Let's say your mining operation brings in $1000/day in revenue. If it's mining bitcoin you might be paying $500/day in electricity bills, leaving you with $500 as profit to reinvest in the business (ie. buy more hardware). If it's mining chia you might be paying $50/day in electricity. That's $450 in less resources wasted, sounds good right? Well no, because any savvy businesman is going to reinvest that $450 into buying more mining hardware, so you can make even more money. In the end any resource you save from lower electricity consumption just gets poured into manufacturing more hardware.
>And they can be used for other purposes besides just farming Chia
This is a mixed bag, because while it's true that the mining hardware can be repurposed, it also means that during boom times, regular consumers have to pay more for their hardware. See for instance, the GPU shortage.
You can also read more about the power consumption of Chia here: https://chiapower.org/
You can also use any old extra disk space you have on your current computers.
Chia does only one thing: replace $1000 spent on electricity with $1000 spent on SSD manufacturing. It’s unclear which one is worse for the environment, but I think it’s likely that SSD manufacturing is worse, given the (real) mining and toxic chemicals involved.
SSDs have limited program/erase lifespan, and the proof-of-space algorithms used by Chia eat into that lifespan pretty fast.
Has anyone tried this? Would be interesting to see the benefits.
Somewhere over that couple days I read that you can farm on an HD, but plotting is faster on an SSD, so I'm making a huge presumption that plotting on a ramdisk would be even faster, without the wear on an SSD.
I'm still not clear on Chia. Sometimes I think I understand it, and other times I'm not so sure...
It’s a matrix of processor cores, threads per core, temp drive bandwidth, memory, and temp drive speed. Oh and cost per TiB of plots per day.
Also plotting happens in several stages, and each has a different set of requirements. So timing the running of plots in parallel and staggering starts also comes into it.
Multipurpose mining hardware would compromise security of the network. An alternative use for the hardware would effectively be a subsidy on mining Bitcoin.
This would imply that the costs of securing Bitcoin are not being paid by Bitcoin hodlers, and are not fully internalised by Bitcoin.
This is similar to the reason that Proof of Work must not have economic uses external to the network.
If such a subsidy were more valuable than rewards intrinsic to the network, any variance in that subsidy would cause variance in the security of the network, with the likely case being reduced security, the network now being dependent on that external use case.
E.g. if the alternative use is valuable, it might incentivise me to acquire enough miners such that I control majority hashrate of the network subsidised by the alternative more profitable use of the hardware. Any attack on the network is then subsidised by the external use case for the hardware.