CHIA NOW EXCEEDS 50TB

Chia has become completely useless to farm below 50TB (and is only getting worse). It scaled horribly once the mining whales jumped on it. The bubble popped with this one really fast. Around the world some countries are considering banning the digital assets so that citizens are not hurt when prices collapse.

Tesla CEO Elon Musk implied in a Twitter exchange Sunday afternoon that the electric vehicle maker sold or may sell the rest of its bitcoin holdings, sending the price of the cryptocurrency down. Bitcoin is now down to under $46,000 in trading. Chinese miners are working on a thinner margin and lower prices will discourage expansion.

Chia surfaced about 4 years ago and evidently the design did not scale to handle the heavy weights in mining. The chance based architecture favors larger pools which now falls to the deepest pockets but the value of the coins is well below the capital investments.

Today Elon Musk said Bitcoin Investment Thinking is wrong for most corporations. Elon Musk surprised the cryptocurrency market by citing energy consumption in bitcoin mining as a reason to stop accepting payment for EVs in crypto while not selling Tesla’s bitcoin. Experts say there is no compelling reason for a company to hold bitcoin on its balance sheet today, but they do think C-suites should educate themselves on crypto sooner rather than later, and climate is no reason to wait.

Bitcoin now needs specialized machines which are very expensive. Ethereum is now hard to mind profitably. Other hopefuls are also struggling to survive. The writing is on the wall.

Chia prices have move sideways while more and more dive in typical of the gold rush nonsense. I have heard from Chia farmers who have been at it a while tell me that every month it seems that the estimated time to win keeps growing faster than they can make more plots. This is called spinning your wheels which is irrational exuberance.

Mining oriented forums have discussed drive writes and Chia extensively. The number of drive writes are limited with SSD and some reports of 40 days before a SSD was trashed is outright scarry. The Samsung 980 PRO is a typical high performance SSD but Chia would trash it fairly quick order. For gaming however, the Samsung 980 PRO SSD is likely to last for years.