How to start farming on uBit pool?

feature

Download and install Chia
 

 

Prerequisites
 
Before starting pooling and farming with uBit, ensure you have been through the following steps:


These steps only need to be followed the first time you set up Chia, once they are complete, you will stay connected to uBit pool.

  • 1. Download and install the Official Chia Block Chain application (Download)
  • 2. Make sure you are running a fully synchronized Chia node with a wallet
  • 3. Make sure you own least one (1) Mojo in your Chia Wallet (0.000000000001 Chia or more)
  • 4. You have hard-drive space available to create new plots

    • Note: This one (1) mojo will be used to sign up to the pool.
    If you do not have any mojo in your wallet head to The Chia Faucet and enter your Chia wallet address. The block-chain will make a small deposit to your wallet address.

    Join Pool
    ATH (All-time high)

    ATH, or all-time high, is simply a term used when a cryptocurrency reaches a value that is hasn’t reached before, giving it an “all-time high”.

    When you hear the phrase “it’s a bear market” or “the market is bearish”, investors are referring to the speculation that assets (cryptocurrencies) will decline in value

    The opposite of a bear market is a bull market. Traders are speculating that an asset will rise in value

    A government regulated currency, also known as money. Examples are Canadian Dollars, Euros, and etc..

    FOMO (Fear of missing out)

    Investors are known to have a fear of missing out. When an investor believes that a crypto asset is going to rise in value, the investor will begin purchasing the specific asset, so they do not miss out on their speculated value increase to maximize profits.

    When a cryptocurrency coin is developed, there are certain rules and protocols that the coin is based around. When a developer updates the protocols, the previous protocol usually becomes incompatible with the new chain being developed, causing a fork to happen.

    The point of this term is a type of market manipulation. Essentially incorrect and misleading information is spread to try and decrease the value of an asset. Once the value decreases, the investor will reinvest at a lower price so when the asset rises, they will receive more profit.