The CHIA Network opens up a new way of mining a green cryptocurrency and the project has a familiar face at its helm, but are there problems afoot?
GREEN CHIA CRYPTO
Created by former BitTorrent boss Bram Cohen, CHIA Network is a new type of low energy cost hard drive mining coin similar to Bitcoin.
CHIA Network launched last month with many expecting prices of the new cryptocurrency to be around the $20 dollar mark.
The Coin, which can only be farmed on Hard Drives, is best done so on fast SSD with enterprise capacity.
SSD’s plot to slower drives that then farm the network in the hope of being selected to receive a block, in a sort of lottery.
As the network space increases, farming the network becomes more difficult as more hard drive space is added and at the time of writing the Network sits at a staggering 7 Exabyte’s.
CHIA NETWORK PRICE
Before the launch of the CHIA Network, prices were touted to be around the $20 dollar mark as thats what could be expected to return a farmers initial outlay.
When CHIA was listed on the price section of Coinbase, the futures prices instantly began to rise and after NASDAQ posted about the currency, futures were well over $1000.
At launch the price instantly rose to $1800 before dropping back to a more reasonable $900, but still way above the initial expectations.
Today, Chia sits at just under $1000 and as more and more people ad space to the network, the harder it becomes to get hold of a CHIA coin.
Many users have reported syncing issues with the CHIA Network wallet over the last couple of hours.
It appears the problems may stem from the network being overloaded and the introducers side of the network can sometimes face service disruption.
A website was set-up to check the status of the CHIA Network and you can find out whats happening with everything on their side by CLICKING HERE.
Updating to the latest software can help with the syncing issues and a list of popular peer connections to help you connect to the network is below.
Always remember to use port 8444 and make sure this is open on your routers port forwarding!
CHIA POOL MINING
Pool mining on CHIA Network has not yet taken off but is scheduled to come in at the end of the month.
Pools are currently being created by many companies and solo farmers in countries around the world.
CHIA farming in a pool will require you to delete your current plots and re-plot to the pool, however you may wish to keep your current plots just encase they hit a block.
Plotting also takes time and can take anywhere from 6 hours on a fast SSD to 12-16 hours on a slower drive.
LOW COST MINING
Many people have stated that the low cost mining, electricity wise a least, means that CHIA may become more adopted than Bitcoin in the near future.
Tesla boss Elon Musk is currently on the look out for a greener crypto to accept in the company and some say that CHIA Network is right up his street.
Equipment cost for CHIA is still not cheap and the rising price of hard drives, RAM, CPU’s and motherboard mean its getting increasingly difficult to jump on the CHIA farming chain.
MORE INFO ON CHIA NETWORK
The network has a main website and repository from which all the software and updates can be downloaded HERE and dont forget the status page which we have linked above for outages!
Thank for reading this article on our cryptocurrency news section, we have much more content over the whole website including celebrity net worth’s and top list articles.
We would also love it if you would subscribe to our YouTube channel where we post content on the billionaire lifestyles of the rich and famous.