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Three ways to make passive income using Chia
Chia has taken the crypto world by storm. Before this we had only known GPUs being sold out, due to the Bitcoin and Ethereum mining rush. In recent months, it was storage drives that were getting sold out and marked up, all due to the rush of people trying to get into Chia farming (what ‘mining’ is in Chia lingo). Chia works differently than cryptos such as Bitcoin and Ethereum, in that it doesn’t use Proof of Work, but instead Proof of Space and Time. Chia does this via pre-calculated tables that are then stored as static files.
I won’t bore you with the technical details. You obviously came here to find out about the income potential of Chia.
To recap, in order to farm Chia, you first need to create the plots. Plotting takes time and hardware but it’s the only way to generate plots (unless you want to buy them).
Let’s begin.
1. Solo farming
This is the current status quo. The upside is that if you find a block, you will get a huge reward, currently set at 2 XCH per block. 1 XCH is currently priced at $611 at the time of writing. The downside is that you’ll need TBs of plots to even dream of a chance of winning XCH. As an estimate, to guarantee that you will win within the next 3 months, you’d need 500 plots immediately (equivalent to 49.51 TiB). Emphasis on immediately, as the number of plots would need to increase over time to keep up with the growth of the netspace.
