Crypto Mining Pool offers us a lot of different benefits. Over the past years, more and more people has raised their awareness about the advantage of being in mining pool. And don’t forget about effort of technological development that makes the process easier and faster these days.
With Chia, you can enjoy mining crypto currency without GPU and only using your disk space. So you consume up to 30 times less energy when mining Chia compare to mining Bitcoin. As a result, there is much less emission into the atmosphere. This is why Chia is called the eco-friendly cryptocurrency. Chia Network is becoming fast trendy across the globe.
That is why you need accurate knowledge of how it works. Do not just jump on the bandwagon! How do I join the Chia mining pool? Why do I need to be part of it? Are there any limitations on how it operates? You will get all the answers reading this article. It is full of research, highlights, and cogent issues that bring concerns to people mining crypto.
What is Chia and the Chia Mining Pool?
One interesting fact about Chia is that it using Proof of Space and Time consensus algorithm, created by Bram Cohen, which makes Chia unique among other cryptos. With your computer, the Chia Coin is very easy to mine. Over the past decade, the Chia Network is one of the best creative innovations happening to crypto world.
The Chia Mining process makes use of simple hardware that does not consume much volume of electricity. With this, it makes it cheaper then classical. It mainly use available space on your hard drives for mining. And everything seems plausible when you mine cryptos using the Chia pool. This is why it has become widely accepted among crypto miners.
Another interesting thing one considers with Chia pool is that there is no need for a sophisticated system. With your simple computer and free hard drive space, you can farm Chia crypto without any glitch and literally running on anything. The desktop computer seems more preferable to any other devices.
This is as a result of the access that you get when use the desktop computer. People use it more than laptops for mining. If you’re using laptop you will need to use it like PC, keep it in one place with good internet connection. Then you have serious difficulty with mobility.
Chia miners usually use too many hard drives any computer can fit. So anyway all those drives are external. You actually can have any computer, laptop or PC, but it should be always on and all of your hard drives should be connected to it all the time. Desktop computers are more preferable because they usually performs better. The reason is that they have more RAM and better CPU, compared to laptops of the same cost.
There is a belief that with enough space on your hard drives, you can freely farm Chia coins. With your Chia coins, you have the hope that the future would be bright. This is not the overhype of Chia Network usefulness and there are many positive effects that Chia coins have on the economy. As we progress over this article, you shall see why the Chia Network is worth to “investing” in.
Every day, there is an expansion of the Chia farmers. This is why there is a great improvement here. Chia is a good way to mine and invest in the same time. Future price forecasts looks like very optimistic and crypto market’s chia price in particularly Chia Coin will grow over the years. You can read our Chia Coin Price Forecast here.
There is no Official Chia Mining pool, but there is an official pool protocol, which all pools should use. This protocol ensures that you farm safely and protect your coins from theft.
How does mining actually happen? In summary, you must create at least one plot. The smallest one k32 plot will consume 108.8 GB of disk space. Then connect to blockchain via desktop client, sync blockchain to your computer and that’s actually all.
Mining pool is a group of people who combine their efforts (in the case of Chia, the space on their hard drives) to win a block. When the block is won, they share the reward in proportion to the effort each miner has applied.
Farmers mostly benefit from mining or farming in the pools. It can take months or even years to win a block mining solo, while in the pool you can start earning small amounts of Chia every day. So if you don’t have thousands of TB you should consider joining a mining pool to start earning.
How Does A Chia Mining Pool Operate?
This is one of the most asked questions about the Chia pools. This is because yearly, people are beginning to show interest in the crypto. As a result, everyone wants to know how it works smoothly.
The Chia pool is categorically involving a body of people mining for similar pool coins. When talking about farming pools, it includes only farmers, so you can participate in the pool if you are a farmer or miner (which means the same).
Interestingly, there are stipulated regulations on how the Chia pool works. For example, if a farmer in a pool wins a block, automatically, every member of the pool partakes in what the farmer gets. This means any reward is exclusive to every member of the pool. One wins any block, everyone shares it. This is one of the ways the Chia pool runs smoothly and effectively.
When a pool wins a block, the reward shared in next proportions (1 block = 2 XCH) – 0.25 XCH to the farmer who actually won a block, 1.75 XCH minus pool fee, which is usually 1%, shared among all other farmers including the one who actually won a block. Reward shared proportionally to allocated hard drive space. E.g. you have a share of 2% of a pool space then you will get 2% of reward. If you won a block you will get 0.25 XCH PLUS 2% of 1.75XCH (extracting the pool fee).
How Can One Start Mining Chia?
One question to ask is: How can I become a beneficiary of Chia? The following points will guide you:
Install the desktop client: After you visit the official Chia website, it does not end there. In fact, that is simply the beginning of your Chia journey. What do you do next?
There are desktop applications available for Windows, MacOS, and Linux. Find the download button and install it. Do not install Chia Client from any other website rather than official website.
Create a wallet: Once client installed go through creating new wallet process. After this you will have a new Chia wallet created.
You would have a 24-word mnemonic, private, and public keys. Also, you would have to pen down your mnemonic. Note that you should keep 24-word mnemonic and private key safe and NEVER share with anyone. This 24-word mnemonic allows you to restore access to your wallet on any device. Your public key is your wallet address. You can receive Chia Coins using this public key.
Wait until mainnet syncing:To start mining you need to be synced with the blockchain. It usually takes a while until this happens. However, you can jump to next step, which does not require the blockchain to be synced.
Adding plot: It does not end on creating a wallet. You need to create a plot to start mining. Go to the plotting section, choose your setup and hard drive where the plot will be created and then go ahead. This plotting process may take from 1 to 24 hours depending on your machine and setup.
Connect to pool: Once you have at least one plot you can start mining. Connect to the pool simply by entering the pool url and it’s done.
Start mining: With at least one plot you can start mining. Keep creating new plots to earn more and remember that your machine should be online. You can check your earning in the pool dashboard anytime.
Why Should I Join Chia Mining Pool?
Many people believe that they want to join the Chia pool. Some do not have an accurate idea of how to go about it. Some think it is just like other forms of cryptocurrency out there. It is essential you know what the Chia pool stands for.
You do not have to necessarily farm as an individual farmer. Joining the pool increases your potential of getting a reward. That is the reason people want to join. There is no doubt that the size of the Chia network is increasing daily.
With that advancement in the network, as an individual farmer, it may not be easy to win coins. One thing every farmer should know is that the chances of winning are tied to joining the pool. The amount of space determines if one wins at the pool. When you join the pool, when one wins, others are partakers of the rewards.
The main prerequisite for joining the pool is you have your computer and free space on hard drives. Eligibility is not restricted to a particular group of people. You can farm on any operation system, including Windows, macOS or Linux.
The Chia Blockchain is one that is transparent enough. You having at least 250 GB of spacious disk can make farming interesting. With your computer, you can farm at home. The “ChiaSetup” software needs proper installation. This is another issue one may encounter. Lack of proper installation affects every mining of your coin.
When you join a pool, you have your wallet. With your Smartphone, you can kindly save information wherever is safe. The software ensures the synchronization of the blockchain. The plotting of stalls may be taking place at least two times. This should not bother you. In a situation whereby the plotting cancels, you will have to commence the plotting all over. After you have done the essentials, then farming can begin. Join the pool and you will have rewards of the Chia coins.
Interestingly, you have the chance of farming 4,608 times each day to get rewards of about 2 “XCH”. Someone’s plot needs to at least pass filtering. This will be some occurrence that will be constant. When you join the pool, you begin to work alongside other farmers so that you can get the “XCH”. Joining the pool is not a difficult task. One needs to follow guidelines correctly.
Who Can Farm?
Anyone can farm. It is not only about a particular profession. Farming or mining is a context used in crypto currency. Farmers, doctors, engineers, lawyers, and anyone can decide to join the pool. While mining in the pool, you can continuously generate the rewards associated with mining coins. You just lock up the coins and you have your rewards.
Conclusion
Having stated the above reasons, it is paramount everyone takes farming with seriousness. The Chia Coin is a unique crypto currency. It works better when you join the pool. When you do it solo, you may not get the rewards at all.
Also, note that it has innovative approaches to its mining. Mining pools are across Europe, North America, Asia, and every part of the world. It is the belief that this article addresses very cogent aspects of the Chia Blockchain. Every farmer can now understand what a mining pool is and how to join. Use the Chia calculator to calculate your potential reward and use your spacious system always.