Cryptocurrencies are increasingly on everyone's lips. There are some who have, others who would like to have and others who predict that they will be the money of the future, above all because in many countries are already minting them as official currency. But there is not just one, but many. And one of the ones that is being heard the most is Chia, a cryptocurrency that may be unknown to you but that is going to bring a queue.
If you want to know what the Chia cryptocurrency is, where it comes from and why there is so much fuss about it, the best thing is that we tell you everything. Go for it?
What is the Chia cryptocurrency
Chia, the cryptocurrency, we could say that she is quite “modern” because she was born in August 2017. The problem is that, like Bitcoin, It is a currency that has attracted a lot of attention due to the way it has to mine and generate blocks. (something we'll talk about a little later).
Its origin is closely related to BitTorrent, especially since Bram Cohen, the creator of the BitTorrent P2P protocol was the one who founded it.
The objective of this company was to create a cryptocurrency that was secure, high-speed, and didn't use as much energy in mining like other currencies. Also, I wasn't going to use the Proof of Stake system but rather created a new system called Proof of Space-Time (in its acronym PoST). This had several advantages:
- didn't use as much energy.
- Promotes the decentralization of mining.
- There is more security.
- Depends on how much storage there is on a hard drive of the computer.
And it is that the most representative and important characteristic of the Chia cryptocurrency is that use the hard drives to mine and generate those coins. Which is why hard drive prices are going up, especially in Asia, and it's coming to other parts of the world soon.
But even though he was born in 2017, it was not until 2021, in March, when the mainnet was launched, which already allowed to start mining currency.
Characteristics of Chia, the 'green' cryptocurrency
Apart from everything we have told you before, there is no doubt that Chia is one of the most curious coins out there, and it is considered "green". Why? Because, like power consumption is much lower thanks to using hard drives versus graphics cards (as in the case of Bitcoin or Ethereum), it is said that it pollutes less and uses fewer resources, hence its nickname.
Another of its characteristics is that the amount of Chia available grows over time. That is to say, there is no daily currency limit but rather, in the short, medium and long term it is possible to generate more and more.
Also, this cryptocurrency has its own language, specifically the Chainslip, which is very simple and at the same time secure and that allows hosting tokens, smart contracts, NFT and many others.
How to 'Grow' Chia
If you are already thinking about how to start mining Chia to get the cryptocurrency, we are sorry to disappoint you because It's not as easy as thinking about having a hard drive and getting down to business.
The first thing you need for this is have the software to generate plots. This is easy to find because by downloading it from the main website (and official) It's enough. In addition, it supports Windows, MacOS and Linux operating systems.
Another thing we need is a hard drive with at least 256.6 GB of temporary space. Once the parcels are created, it will only have 108.8GB, but it is enough.
Now, to create those plots, it is necessary that the hard disk is an SSD, and if possible, an M.2 NVMe drive which are the ones that offer much higher write speeds. Imagine that if these disks take 6-8 hours to create the plots, an HDD or less would take forever.
Of course, once created, yes, it is recommended that they be transferred to an HDD. These need to be mounted on a Raspberry Pi (which is a cheap option), but can also be made on a NAS or connected to your computer via a USB port.
How to get Chia
Now that you have the “structure” of the Chia cryptocurrency set up, the next thing to do would be to obtain it. And in this case you can do it in two different ways: by block or by plot.
- If you opt for block, from knowing that, every 10 minutes, you would get 64 XCH (Chia) since each block is made up of this number. Of course, keep in mind that the first 12 years that reward is reduced by half every 3 years. And from the 13th you would get 4 XCH every 10 minutes.
- If you prefer the plots, you have to know that a farm would get a fixed number of 4608 opportunities so that, in 24 hours, you get 2XCH. Therefore, the more plots you have, the more chances to win. Of course, keep in mind that this will not be forever. That is, until 2023 it will be possible to obtain 2XCH, but from 2024 this will go down, to 1 until 2026; 0,5 until 2029; 0,25 until 2032 and 0,125 from 2033 to the future.
How much is Chia worth?
Perhaps the question you are asking yourself right now is how much this cryptocurrency is worth and if it is valuable enough to think about it and bet on it. As of the writing of this article, the coin is priced at $45.38. She is falling since when it started its value was 1200 dollars but, although it rose to 1600, then it plummeted and until now it has remained in several resemblances to each other.
so really, if the currency is going to work, it could be an opportunity to invest and manage to sell when it is up.
The problem is that, unless you have privileged information, it is almost impossible to know if it will go up or continue to go down.
Why Chia has drawn so much attention
Still, you may see a lot of news about Chia and how she is starting to get more and more buzz. This is because the cryptocurrency, by using hard drives has increased the sale of these. But in Asia, for now in the rest of the countries it remains the same and unless it begins to attract attention, it is possible that it will continue at the same rate as it has now.
Did you know the Chia cryptocurrency?