Amazon has unveiled the Chia cryptocurrency mining solution based on its Amazon Web Services (AWS) cloud service. Information about this was published in the Chinese segment of the AWS website, where the excitement around the production of a new cryptocurrency arose.
How to start mining Chia with Amazon
Step 1. Users are promised a quick deployment of infrastructure for mining – according to the instructions presented, the connection takes only 5 minutes. To do this, the user must become an Amazon customer and then connect to Amazon Elastic Compute Cloud (Amazon EC2), which provides computing power in the cloud. There you need to select the Amazon Linux 2 system and the i3.xlarge model. The memory size is set to 30 GB.
Step 2. Create an instance partition on disk.
sudo fdisk /dev/nvme0n1
Step 3. We create the file system on the instance.
sudo mkfs -t xfs/dev/nvme0n1p1
Step 4. We mount the file system.
sudo mount /dev/nvme0n1p1 /tmp1
Step 5. Let’s modify the permissions for the ec2-user user.
sudo chown -R ec2-user.ec2-user /tmp1
Step 6. We create a resource bucket in the AWS console, install the goofys program to mount the buckets, and mount the file system through it.
wget https://github.com/kahing/goofys/releases/latest/download/goofys
chmod u+x goofys
mkdir /home/ec2-user/chia
sudo ./goofys —uid 1000 —gid 1000 -o allow_other s3_bucket /home/ec2-user/chia
Step 7. Enter the command df -hto confirm ec2-user has access to the / tmp1 and / home / ec2-user / chia file systems
Step 8. Install the Chia code.
sudo yum update -y
sudo yum install python3 git -y
git clone https://github.com/Chia-Network/chia-blockchain.git -b latest —recurse-submodules
cd split-blockchain
chmod +x ./install. sh
sh install.sh
. ./activate
Step 9. Install and execute the initialization command to create the wallet address.
chia init
Step 10. We create a wallet address.
chia keys generate
Alternatively, you can enter chia keys add and insert a mnemonic phrase.
Step 11. We start the Chia process.
chia start farmer
Step 12. Fuck!
nohup chia plots create -k 32 -b 6000 -r 2 -n 2 -t /tmp1 -2 /tmp1 -d /home/ec2-user/chia >> plots1.log 2>&1 &
Step 13. Checking the mining status.
chia farm summary
Since this is a new service, users have not yet had time to assess the profitability of this mining option, but it is clearly more affordable than installing their own system. In addition, miners on AWS will not have to worry about the wear and tear of the equipment that is typical for the processes associated with mining cryptocurrencies, and in particular Chia.
What’s going on with Chia
Chia was announced in 2017 by the creator of the BitTorrent peer-to-peer file sharing protocol Bram Cohen. It raised $ 3 million in seed funding in 2018, followed by another $ 28 million in the next two rounds.
The project is positioned as a greener alternative to bitcoin and ether due to the fact that it is mined using data storage devices. As a result, the mining process becomes significantly less energy intensive. To do this, Chia uses Cohen’s Proof-of-Space consensus mechanism.
Chia mainnet launched on March 19. Interest in mining cryptocurrency has already caused a shortage of storage in Asian markets. Currently, the network resource is estimated at more than 1 exabyte, which corresponds to 1 million disks per 1 TB each.
At the beginning of the week XCH, such a ticker has its own cryptocurrency of the Chia network, began trading on exchanges. With a starting price of $ 1,600, XCH quickly climbed to a high of $ 1,819, but then stabilized relatively around $ 600.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
