What is Chia Coin XCH ? Chia Green Digital Currency
Today on May 3rd, Chia XCH network’s smart transaction blockchain started trading their chia tokens that are now available for public trade. Chia XCH Coin is a new green cryptocurrency that has been developed in the hopes to reduce the power consumption of cryptocurrency mining like it happens with Bitcoin mining.
Chia coin XCH is meant to be mined on a proof-of-space consensus algorithm as opposed to the proof-of-work consensus algorithm use by the other mined cryptocurrency out there.
Chia mining relies on storage capacity of data and not on processing power like Bitcoin does. Chia XCH coin will therefore be mined by using storage units like SSD’s and HDD’s and not with video cards as Bitcoin and other mined coins use.
The launch of this Chia XCH project was much anticipated and this was felt by HDD and SSD manufacturers as it sparked shortages over the demand for storage units across the globe in the last few months. This was also noticed through the rising prices of HDD’s and SSD’s in retail stores.
The proof-of-space consensus algorithm is intended to be a less energy consuming method of mining digital currency compared to bitcoin’s proof-of-work consensus algorithm that marked the crypto currency with criticism for wasting a great amount of the world’s energy supply.
Nevertheless i found people comments on forums raising questions about how much power is used by building new storage units as it may be even greater the mining bitcoin altogether.
Considering the fact that SSD’s and HDD’s have a limited lifespan proportional with how intense they are being used, the Chia coin XCH mining may not consume much energy at the time on mining but through destroying the storage units faster, they generate the need for more units to be produced thus increasing the world’s power consumption on the long run.
Chia cryptocurrency XCH and the company that has built it, the Chia Network, have already managed to get popular enough and attract quite a large number of miners and investors to their side.
What Is Chia Network
Chia was introduced to the world back in 2017 with the plan to develop a new and improved blockchain. Chia aims to improve on global payments systems by using it’s innovative blockchain as a smart transaction platform.
Chia Network is a blockchain built to use a new Nakamoto style algorithm similar to that which Bitcoin was founded upon but a newer and better version. Chia Network was built as an innovative blockchain that is more decentralized, efficient, and a lot more secure then Bitcoin for example.
Chia Network was Founded by Mr. B. Cohen, the same person that started the Bit-Torrent network known for the famous BTT coin cryptocurrency. The idea behind Chia XCH was to build a better blockchain and a smarter transaction platform then the ones currently in operation.
Chia network uses a new powerful smart transaction programming language called Chialisp. Chia network programming language Chialisp is the language compatible with smart contracts, used in online transactions for restricting or releasing of funds.
Chia network was built in place for supporting the deployment of the Chia XCH blockchain on a global scale.
How to buy Chia XCH Crypto
Many users have been asking lately how to buy Chia. We have studied the matter and found that if you want to buy Chia you might be in luck as it was just enabled ready to public trade. Small exchanges from China are already offering for trade the chia coins but the popular exchanges are still in the process of adopting this new coin and we think it will not be much longer until anybody could purchase chia coins as simple as buying bitcoin.
Chia coin’s starting price was already pretty high in China during presale events, trading at a roughly 300USD per unit. Today at the time of writing this article was the start of Cia’s international trade launch and chia coin was trading at about 858.16 USD per unit.
Like with every other crypto coins we expect Chia to have a major pull on opportunist investors but the price range could keep most of the smaller traders still waiting on the sidelines deciding if it’s a good play for them or not yet.
Looking at the similarities of Chia and Bitcoin, one might argue if not the Chinese Chia cryptocurrency is actually trying to catch up to Bitcoin and in time maybe overshadow it from the other side of the globe.
There are new crypto coins being launched almost on a weekly basis nowadays but i have a feeling this new innovative Chia coin will have some big names to back it up on the short run and it might very well get on the list of the top 10 traded crypto coins sooner then we think. I say this not only because of the innovative way Chia can be mined but because the mastermind inventor of Chia had a tremendous success with Bittorrent coin as well and this could greatly influence the new Chia Hype.
How to Mine Chia XCH
Recently with the Chia mainnet launch on March 2021 crypto interested people got enabled to access CHIA mining through Chia blockchain. Chia previously released their Crypto White paper back February 2021.
Today on May 3 specific exchanges and brokerage services can start allowing traders to access chia coins as a trading asset for the first time ever. Demand is growing alarmingly for large capacity storage units like SSD’s and HDD’s across the world and this is just because of the growing popularity of Chia and the mining interest of Chia miners.
In China there is a growing shortage of SSD’s and HDD’s already as XCH Chia miners loaded up on this storage units long before the launch in anticipation of the future shortage that was obvious to happen. Hard drive and solid state drive prices have skyrocketed in China recently and considering that we can be sure the price hike in storage units will also be felt across the globe more and more. Storage units have increased their price in China by roughly 50 to 60 percent and they continue growing as demand empty the shelves of computer storage retailers.
Recent computer motherboards have been released specifically to cover chia mining need offering even 32 SATA Ports for connecting mining storage units.
What do you need to have to mine Chia XCH Coins
- A PC computer with Windows, Linux or Mac operating system already installed. Most importantly you need to make sure that you have at least a fast storage unit such as a SSD and make sure it is the largest you manage to get. The more Terabytes if can store the more successful your mining experience will be.
After you are all set up, Chia XCH software will mine Chia XCH coin in the background of your computer normal tasks. Normally you would use as many HDD’s or SDD’s as you can so you generally need to get a pc or laptop with many USB ports so you can connect as many storage units as possible.
- you need to have at least 254 Gigabytes of free space available on your PC and a Solid State Drive SSD is the recommended type of storage unit in this case.
- You also need external SSD’s or HDD’s and the main idea to go with is the bigger the terabyte number on this disks the better. It is recommended to use sizes that exceed 12 or even 16 terabytes and with time this number will surely increase as Chia demand for more storage power will require it.
- The last tool you need is the Chia Blockchain software that you download from XCH Chia’s website.
Installation of XCH Chia Blockchain
- The software is located at www.chia.net
- INSTALL Chia-Network on your computer.
How to Setup XCH Chia Blockchain software
- CREATE A NEW PRIVATE KEY specific for your account using the button you find in the software.
- This will enable Chia network to create a new wallet for you encrypted with a series of mnemonics words.
- Take a photo of the mnemonic word sequence and never lose it as you will need that to recover your assets.
- Next thing is to initiate the Chia Blockchain software synchronization process This will take a long time to finish.
- After synchronization is over, the chia network app status will display the work (Synched).
Plot Chia Blockchain
You first need to create a series of plots before you can start farming those plots and earn XCH Chia coin. It is a good idea to create as many plots as you can in parallel. Select the option (Plot in Parallel) because plotting 1 plot or 4 plots in parallel takes roughly the same time.
Farm Chia Blockchain
To gain XCH through mining is simple after you have finished plotting. The more plots you have and the larger your plots get increases your (Total Size of Plots) of your Chia Mining Farm and this will increase your chances of greater returns of XCH rewarded in your mining account.
Easier and more efficient are Chia XCH Farmer Pools
People interested in mining XCH Chia can also join existing Chia XCH mining pools to increase their gains.
We thinks visiting Chia website you will find a plethora of information on how to mine and farm Chia XCH coins and you will also find there all the necessary tools as well.
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