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 depends on the number of tokens a validator stakes on the network.
A few years ago, the developers at 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 today is $42.42, with a 24-hour trading volume of $5,716,515 USD. Chia has been down 1.60% in the last 24 hours. The current CoinMarketCap ranking is #141, with a live market cap of $194,780,799. It has a circulating supply of 4,591,376 XCH coins, and the maximum supply is not available.
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 Coin 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 Coin 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
- Post an offer or monitor the offers being posted at Keybase – chia_offers, Hashgreen, Offerbin, Offerpool, or Dexie.
New Developments In Chia Network
Electronic waste is a severe problem. Chia’s public blockchain is intrinsically low-carbon and inclusive while maintaining adequate security. With that in mind, Chia announced it has also collaborated with the storage industry to launch the Circular Drive Initiative, aimed at reducing e-waste through secure reusing of drives from data centers.
Recently, the WorldBank collaborated with Chia Network to create a Climate Warehouse Public Observer Node, built on Chia Blockchain. This collaboration drives innovation in sustainability to tackle the world’s climate issues.
Chia Coin Technical Analysis
Chia is slightly below its 50-day and 100-day Moving Averages. Chia Network XCH’s price is about $43.70; the coin is trying to gain bullish momentum in its 1-day chart above. Again, we expect the coin to reach $60 in the next few days. XCH’s technical indicators point to the buy zone, indicating that this is an excellent time to buy. Hence, we advise investors to trade carefully in the next few days.
Chia Coin Price Predictions by Authority Sites
Wallet Investor
Wallet Investor predicts that Chia is a bad long-term investment. They expect the coin to decline in one year and be worth $3.125. Wallet Investor further predicts that Chia will devalue in 2026 by 95.5%.
Trading Beasts
Trading Beasts predict that Chia XCH is a good investment. They predict the coin will have a maximum price of $82.47 by the end of 2022. The coin’s lowest price is expected to be $56.08 by then.
By 2023, Trading Beasts expects XCH to have a minimum price of $85.07, with a maximum price $of 125.10. The average price of the coin is expected to be $100.08 by then. Trading Beasts expects Chia to have a maximum price of $152.86 with a minimum price of $103.94 by 2024. The coin’s average trading price is expected to be $122.29 by then.
Chia is also expected to increase by 220.93% by 2025. Trading Beasts predicts that the coin will have a maximum price of $173.14 with a minimum price of $117.73.
Digital Coin Price
Digital Coin Price expects Chia to have a minimum price of $51.93, with a maximum price of $59.21 by 2022. The average price of the coin is predicted to be $55.49 by then.
By 2023, Chia is expected to have a maximum price of $69.54 with a minimum price of $56.30. Again, the average price of the coin is expected to be $62.69.
Digital Coin Price predicts that Chia will have a maximum price of $121.09 with a minimum price of $81.93 by 2027. The coin’s average price by then is $102.59.
Digital Coin Price expects Chia to have a maximum price of $202.33 with a minimum price of $187.46 by 2030. The average price of the coin is also expected to be t be $193.26.
By 2031 Digital Coin Price expects Chia to have a minimum price of $208.82 with a maximum price of $232.56. The average price of the coin is expected to be $216.82.
Cryptopolitan
| Year | Minimum Price | Average Price | Maximum Price |
| 2022 | $104.47 | $107.91 | $122.91 |
| 2023 | $155.54 | $159.85 | $182.08 |
| 2024 | $225.86 | $232.25 | $263.92 |
| 2025 | $328.21 | $337.50 | $388.73 |
| 2026 | $450.26 | $467.14 | $561.14 |
| 2027 | $682.36 | $705.72 | $781.00 |
| 2028 | $980.19 | $1,015.47 | $1,171.75 |
| 2029 | $1,410.42 | $1,461.19 | $1,750.47 |
| 2030 | $2,091.74 | $2,164.80 | $2,438.45 |
| 2031 | $3,130.10 | $3,238.34 | $3,722.03 |
Chia Coin Price Prediction 2022
Chia XCH is expected to reach $122.91 maximum, with an average price of $107.91 by 2022. With substantial interest and cooperation with financial institutions, the lowest price Chia will go is $104.47. Nevertheless, Chia can also beat our price prediction if there is a drastic bullish trend in the crypto market.
Chia Coin Price Prediction 2023
We predict that Chia Network will have a maximum price of $182.08, with an average price of $159.85 in 2023. If the market concentrates on investing in XCH, the minimum value the coin will go is $155.54. We also expect the vast potential and innovation of XCH to boost its price moving forward.
Chia Coin Price Prediction 2024
We expect Chia Network to have a maximum price of $263.92, with an average price of $232.25 by 2024. The lowest price the coin will go to is $225.86.
Chia Coin Price Prediction 2025
Chia Network is expected to have a maximum price of $388.73, with an average price of $337.50. If the coin experiences a bullish momentum by 2025, the lowest price the coin will go is $328.21.
Chia Coin Price Prediction 2026
By 2026, we predict that Chia Network will have a maximum price of $561.14, with an average price of $467.14. The lowest price the coin will go to is $450.26. This can be possible if the team behind Chia constantly rolls out new developments.
Chia Coin Price Prediction 2027
We expect Chia to have a maximum price of $781.00 with an average price of $705.72. The coin is expected to have a minimum price of $682.36.
Chia Coin Price Prediction 2028
By 2028, Chia is expected to have a maximum price of $1,171.75, with an average price of $1,015.47. Again, the lowest price the coin will go by 2028 is predicted to be $980.19.
Chia Coin Price Prediction 2029
Chia Network is predicted to experience a bullish trend by 2029 and reach a $1,750.47 maximum. The coin’s average trading price is predicted to be $1,461.19, while its minimum price value is expected to be $1,410.42.
Chia Coin Price Prediction 2030
We expect Chia to have a maximum price of $2,438.45 with an average forecast price of $2,164.80 by 2031. The lowest price the coin is expected to reach is $2,091.74.
Chia Coin Price Prediction 2031
We predict that Chia will have a maximum price of $3,722.03, with an average price of $3,238.34. The lowest price the coin is expected to reach is $3,130.10.
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.
Chia is a reputable blockchain network with a lot of innovations. Many crypto experts predict its price will soar yearly. Again, we need to note this requirement to invest in Chia Network. We advise you do your own research before you invest in Chia – including other cryptocurrencies.
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.
