Chia Coin to cause storage shortages and price surges

Discussion in 'PC Industry' started by BRiT, May 2, 2021.

  1. BRiT

    BRiT (>• •)>⌐■-■ (⌐■-■)
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    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
     
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  2. Silent_Buddha

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    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. :p

    What a weird way to base a crypto coin.

    Regards,
    SB
     
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  3. orangpelupa

    orangpelupa Elite Bug Hunter
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    Someone on here just ordered hundreds of ram sticks right? That would be blazing fast for mining this coin (ram as virtual disk)
     
  4. pcchen

    pcchen Moderator
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    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).
     
    #4 pcchen, May 2, 2021
    Last edited: May 2, 2021
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  5. hoom

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    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
     
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  6. pharma

    Veteran Regular

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

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

    Arwin Now Officially a Top 10 Poster
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    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.
     
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