Topic: Is chia mining a failure? (Read 227 times)

I'd argue that unless you got in on day one with pre-Chia HDD and SSD prices, you're out of luck.

$3k USD of HDD's earn a whopping $5/day right now that's 100TB @ $30/TB HDD's, at chia $200 price, once it goes to $40, it will be $1/day for $3k USD of HW

WINNING!

Yes, I mine both, and my ETH miners make real money, my CHIA miner's don't.
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re-plot is computational, it destroys NVME drives, re-plot is not green, it is wasteful

everything about chia is a lie

Everytime that chia-net says to re-plot is when they change the code, replot means say you have 1,000 plots ( 108gb files) u do 20/day, its takes 2-3 months to make  1,000 plots, and then every 2-3 months they tell you to do this again; INSANE;

Originally they promised that create a plot, forget about it, done; Now they're slowly admitting that the space is to be re-written & rented;

Bait-Switch create plots, then paradigm changes to frequently re-write HDD's, then paradigm changes to 'rent-out' HDD space; who are the real owners of the drives?

Lastly the entire chia-green narrative was put together by joint ASIAN HDD manufacturers last year, mission complete HDD's are now 4x in prices.

Mining through pow algorithm is far more profitable than chia mining, you will find a rx470 4gb for 200$ right now and point that to Ergo mining with 65-70MH, that's 46$ presently, you can't spend 200$ on HDD to mine chia coin and expect to get anything 😅😅😅

i think there are several ways for the dev to 'fix' this situation, unless they want the experiment to continue. either increase the reward or make pool mining easier. that said, if you look it from another pov, this terrible roi shows that chia mining is probably overhyped and the network is too immature. this is a necessary process to get back into equilibrium.

Chia isn't a scam project but the developers are just wrong calling it a green mining solution because it's far from that, as for the profitability the price dump of chia is what affects this mining rewards, right now it's a mess than GPU mining but who knows? Only the future will tell

Good article. Thanks for the information.
From CHIA I cannot contribute much, since I operate with SHA256, but I appreciate being able to learn.

How is the requirement to re-plot a scam? This enables pooling without having to worry about double farming, which is great. They should have had this ready when they launched, so that's a big thing they missed, but I think all in all the team is pretty professional and making good progress towards a greener Nakamoto consensus chain.

Profits are not great, I give you that, but let's see what the future brings.

NO problem study the explorer right now 1PB get u 0.333 xch, 1PB is a thousand-trillion byes, or 1,000 TB @ $30/tb is $30k worth of hard-disks mining, u can get an xch every 3 days

If u have 100TB ( $3k of hdds ) u can make $5/day, iff chia price stays at $280 USD, but of course chia is going down;

Good news is space is now stuck at 30EB ( thirty million trillion bytes - This is a lot of porn ), so at least u can hold even now;

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Is Chia a Scam? Hell yes, because chia with its 'green bullshit' attracts the most naive idiots into crypto, easy post covid stimmy money pumped into HDD sellers, and common criminals

Baby Chia -aka Chia-Clones: Some 90% of all Chia Clones are Scam's

The Russians don't even call it a 'chia clone', they call them 'little chia', and they proudly assert that virtually all are a scam.

Now this doesn't surprise as Chia in and of itself is a scam, thus scam's begat scammer's, and more scammers; So long as their are 'chia sheep' there will be scammers;

Unlike Bitcoin, chia has no natural protection the code is wide open to exploitation, both chia&clones are wide open to external RPC's calls to dump the private-keys, and silly 12 words mneumonic phrases;  Chia-Net SW is a criminal paradise, and the clones, the 'little ones' have added an entire new dimension to the scam.

Now that 1,000 TB  is required to earn one xch every 3 days, or that a clone only generates easy coin if you have say +1,000 plots until the clone hits 100PB;

Chia is now 30EB ( thirty million trillion bytes ), it takes 1PB to earn 0.333 xch/day; One PB is 1000TB, or 10k 'plots' ( 108gb files)

https://www.chiaexplorer.com/

Common scams;

(1) Running dead clones that do nothing than when ran they open all the ports to external bot's who then issue RPC calls to dump the privates keys, which can later be used to steal xch ( chia );

Given that everybody uses the same private-key for evertything, as the public-key is embedded in the plot-file name ( 108gb file ), and because everybody wants all the plots' to work on all the clones; that everything is the same; If a hacker can get the private-keys for the clone, then he has the private-key for the chia which is worth $280 USD, unlike all clones which are worth zero.

(2) Many scam's involve re-plotting and telling people to re-plot again, where after the users have wasted time the clone dev's say send proof of plotting and we'll compensate, of course the proof of plotting is the file-names ( public-keys ) and wallet contents which are the details of their private-keys which can be used to steal chia.

The other angle on CHIA is that some 25% of all the plots on HPOOL ( 85% of chia mining on one miner hpool.co ) are fake-plots, meaning hackers just create 'artifical plot files" and feed them to the pools, to which already the pool's have lost MILLIONS of US-DOLLAR paying out on fake plots; Audits have been done, some +25% of all plots were fake.

The scammers having been 'busted' now have become more creative and that's where 'clones' come in, by circle jerking naive users the scam-clones ask for proof of plots, which is a list of all files, which are the public-keys; Once having valid key names that are already valid on HPOOL, the scammer then generates new fake-plots using those keys; Which means the real owner of the plots now has worthless plots because they get double-mined, and ergo banned;

(3) Newest scam is the re-plot scam, the clones have endless reasons to replot like the current chia-new plots called NFT; Because the clones says u must re-plot they offer 'compensation' if you send proof-of-plotting to them which is of course wallet details, public&private keys; Re-Plotting damages your HW, as NVME drives needed to plot have a limited write-life, so everytime u re-plot say 200 plots u destroy a $200 USD NVME drive; Of course scammers know that the more the 'mark' has invested in them, least likely he will walkaway.

If you bother to visit the main chia-net site, you will see under issues that 50% of the posts are "Somebody Stole my Chia"
, funny thing is all blame is placed on mother company, and nobody looks to the clones: I think this largely because the clones have no value, so it only makes sense to complain to the coin of value.

https://github.com/Chia-Network/chia-blockchain

CHIA sold itself as green 100's of 1,000's of new millenial suckers post-COVID bought HDD's and spent their stimulus on 'chia mining', of course given that if you don't have at least 1,000TB ( $30k of HDD's  ) u have no possibility of income; Even a modest investment of say $3k (100TB) generates about $5/day of chia-coin, much less than a comparable cost mining ETH GPU rig would generate.

There is no possibility for the CHIA to go up in price so the coin can only go down making it less profitable.

Chia-Net is much to blame for all these problem, as they never even intended to make chia 'secure' its wide open by design, as its naive green theme is like 'It's ok to leave gold on the table, we're all family here, nobody need steal from one another', of course this is 100% bullshit because CRYPTO invites CRIMINALS like flys on Feces.

Many chia-clone scammers are now offering 'air-drops' so that suckers are sticky and never leave, the bots are always running, keystrokes & all; In a short time I can see chia-clones as bigger source of keystroke data than porn ,which currently is number one source of keystroke as when people visit porn sites they leave with key-stroke bots; Who go on to clear bank accounts, stock's and anything they can find on your computer.

Chia coin miners what's up? I see that even with 100TB space you can't earn 200$ in a month mining chia coin, this is the most ridiculous way of mining ever, now that there is official pool and also other pools it doesn't matter anymore