Along with the invention of cryptocurrencies emerged the concept of crypto mining – the process by which new crypto tokens are generated, and crypto transactions are verified on a blockchain. Mining is an integral part of blockchain operations, and how it occurs varies from one consensus algorithm to the other.
For instance, Bitcoin mining is regulated by the Proof-of-Work (PoW) algorithm, which usually requires nodes to solve a mathematical puzzle to mine a new block. Successful miners are then rewarded with newly generated tokens or transaction fees.
Furthermore, there is the Proof-of-Stake (PoS) algorithm on the Ethereum Network is considered an improvement on PoW as its mining process is less energy-intensive. Mining on the PoS algorithm is dependent on the number of tokens a validator stakes on the network.
A few years ago, the developers at the Chia Network Inc., seeking to improve the existing consensus models, launched the Chia Network, which utilizes the Proof of Time and Space (PoST).
The PoST algorithm is described as a massive upgrade as it consumes much less energy than Proof-of-Work and Proof-of-Stake during mining operations. Since its launch, the Chia Network has witnessed a favorable level of adoption, with its native token, the XCH, presently being mined in over 160 nations worldwide.
This piece is curated to discuss XCH token, price overview, technical analysis, and Chia Coin price predictions for 2022-2031.
Today’s Chia price is $42.28 with a 24-hour trading volume of $8,782,414. Chia is up 2.84% in the last 24 hours. The current CoinMarketCap ranking is #144, with a live market cap of $169,973,243 USD. It has a circulating supply of 4,020,263 XCH coins.
What is Chia Network (XCH) Coin?
The Chia token was released on 17 March 2021 by Chia Network Inc, owned by a computer programmer and founder of BitTorrent, Bram Cohen. The Chia crypto is represented as XCH and runs on the Chia Network, a public and open-source blockchain with a personalized programming language known as Charlisp.
Based in Delaware, Chia Network Inc. launched the beta version of its blockchain in 2019. After two years of successful testing, the mainnet became public in March 2021. A few months later, transaction features were enabled, and the Chia Network became fully functional.
A “new way of mining”
With a Proof-of-Space-and-Time consensus algorithm (PoST), the Chia Network is designed to prevent hoarding mining power among specific computer nodes on the blockchain. This is different from the Proof-of-Work model, which favors computers with higher processing power, and the Proof-of-Stake algorithm, which enables only nodes with a large amount of staked coin to participate in mining.
Chia Network aims to level the playing field for all miners while reducing energy consumption. Unlike the PoW and PoS algorithms, mining on the Proof-of-Space-and-Time algorithm is based on computer storage space, an easily accessible feature, rather than high computing power or staked coins.
Mining is referred to as farming on the Chia Network, and it involves two major processes, plotting and harvesting. Plotting refers to miners – farmers – allocating empty portions on their hard disk to the Chia Network. These spaces are called plots and are used to store cryptographic numbers generated by the Chia Network.
Harvesting occurs after the Chia blockchain releases a random collection of numbers known as the challenge number on the network. Farmers scan their plots using machines known as harvesters, checking if they have possessed all the digits of the challenge number.
Following this process, the plot with the closest set of numbers is rewarded with the new block in the form of XCH. On the Chia network, the more space you have allocated, the more cryptographic numbers you can store, thus increasing your chances of winning the next block.
Concerning power consumption, the PoST algorithm is considered more environmentally friendly than PoW and PoS models. The Chia Network reportedly utilizes 0.16% and 0.36% of the yearly energy consumption of Bitcoin and Ethereum, respectively. The Chia network also allows for “farmed” spaces on a hard drive to be used for conventional data when needed.
Presently, the Chia blockchain is hosted on about 400,000 computers, with the Chia coin (XCH) listed for trading on several exchanges, including Gate.io, Uniswap(V2), KuCoin, OKEx, and Huobi.
Developments on the Chia Network
Recently, the Chia Network delved into the DeFi space, launching “Offers,” a decentralized, peer-to-peer exchange platform for XCH holders and carbon credit buyers.
Using their Chia Wallet, “Offers” enable traders to propose and accept trade offers without the need for middlemen. On “Offers,” XCH can be seamlessly exchanged for USDS and vice versa.
The USDS is a stablecoin pegged at the value of the United States Dollar. With this token, holders of XCH can protect their investments from market volatility.
In addition, “Offers” enable carbon credit buyers to swap USDS tokens for CATs.
Demerits of the Chia Coin
With this new decryption protocol called Chia, many high-volume hard drives have had their prices affected. The tech market soared after hearing about this new technology that would “renew” cryptocurrency mining. According to cryptocurrency expert David Gerard, the value of SSD hard drives doubled after the crypto came out.
Gerard said that instead of wasting energy mining crypto, the token chews up SSDs in a destructive way. The hard drive market may be affected in different significant ways by this new cryptocurrency.
Before Chia’s official launch, the cryptocurrency has spent more than one exabyte storing its data. This figure equals 1 million terabyte hard drives that a computer has on average.
The cost of hard drives in China has risen due to the boom caused by Chia. 12 terabyte drives soared 59% since February 2021 when Chia made its appearance.
How to Pick a Chia Pool
Just like all other cryptocurrency pools, a Chia pool is a group of farmers who are farming to the same pool key. So if one of them wins a block the XCH is shared among pool members. The Chia block winner receives 0.25 XCH, while the rest of 1.75 XCH is shared with other members minus the pool fee which is equal to their farm’s % of the pool netspace.
Your choice of what pool to join should be carefully researched, not simply based on promises of gold and riches. There are many factors to consider when deciding the right Chia pool for you. With proper pools, farming chia will be less lottery and more like a business. Assuming of course the price of chia is something considerable.
Chia Network Price Overview
Over the last 24 hours, the Chia token has gone down by over 7%, with the current market price at $41.29 and the live cryptocurrency market cap at $165,990,076. Its 24-hr trading volume has also experienced a 16.16% fall to $9,289,591. The Chia Network token has a total supply volume of 25,020,263, with 4,020,263 tokens currently circulating.
Chia Network Technical analysis
As seen in the technical analysis summary, the moving averages point toward a sell action within a 4-hr period. This indicates that the Chia coin’s price could fall even further as traders continue to sell off for profits after reaching $54 some days back.
How to Buy Chia Coin
Buy XCH
Follow the 4 steps below to buy XCH peer to peer:
1. Open a Stably Prime Trust account
- Sign up for a Stably account
- You will need to provide your name, email address, phone number
2. Fund your Stably account by depositing USD to your Stably Prime account
- Go through Stably’s Know-Your-Customer (KYC) process to complete setting up your account (this is usually instant but may take up to a day or two to complete ). After the KYC process has completed, you can initiate a “Deposit” by transferring from a traditional bank through ACH or a domestic or international wire transfer. Credit and debit cards are coming soon.
3. Withdraw USDS directly to your Chia light wallet
- Download and install the Chia Light wallet
- In the Light Wallet go to +Add Token and select “Stably USD”
- From your Stably USD account, click on Withdraw → Stablecoins → USDS
- Add your USDS Chia wallet in Stably and then specify the amount of USDS to complete your withdrawal
4. Post or redeem an offer to trade USDS for XCH
Chia Price Predictions 2022-2031
Wallet Investor
Wallet Investor predicts XCH could lose over 83% of its current market value within the next year and thus is not recommended as a good investment in the long term. On the other hand, traders may be able to make a profit in the coming days, as Wallet Investors expect XCH to rise to an average market price of $45.952 in the next fourteen days.
TradingBeasts
According to projections by TradingBeasts, the Chia coin is expected to reach a price of $73.325 by January 2023. They further project this bullish run to continue throughout the rest of the year, leading to XCH having a price range of $87.580 – $128.793 in December 2023.
By July 2024, TradingBeasts anticipates the minimum and maximum price of the Chia network to be $99.035 and $145.640, respectively. At the beginning of the following year, XCH could rise as high as $157.652, with its average price at $126.121.
By December 2025, TradingBeasts still foresees a favorable run as the coin could have a trading price between $119.289 and $175.421.
CryptoPredictions
CryptoPredictions XCH price forecast points to a steady increase in value towards the end of this year, leading to an average market price of $68.458. By mid-2023, they further predict Chia coin to still have a bullish market with the highest and least possible market prices at $76.073 and $111.872.
For the start of 2024, their Chia coin price projections state the token could have an average trading price of $103.291 and a minimum price of $87.798. They also anticipate a continuous uptrend for the remainder of the year and forecast a closing mean market price of $122.318 by December 2024.
By July 2025, CryptoPredictions XCH price projections are a maximum price of $164.705, a minimum price of $112, and an average price of $131.764. According to their Chia forecast, the coin is still expected to be on an uptrend in 2026, with the maximum starting price in January touted to be as high as $173.576. By December 2026, they predict the market to close with an average market price of $149.825, with a price range of $127.351 – $187.281.
Cryptopolitan
Chia Coin Price Prediction 2022
Over the last week, the Chia coin has been one of the few tokens on an uptrend gaining a 40.95% increase in its value. Based on our XCH Price Prediction for 2022, we expect XCH to maintain its bullish market till the end of the year with a maximum value of $57.96 and an average forecast price of $54.32. As a result, the least possible trading price would be $50.84.
Chia Coin Price Prediction 2023
By 2023, the Chia Coin could have an average trading price of $61.36, per our team’s predictions. Our Chia Network XCH Coin Price Prediction algorithm project a maximum price level of $68.07 and a minimum price value of $55.11.
Chia Coin Price Prediction 2024
According to our XCH price prediction for 2024, the utility token could witness a slight fall in value. It is expected to be trading between $50.60 to $68.79, with its mean market price set at $60.76.
Chia Coin Price Prediction 2025
For 2025, we anticipate the Chia coin will resume its bullish run with force rising to an average price of $79.84, representing a 31.40% increase from the previous year. Our Chia Network Coin Price Prediction expects the coin to be traded for as high as $87.71. The least possible trading price will be $71.36.
Chia Coin Price Prediction 2026 and Beyond
Our Chia price forecast for 2026 points to a drop in the maximum and minimum prices to $67.55 and 79.32, respectively. The average market price is also expected to fall to $72.10.
This period would be favorable to investors, as they can buy into the market at a relatively lower price. By 2027, we project the Chia Coin to recover tremendously, reaching an average price of $100.42, followed by a maximum trading price of $118.52.
The following year, we forecast the XCH market price to range between $121.56 to $142.62. Our 2029 price forecast states the Chia coin could continue the bullish trend, trading as high as $177.42, and the expected average market value to be $168.78.
With a predicted bullish market in 2030, the minimum and maximum prices for Chia tokens could be $183.49 and $198.05, respectively. For 2031, we project XCH to have an average market price of $212.34 and a maximum price of $227.64, equivalent to a 548% increase from the current market price.
Chia Coin Price Prediction By Industry Influencers
The Government of Costa Rica selected Chia as an open-source partner due to both its technical software and open-source expertise, but also the platform’s commitment to secure, sustainable, inclusive blockchain technology and immutable data storage.
Andrea Meza Murillo, Minister of Environment and Energy of Costa Rica
Conclusions
According to the predictions, the Chia coin will continue its market uptrend for the remainder of the year. Similarly, the long-term future predictions are also optimistic, with the asset potentially trading at four times its present value by 2031.
However, we must state that the predictions above do not represent investment advice. All traders and potential investors are admonished to execute due research before buying the asset.
Source: https://www.cryptopolitan.com/chia-coin-price-prediction/