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Author Topic: Is Chia coin "green"?  (Read 602 times)

Klassew

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Is Chia coin "green"?
« on: May 18, 2021, 02:20:18 PM »
Newly launched “green cryptocurrency,” Chia Network Coin (XCH) has continued to gain prominence in the digital currency ecosystem, for many reasons, including its price performance. Amid the ongoing crypto market dip, the XCH has maintained a relatively stable price and is currently exchanging hands at $1,300 (-13%) and its trading volume surged upward by 3.95% in the past 24 hours according to CoinMarketCap.

To mine Chia coin, you will need hardware with large storage as the protocol works based on a new consensus of Proof of Space and Time. The bigger space you have, the more the XCH you are likely to mine. With a recent report revealing the reduction in the shelf life of regular storage hardware used in mining the XCH coins, many investors are exploring alternatives to acquire the digital currency. One of the ways being explored is Chia Mining Pools.

But according to other news, such mining destroys SSD and PCs in several months. So is such a "green" mining worth it? Or there are better alternatives?

LovelyMe

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Re: Is Chia coin "green"?
« Reply #1 on: May 25, 2021, 09:38:35 AM »
No, unfortunately, practice has shown that mining this coin leads to extremely fast wear of solid-state drives, and the level of energy consumption, although lower than that of bitcoin, is still quite high.

Klassew

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Re: Is Chia coin "green"?
« Reply #2 on: May 26, 2021, 01:36:50 PM »
Okay then. Is it possible to use even less electricity? In the situation with Chia, I don't really like that you have to invest twice. Buying additional supply, which had risen in price + paying extra fees for electricity. Isn't it better to simply invest in any more popular and stable coin?

LovelyMe

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Re: Is Chia coin "green"?
« Reply #3 on: May 31, 2021, 05:10:40 PM »
No, as practice has shown, chia mining is very unecological. Today I read the news that manufacturers have started to release updated SSDs with increased power. This is nonsense! It is much easier to find a more eco-friendly coin and pay attention to it. For example, I can recommend сrypton. To mine this coin, you only need a PC and the Internet.

WalletInvestor

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Re: Is Chia coin "green"?
« Reply #4 on: June 01, 2021, 11:19:09 AM »
It definitely sounds like a project that wasn't thought through very well. It is now quite well documented that mining can wear out devices quicker than ordinary use, and the case we see with Chia is even more extreme. E-waste is a big environmental problem, so lessening the use of electricity is not that great if it comes at the cost of producing more waste.
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Klassew

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Re: Is Chia coin "green"?
« Reply #5 on: June 07, 2021, 03:15:37 PM »
It definitely sounds like a project that wasn't thought through very well. It is now quite well documented that mining can wear out devices quicker than ordinary use, and the case we see with Chia is even more extreme. E-waste is a big environmental problem, so lessening the use of electricity is not that great if it comes at the cost of producing more waste.

You're right. No matter if it's e-waste or some additional supplies, it's not good for the environment. And what if, as it was told above, all you need is a PC and internet connection? Seems to be a better case. As anyway all of us own computers and use the internet.

LovelyMe

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Re: Is Chia coin "green"?
« Reply #6 on: June 08, 2021, 01:23:00 PM »
Hmm, absolutely. By the way, the release of more energy-intensive SSDs has already been announced, so it begins to seem to me that it was beneficial to someone from the outside.

Klassew

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Re: Is Chia coin "green"?
« Reply #7 on: June 11, 2021, 04:17:12 PM »
I can't even imagine how many complaints did the producers receive after all that stuff with broken equipment. Anyway, they've already earned so much money, that they can do whatever they want.

LovelyMe

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Re: Is Chia coin "green"?
« Reply #8 on: June 15, 2021, 11:45:13 AM »
Hmm, and now there will always be a risk of reselling the SD after mining chia. I can't even imagine what will happen next.

Klassew

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Re: Is Chia coin "green"?
« Reply #9 on: June 22, 2021, 10:00:29 AM »
I'm sure that now it's already a great risk of buying a used SSD as this hype is all around the world. People which want to buy that stuff not for mining are in the worst situation now. The market went crazy and you have to pay several times more for all these supplies.

LovelyMe

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Re: Is Chia coin "green"?
« Reply #10 on: June 22, 2021, 12:41:33 PM »
I still don't understand all this excitement about such a hopeless coin. I don't think it's worth investing in. I'll keep an eye on it.

Klassew

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Re: Is Chia coin "green"?
« Reply #11 on: June 23, 2021, 04:11:37 PM »
And I believe that you're right about your decision. As for me, I'm mining Crypton https://utopia-ecosystem.com/ now for no costs. As it requires just PC and internet connection. I believe that in the nowadays situation I've made one of the best decisions. Nothing is worth investing now. It's too early.

CryptoStar19

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Re: Is Chia coin "green"?
« Reply #12 on: June 25, 2021, 04:14:07 PM »
Chia deserves some credit if for no other reason than the fact that it introduced a new mining mechanism to the mix. In terms of long-term success we'll just have to wait and see.

WalletInvestor

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Re: Is Chia coin "green"?
« Reply #13 on: June 25, 2021, 06:11:16 PM »
It definitely sounds like a project that wasn't thought through very well. It is now quite well documented that mining can wear out devices quicker than ordinary use, and the case we see with Chia is even more extreme. E-waste is a big environmental problem, so lessening the use of electricity is not that great if it comes at the cost of producing more waste.

You're right. No matter if it's e-waste or some additional supplies, it's not good for the environment. And what if, as it was told above, all you need is a PC and internet connection? Seems to be a better case. As anyway all of us own computers and use the internet.

It is true that you only need a PC and an internet connection, and if that was all, it would be fine. But when mining wears out hardware so quickly that you have to replace hard drives every few months - as it is the case with Chia - that is not exactly economic.
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LovelyMe

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Re: Is Chia coin "green"?
« Reply #14 on: June 29, 2021, 11:13:21 AM »
I noticed that the hype around chia has faded and its course is rapidly falling. Does this mean that the project turned out to be a scam?

 

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