Chia Halving
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What is the Chia Halving?
Chia halving is a significant event that takes place in the lifecycle of many cryptocurrencies, where the reward for mining new blocks is halved, meaning that Chia farmers receive 50% fewer XCH for verifying transactions. The most famous example of this is Bitcoin, but Chia also employ this mechanism as part of their inflation control measures.
This halving process is an integral part of how the Chia Network manages the supply of XCH. It's essentially a built-in monetary policy that's designed to combat inflation and control the overall supply of the XCH. Halving events occur at predetermined intervals, after a certain number of blocks have been added to the blockchain.
How can I earn XCH?
To earn XCH (the token of the Chia Network), you need to participate in a process known as "farming" rather than "mining." Here's a simplified explanation of how it works:
Install the Chia Software
You need to install the Chia Blockchain software on your computer. The software is open-source and available from the official Chia Network website. Create Plots
Once the software is installed, you can create "plots" on your computer's hard drive. A plot is a cryptographic number that you store on your hard drive, and it takes both time and hard drive space to create. The more space you allocate for these plots, the higher your chances of earning XCH. Start Farming
After the plot creation, you can start farming. Farming in Chia involves checking if the numbers in your plots match the numbers needed to validate transactions on the blockchain. The Chia software automates this process. If one of your plots has the right number to validate a block of transactions, you'll earn a reward in XCH. Wait for Rewards
If you successfully 'win' a block, the XCH rewards are automatically transferred to your Chia wallet. The more plots you have, the better your chances of earning rewards, but it's also dependent on how many other people are farming and how many plots they have.
Farming Video Guide