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FAQ

FAQ of MaxiPool

Why should I join a Chia Pool?

Chia farming in a pool produces a constant revenue of smaller values, whereas solo farming tends to be more erratic and could take years to farm one block.

Where can I learn more about Chia?

Chia.net is the official website of the Chia Network. Chia was incorporated in August of 2017 to develop an improved blockchain, smart transaction platform and to improve the global financial and payments systems. Chia is on track to become the first enterprise-grade digital money using the first new Nakamoto consensus algorithm since Bitcoin. To learn more, read Chia's green paper

Will I need to re-plot everything to join pool?

Once pooling support comes out, any plots created before that update will not be able to join pools but can still be used to solo farm. In order to use plots in pools, they will have to be plotted after pooling support comes out. This is the current, most up-to-date information we have from the Chia developers. If you have run out of space for plotting but want to convert your existing plots for pool farming, we recommend re-plotting your plots one-by-one. That way you still solo farm with your old plots while slowly migrating your plots over to the pool.

Do I need chia in my wallet to join a pool? How do I get some?

Yes but only a tiny amount that constitutes a contract between both parties. Use a chia faucet! It will give your wallet a tiny amount of chia. https://faucet.chia.net/

How does the pool prove that members actually have the amount of space they have?

The pool does not need to know the amount of space you have. Your plots generate partials (partial solutions), and they are uploaded to the pool. The pool will never ask or trust anyone claiming to have some amount of space and instead collects cryptographically signed partials that prove that you needed the space to generate this partial. When the pool is assigned reward, we look back at how many partials each user has submitted and divide the reward accordingly.

Will there be a minimum payout / how often do we pay out / will there be a periodic payout / etc?

In the initial launch of MaxiPool, there is no minimum payout. The payout of the block rewards is per block mined. Later, when we have enough new miners, there will be a minimum payout requirement.

Is Maxi Pool a money transmitter company?

Miners or Farmers and Pool operators are not money transmitters as described in Section 5.4 of this FINCEN guidance document

Do I need to pay taxes? Will you issue a tax document?

We do not issue tax documents. Farming rewards are income, and it is the responsibility of individuals to report these based on their jurisdiction and consult with a local tax specialist

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