Hard drive based cryptocurrency
This makes Filecoin one of the first ever environmentally friendly blockchains. A vibrant storage provider community supporting each other From small storage systems to advanced data-center operations, Filecoin has a vibrant storage providing community of dedicated entrepreneurs and businesses helping each other make their operations more efficient, reliable, and profitable.
Open Internet Storage providers help build a more open, resilient, and trustworthy internet By providing storage on the Filecoin network, you help to decentralize and democratize the way data is stored on the web. Global access Provide a valuable service to your local community and the world Many parts of the globe still have poor connectivity to the web.
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Community A vibrant storage provider community supporting each other From small storage systems to advanced data-center operations, Filecoin has a vibrant storage providing community of dedicated entrepreneurs and businesses helping each other make their operations more efficient, reliable, and profitable. For example, the above screenshot was taken when the total netspace was only 1. This is also a screenshot from the pre-pooling days, so let's just assume you've figured out the rest of the installation process and are ready for the real deal.
Perhaps it's too little, too late for some people, but we tested it and can confirm it's working. Rewards don't seem to be as high as what the Chia calculators estimate, but then again, anything is higher than the 0 XCH per day you're likely to get farming solo. Bear in mind that there are pre-existing pools that don't use the official pooling protocol. We'd avoid those, and our instructions here are for how to join up using the standard built-in pooling functionality that has been available since build 1.
To get started with a Chia pool, it helps to have a list of available options. MiningPoolStats opens in new tab has what you're looking for, and you'll most likely want to select one of the pools that shows the "Official Pooling Protocol" logo. Generally speaking, the larger the piece of the pie that a pool has, in terms of netspace, the more regular your payouts will be. Space Pool currently has PB of plots, for example, the most of any pool using the official protocol.
HPool, which developed its own custom software right near the start of Chia farming, still controls about a third of the known netspace, but that percentage is slowly dropping. Unfortunately, before you can join a pool, you'll need to get a Chia wallet up and running.
If you just install the software and try to sync normally, it can take more than a day just to download the current blockchain. Chia is slow that way, at least for now. I recommend doing a search for " speed up Chia sync by downloading " and then looking for someone with a Torrent or other download that's reasonably up to date. That should get you synced up with the blockchain potentially within 20—30 minutes, but that's only the first step.
Next, as noted above, you have to create a wallet — but now you have to let that sync as well. On a Core i system, that required about half a day. Yeah, that's just to sync up your wallet with the first four months of data. Even on a faster PC, it's still eight hours or more to do a wallet sync. Frankly, this could kill Chia long before people complain about the lack of meaningful any farming rewards.
Imagine having to wait 30 hours to sync up after the first year, or 90 hours after the first three years. Hopefully this can be fixed with future updates, but like the lack of pools, this feels like something that should have been addressed prior to launch. Image 1 of 3 Image credit: Tom's Hardware Image credit: Tom's Hardware Once your wallet is all synced up, you can finally work on joining a pool.
You'll need a small amount of Chia, called 'mojo,' to get started. There are various Chia faucets that will give you anywhere from to , mojo once per day. The mojo is required to create a smart pooling contract, however — even just one mojo is sufficient. For the GUI, head to the Pool tab on the left, and assuming this is your first time here, you'll see the above options.
Click join a pool, and if you don't have any mojo, you'll get a link to the main Chia faucet where you can get mojo. If you already have some XCH, either via a faucet or from solo farming, get the third screen that allows you to specify the pool address. At this point, you likely have no pool plots.
If you were early to Chia and have hundreds of solo plots, you'll probably want to systematically delete those and replace them with pooling plots. Yeah, that means you get to put extra wear and tear on your SSD storage by replotting, though we knew this was going to happen as early as May.
We previously had a section with instructions on how to create solo plots, along with suggestions on the optimal way to do so, but that's now all out of date thanks to the MadMax plotter. It's not terribly complicated, but there are some potential pitfalls. Second, and perhaps more importantly: The built-in plotter is rubbish. Oh, it will get the job done, but it takes an eternity, meaning there's a greater chance for things to go wrong and you end up losing a lot of time.
It can take six or seven hours per plot, sometimes more, and even though you can potentially do six or ten or more plots at the same time, that requires more expensive SSDs, CPUs, and RAM. That's where the MadMax plotter comes into play. There are multiple variants of the MadMax plotter now, and while I can't vouch for all of them — and older versions can't created pooled plots — I've successfully used the v0.
Conveniently, you don't even need Chia or anything else installed. Just download that and extract it somewhere, and open up a command prompt. From the GUI, head to the pool tab, mouse over the question mark next to the plot NFT you want, and you can click to copy that. But since you're going to end up at the command prompt anyway, just go to the current Chia installation folder e. Besides this address, also called the contract address, you'll need your public farmer address as well.
Get that by typing: chia. With both the contract address and farmer keys in hand, you can now create plots using MadMax's plotter. Then you'll want to run the plotter, specifying the number of plots to create -n , the number of CPU threads to use -r, usually best to use the number of physical cores in my experience , the temp folder on your SSD for plotting -t , a secondary temp folder if you have a second fast SSD -2 , the destination folder for the finished plot -d, your hard drive folder , the plot NFT address -c , and your farmer public key -f.
Doing some not-entirely-scientific testing meaning, I didn't try to control for all variables , I saw finished plot times of around 26 minutes on an core, thread Core iXE with an Intel Optane p GB SSD. It wasn't overclocked, and the CPU ran at around 3. The difficulty with your SSD choice is that you'll want to balance that speed with endurance. It's why we ended up going with slower enterprise SSDs that are rated for significantly higher endurance.
Anyway, your mileage may vary, but fast SSDs with high endurance are important, and also generally a lot more more expensive. Of course, you should also make sure the final destination for your plots is an area that's registered in the Chia app. If it is, the new plots should automatically get picked up and start earning pooled rewards.
Check with your pool's stats page to verify it's working, though it can take a bit for the first rewards to start showing up. While it's technically possible to put together additional PCs and then install Chia on those as well, using the same word mnemonic, there's a better way. That better way is a Chia harvester. The idea is simple enough: You're better off with a single Chia node on your network that handles all of the challenges and updates.
Even though the Chia network traffic doesn't use a lot of bandwidth, there's no sense in having multiple PCs especially for a large farm all trying to sync up. The current blockchain size has already breached 3. Ideally, you want to choose your fastest PC for the full Chia node, then configure all of the other PCs on the network as harvesters. These will point at the main node and won't require synchronization and all the other extra stuff.
Also, you'll be best off if you ditch the GUI and get comfortable with the command prompt. Thankfully, it's not particularly difficult. Props to this video and the Chia Wiki for the base instructions, though we'll try to make things as up-to-date as possible. First, get your primary Chia node up and running as above — nothing needs to change there. Getting synced up with the blockchain takes a while, but you can start generating plots before that process is completed. For the secondary harvester nodes, start by installing Chia the same as above, but when you're presented with the main interface that asks you to create a new key or import from a mnemonic, just exit the program and then open a command prompt — or a PowerShell prompt will also work.
There are a few things you'll need.
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ETHEREAL TIME
The prospect of a greener cryptocurrency has apparently led to a run of the storage market. It is thought that the panic buying could lead to a drive shortage, which will make it both harder to get hold of high-capacity drives, and more expensive. This is similar to the issues of the high-end graphics card market, which has caused Nvidia to depreciate the mining capabilities as well as urging retailers to sell GPUs to home users as a priority over miners.
Due to the high number of read and write operations required for Chia, consumer hard drives and SSDs are not going to be targeted by miners, with enterprise-grade drives a more likely candidate for purchases. Some drive manufacturers are already taking the new drive buying patterns into account. The company will be increasing production to match demand, and is also said to be developing a specialized SSD specifically aimed at this sort of mining.
It was the legendary Internet protocol BitTorrent, which included the application of the same name. In , the BitTorrent company was founded to support the protocol and applications for it. The popular torrent client uTorrent has also been owned by BitTorrent since BitTorrent provided people the opportunity to share files online with each other. Torrents have gained immense popularity. The scale is unknown due to the decentralized nature of the protocol.
Many disparate networks and services work on the Internet today on its basis. BitTorrent team believed that about million people use their protocol every month. But it was too hard to get money with this technology. Financial problems and unsuccessful management decisions made the company change its name to Rainberry to be led by the new owner cryptocurrency startup TRON Foundation.
Bram Cohen disagreed with the changes. He had an interest in cryptocurrencies at that time, but he found the implementation of technology unsuccessful. As a result, Bram left the company he once founded to create his own cryptocurrency Chia or ChiaCoin , which is practically known as an advanced alternative to Bitcoin.
Why does mining is a problem Most cryptocurrencies, including Bitcoin, use a proof-of-work approach. Any operation with bitcoins is a complex cryptographic function with a calculated result. These calculations are performed by the network participants. Then, it is impossible to change it. For each block added, the system issues a reward. At the time this article was written it is equal to 6.
Then they can own it. This is known as bitcoin mining. Mining makes cryptocurrency a reliable means of payment. Each action with bitcoins is related to a lot of calculations with no chance to be faked or canceled. But this also makes Bitcoin an extremely energy-consuming system. Annual energy consumption at the time of writing Bitcoin mining takes terawatt-hours of electricity per year at the moment.
This figure is higher than the consumption of entire countries like the Netherlands or Argentina. One bitcoin transfer requires kilowatt-hours of energy or , times more than one VISA money transfer. This energy consumption causes a lot of greenhouse emissions. At the same time, the complexity of the calculations is constantly growing. If it was enough a single processor for mining bitcoin, then over time, it began to require powerful video cards, and in they were no longer enough.
Video cards are now still used for mining other cryptocurrencies like Ethereum and Litecoin. It was presented by Chia authors in two articles for the International Association for Cryptographic Research. Further, transfers are added in blocks to the blockchain. Participants who find them receive a certain amount of ChiaCoin as a reward. This process is called Chia farming, similar to Bitcoin mining. It requires free space on hard drives or SSDs to store tables of ready values instead of resource-intensive computing.
Chinese manufacturer Onda already offers a motherboard that can connect up to 32 hard drives or SSDs — a specialized solution for Chia farming First, the drives need to be filled with tables. This is a computational process known as plotting. Chia plotting is easier than mining other cryptocurrencies because it does not calculate a specific value, but generates many random values.
A regular processor is enough for work. Solid-state SSDs need up to 6 watts, and hard drives requires up to 12 watts. This is a low price. Processors can consume several hundred watts during table generation. However, Chia plotting only takes a few days or weeks. This is a very easy task that even weak processors can do.
Therefore, ChiaCoin farming promises to be much more energy-efficient than Bitcoin mining in hundreds and even thousands of times.
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