Chia Coin to cause storage shortages and price surges

[BRiT]

Chia Coin uses Proof of Space and Time.

https://www.chia.net/faq

“Proof of Space is a cryptographic technique where provers show that they allocate unused hard drive space for storage space. In order to be used as a consensus method, Proof of Space must be tied to Proof of Time. PoT ensures that block times have consistency in the time between them and increases the overall security of the blockchain.”

https://www.tweaktown.com/news/7906...of-storage-hdd-ssd-shortage-feared/index.html

Chia Coin now using over 1 exabyte of storage, HDD/SSD shortage feared
Chia Coin cryptocurrency mining continues to explode, HDD and SSD shortage concerns growing by the day with storage-fueled mining.

https://www.tomshardware.com/news/hard-drive-prices-skyrocket-asia-scalpers-making-bank

Hard Drive Prices Skyrocket In Asia Due to New Chia Cryptocoin, Scalpers Capitalize
Forget GPUs, hard drives are the new gold

 

[Silent_Buddha]

Well, I'm glad I'm set at least for a while with 60 TB of storage in my NAS plus another 40 TB in my desktop.

What a weird way to base a crypto coin.

Regards,
SB

 

[orangpelupa]

Someone on here just ordered hundreds of ram sticks right? That would be blazing fast for mining this coin (ram as virtual disk)

 

[pcchen]

From my understanding you don't need super fast storage for this. Your network bandwidth is probably more important.
A friend of mine used to run a node for BTFS (a copy of IPFS on Tron blockchain) and it ate a lot of bandwidth. It also stopped being profitable after the "airdrop" of coins stopped (i.e. people are not that into buying not-so-reliable storage space after all).

 

[hoom]

This stuff makes me so mad.
I'd be OK with them if they were actually doing meaningful work like running SETI at home/Folding or genuinely providing real 'cloud' processing/storage to generate the crypto-currency.
But the established ones are literally all about who can utterly waste the most electricity/CPU/GPU cycles and now this is about wasting HDD space/read/write cycles.

We have like minus 20 years to balance our carbon budget and we're letting this shit waste our electricity, Leonidas would have kicked these bastards down a well years ago.

/rant

 

[Deleted member 2197]

Cryptocurrency CHIO can destroy an SSD in 40 days (guru3d.com)

Chia has the peculiarity that it is not mined using the power of the GPU but rather utilizing the storage device used, where obviously the faster the better performance is obtained. This has already caused a shortage of SSDs and hard drives in Asia, but now other symptoms of their use are beginning to be seen: the durability of SSDs is depleted in just weeks.
...
According to the Chinese site Fast Technology (via Hardware Times ), constantly growing Chia on a 512GB SSD, which typically lasts for five to ten years, can see it lifespan being reduced to just 40 days.

Drives with more storage space last longer, but wear and tear still significantly reduce their lifespan - a 1TB SSD lasts around 80 days, while growing Chia will kill a 2TB SSD in 160 days. Unfortunately, we don't know what NAND writing type is applied though, but assume TLC-based SSDs, as these are the norm.

 

[HLJ]

Already made our vendors raise prices on SSD's with 30%.
We do not use spindles anymore

 

[Arwin]

This coin deserves to die an early death. There are much better alternatives now for mining of any sort, and this is just another complete waste of resources.

Something like Nano doesn’t need any, not for creating coins (which is already complete but also hasn’t cost barely any resources of any kind) not for transactions, and transactions are free as well, even consumer level transactions would be, so perfect.

Cardano and Algorand are similar and there are more out there.