Are we all farming chia yet?
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Tell me more please. Do I download something and just run it on my PC?
I note it’s the guy behind Bit Torrent. I used to like that coin but iirc the development on it was slow. Maybe he profited enough to have resources now.
Is this a green party thing?
Not green part but it’s certainly more sustainable than bitcoin. I’d like to see you getting involved.
I’ll get on it tonight. Do I just download something on my laptop and farm it like early-adopter bitcoin?
Yeah you just need disk space and some time to run it. You get a plot and then you’ll be in with a chance of some coin.
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Lovely and all as the love-in is here, an actual link to what’s central to this koombayah chatter would be appreciated
Crypto currencies usually use Proof of Work to demonstrate consensus as a means to verify existence of currency. This uses extensive processing power.
Chia.net uses Proof of Space and Time as an alternative meaning you "just” need disk space to validate transactions and not intensive processing power. So instead of mining for bitcoin (and participating in raffles to earn bitcoin) you farm and you allocate unused space to chia and participate in raffles accordingly.
So it’s far more environmentally friendly than bitcoin. And the lead guy is credible.
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Is it immutable?
Is there an English translation of this?
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Ah yeah. You’d hope so.
Is it the main distinction reducing energy of the mining process?
“bitcoin is a trillion-dollar global monetary network that has never been hacked, and it’s running on $1B/year in energy costs (22 terawatt hours at market rates). A TRILLION dollar network running on 1% energy costs.”
You’d have to think that 1% can be further reduced by locating servers in areas where sustainable energy supply can be sourced. For example, low energy costs can be found in Washington State which offers sourcing from 100% renewable energy.
So, is it more sustainable to create a new network entirely or make the largest one more sustainable and eco-conscious?
1% of $1T is $10B. So it’s actually 0.1% energy costs.
Be interested to know what the energy costs are for other trillion dollar companies. Eg Apple, Amazon, Microsoft etc…
Also, the cheapest electricity means the most cost effective way of mining more coin. Nothing cheaper than solar, wind etc so tying that in with mining works for all.
Additionally, solar farms, wind farms etc have an issue where off peak excess capacity is wasted when there isn’t demand for it. Selling that excess capacity at cheaper prices to mining facilities would make the energy provider more profitable, reinvest in more panels, farms etc ergo more sustainable
So, I’m trying to see is the mining the only area that chai is looking to differentiate?