ATH at 8 may  price around 0.7 usd today around 0.17 usd it same fallen 3 times

about profit we don't know in future chia price jump or always falling and change to shit coin with zero profit

only time will tell

[HardCore12V]

There is nothing that can come close to proof of work mining algorithm, it's only a matter of time and you will see that most new projects claiming to be green energy mining are nonsense, better buy GPUs and start mining instead of chia mining with SSD and HDD

[Branko]

Always the same...its stupid to predict what will happen, this early

[Sethrey]

Please note that on 1 PC you can run up to 50 mining bots, in case if you use LCX or Docker. It will multiply your income in so many times. I think there will be really many participants. People were waiting for something like that. Especially as this mining is eco-friendly.

[Branko]

Please note that on 1 PC you can run up to 50 mining bots, in case if you use LCX or Docker. It will multiply your income in so many times. I think there will be really many participants. People were waiting for something like that. Especially as this mining is eco-friendly.

Care to explain? You discovered some exploit to use 1TB, but present it to network as 50TB?