Is Chia coin "green"?

[Zardbeig]

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?

[Marryan]

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.

[Zardbeig]

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?

[Marryan]

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.

[Zardbeig]

And what are the rates? How much can one mine per month? Where to exchange it if it's possible? Too many questions.

[Marryan]

Well, you can find all the information you need online. The project has been in existence for 2 years, so I think it is widely known in narrow circles.

[Zardbeig]

Believe me, according to the news I read every day about the crypto market, no one knows what is it. If during 2 years they didn't make their name, maybe it's not very good?

[Marryan]

Well, in general, as I learned, this is a non-profit and self-funded project. Therefore, developers do not invest in advertising.

[Zardbeig]

If you'll check the web for the information, there is a lot of information about this project. And most of the stuff published is a sponsored one. Maybe you meant that they don't look for investors, but they pay for the advertisement for sure.

[Marryan]

Hmm, it's possible that you're right. By the way, what do you say about the AMA sessions? I saw the news about it.

[Zardbeig]

I've found their website recently https://utopia-ecosystem.com/ but I don't know where can I get all the announcements about AMA and other activities that are held. Maybe you can help me??

[Marryan]

Oh, to be honest, I saw the news on their official Twitter, but they also have their own channel in telegram, for example. https://t.me/utopiachatoff

[Zardbeig]

Seems like it doesn't matter if chia is green or not as it failed finally. Now, none of the miners will get their investments back. As everything shows that it won't bump and the prices on the equipment also felled. People invested about 6000$ for SSD and hard drives and now they can earn about 250$ per month, which is absolutely nothing.

[Zardbeig]

I can tell you even more. People still continue to believe in chia and are waiting for the new pools and complaining about the absence of any support. Whales already got their money and they don't need to speak to mere mortals.

[Marryan]

Oh, yes, I think you're right. Recently, I have seen a lot of user requests, but none of the developers have deigned to answer them. I wonder when users will finally understand?