Chia coins can be made in two ways:
- The reward for farmers.
- Result of a transaction.
Chia Farmers are currently rewarded with a fixed amount of 2 XCH per block, with 16 blocks expected every 5 minutes. Every three years, the coin base reward amount is halved. The fees coin amount varies because it includes a base amount as well as the sum of all transaction fees for the block.
Coins are locked by a puzzle, which is a program that accepts an input solution and allows you to spend the coin if you provide the correct solution to the puzzle.
- When you spend a coin, it is destroyed and its value is transferred to new coins.
- When you own a coin, you typically control a private key that allows you to solve the puzzle that locks the coin. To transfer the coin to someone else, solve the puzzle with your private key and create a new coin with a puzzle that can only be solved with the receiver's private key. If you use a wallet to send and receive Chia, the wallet will handle this for you automatically.
It is also possible to create smart transactions, which are programs that perform more sophisticated tasks prior to the creation of a new coin. Chialisp, a programming language, is used to create smart transactions in Chia.
Farming Chia (XCH)
Chia Network has a digital currency Chia (XCH); rather than processing power. Farming Chia (XCH) is done by using unused storage space on a hard disk drive (HDD) or solid-state drive (SSD). However, unlike bitcoin miners, which require a powerful processor such as a GPU or CPU, Chia Blockchain only requires a large amount of computer storage space to have "create plots" and disk space on your computer or laptop to put other disks and win a block while chia farming.
There is 21 million chia (XCH) reserved for pre-farming. You can use the Chia Farming Calculator to determine whether or not you will be profitable.
Chia is using Proof of space and time consensus protocol that removes the energy demands of Proof of Work from the system and uses some free storage space on your hard drive. As a result, less energy will be consumed than in the case of bitcoin, which consumes a significant amount of energy.
The Chia Network was founded by Bram Cohen, the creator of BitTorrent. Chia Network was developed to have a more advanced blockchain, which is called Chia Blockchain. It also aims to have a better smart transaction platform to improve the world's financial and payment systems, and it was the first enterprise-grade digital currency. Chia Network has a digital currency coin called Chia and has the ticker symbol XCH.
Chia entered the crypto market on May 4, 2021, for $670.44 per 1 Chia (XCH) and reached an all-time high of $1,645.12 per 1 Chia (XCH) on May 15, 2021, before falling to an all-time low of $162.89 per 1 Chia (XCH) on July 20, 2021.
You can buy Chia at various trusted exchanges: