There are over 4000 crypto coins available for you to mine, trade, or earn today. More and more coins are getting released to the market, and it makes the world of cryptocurrency even more competitive than before.
For those who are new to cryptocurrency, you need to know that Bitcoin is not the only cryptocurrency that exists today. The reason that bitcoin got famous is because of many bitcoin trader adoptions. That’s what skyrocketed the price. There are thousands of other unknown coins you can invest in. One of them is the Chia coin.
Chia coin is quite new in the cryptocurrency market. The crypto coin became available in 2017, and it has progressed well in recent years. Chia coin is something that you can invest and earn as an alternative to Bitcoin.
You can also use this coin as the means of transaction with security features that make it better than other cryptocurrencies on the market today. It is the primary crypto for its own blockchain called the Chia Network.
What is Chia Coin?
Chia coin is the cryptocurrency created by Bram Cohen, which is the inventor of the BitTorrent network. With the release of the Chia coin, the blockchain network for this coin becomes available for anyone wanting to occupy the blocks in this blockchain network.
It doesn’t use the Proof of Work mechanism just like the other cryptocurrency blockchains, as it uses a considerable amount of energy. However, replacing the Proof of Work mechanism, Chia blockchain uses the term Proof of Space and Time.
The Chia blockchain is available for download from the official website, and it is available for Windows, macOS, Linux, and other platforms. As for the Windows version, you need to have Windows 8.1 or above to use the software. The Chia coin is a secure cryptocurrency you can trade and earn, and you can also use it for various transactions.
Also Read: How to Mine Ethereum with NiceHash?
You Don’t Mine Chia Coin; You Farm It
With Chia coin, you don’t mine it to earn it. It’s not the same as the other cryptocurrencies, such as Bitcoin, where you need to mine them.
You need to mine Bitcoin and other crypto-assets because their blockchain networks use the Proof of Work mechanism, which is the mechanism that uses extensive CPU tasks and energy to perform. With Chia coin, it doesn’t use the same Proof of Work mechanism as Bitcoin and other cryptocurrencies.
Chia coin uses the term Proof of Time and Space, which instead of using the CPU and GPU power to mine the crypto assets, you need to use the unused disk space to farm Chia coin.
The more unused disk space you have, the more chance you can earn Chia coin through farming. This is the reason farming is a much better analogy for this crypto than mining.
Is Chia Coin Worth Farming?
Chia coin might be quite new in the world of cryptocurrency, but its value keeps on increasing in recent years. As of today (July 2021), the value of 1 Chia coin (XCH) is around $190 USD. So, it’s not a bad coin in terms of value, and it is worth investing.
For investors, Chia coin should be a suitable candidate for their crypto assets, as its value is quite good, and it has a bright future ahead. However, for miners or farmers of this coin, is it worth it?
Here are some reasons for you to farm Chia coin today:
- It uses low energy, as it focuses on storage space instead of CPU and GPU usage.
- You can use various platforms to start the farming activity, but you need to focus more on your storage space.
- The overall PC build for Chia coin farming is much cheaper than when you try to mine Bitcoin and other cryptocurrencies.
- A standard gaming PC with big storage and decent CPU is enough to farm Chia coin, so you don’t need to buy those expensive GPUs from Nvidia or AMD.
- It’s as simple as installing the Chia Blockchain software and creating Plots to start your farming activity.
Yes, Chia coin is worth farming, and the potential profit you can get is quite good. With lower electricity and resources usage, you can farm Chia coin without having to blow up your expenses along the way. It’s an affordable way to earn valuable crypto assets for the foreseeable future.
Steps to Farm Chia Coin
Farming Chia coin is very easy, as you just need to install the Chia blockchain software on your device. The good news is that Chia blockchain supports various platforms, including Windows, macOS, Linux, and others. So, you have the flexibility to choose which platform is best for you to farm the Chia coin.
However, please note that Chia coin focuses on the use of your storage, so you need to invest more in your storage space by buying a bigger storage space (10TB+ hard drive) or big SSD storage.
Here are some steps you can follow to farm Chia coin:
- Prepare the PC build for the Chia coin farming, which is quite affordable when you compare it to Bitcoin mining. You can also use other platforms or operating systems to start the farming activity.
- Download the Chia blockchain software from the official website based on your platform.
- Install the software on your device by following the on-screen installation steps.
- Once installed, run the Chia blockchain software on your device.
- Next, you can choose the option to “Create a New Private Key”. This is your private key for your Chia wallet, so you need to store the key in a safe place, as you will need to access your earnings with this private key.
- After that, you can click the option called Plots, which will allow you to create Plots on your storage device to farm Chia coin.
- Next, choose the option Add a Plot to add a new Plot for your Chia farming.
- You just need to follow the on-screen instructions to fill out the required information.
- Once you’ve created the new plot, you just need to wait for it to fill up.
- Now, you have earned a Chia coin from your farming activity. You can use your earnings by accessing the Chia wallet using your private key.
Also Read: bitcoin code review
Conclusion
Now, you’ve learned how to mine or farm Chia coin on your device. It’s very easy, and it’s a profitable activity you should pursue if you are serious about collecting this crypto asset.
Remember, farming Chia coin doesn’t require big electricity or powerful PCs. You just need to optimize your storage space. Happy farming!