News Chia Coin's Initially High Prices Could Cause a Storage Shortage

jasonelmore

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whats with all the Chia coin shilling. You guys act like it's the first crypto to offer a proof of storage blockchain. Filecoin offers the same technology, is not based in China, and has mature tokenomics. You can't even buy Chia coin.
 
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caseym54

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The 16TB and 14TB drives are really hard to find already.

What a fracking waste of energy and storage. What's next? Basing money on baby's teeth?
 
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JarredWaltonGPU

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whats with all the Chia coin shilling. You guys act like it's the first crypto to offer a proof of storage blockchain. Filecoin offers the same technology, is not based in China, and has mature tokenomics. You can't even buy Chia coin.
Nope, it's not at all the same: https://docs.filecoin.io/mine/hardware-requirements/

While Filecoin has been around a while, and it's Proof of SpaceTime may be similar to (or even the same as — it's not really important) Chia's Proof of Time and Space, the way farming works on Chia is decidedly different. That's why miners/farmers in China have been buying up storage during the past month or two.

As for why we report on it, this has the potential to impact computer enthusiasts and hobbyists, just like GPU mining has impacted us. Some will be interested in trying to earn a buck via farming Chia, others will just want to know why storage prices are going up. Either way, it's relatively big news right now in the storage sector.
 

watzupken

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It is still worth because prices of hard drives are still fairly low, even though they have gone up considerably with this Chia mining. I am not surprise as this gets more popular, prolong shortage due to extremely high demand will see the drive prices trend upwards. At some stage it will hit a tipping point.
 

JarredWaltonGPU

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It is still worth because prices of hard drives are still fairly low, even though they have gone up considerably with this Chia mining. I am not surprise as this gets more popular, prolong shortage due to extremely high demand will see the drive prices trend upwards. At some stage it will hit a tipping point.
The biggest roadblock right now, IMO, is that there's no proper pooled mining -- everyone is basically flying solo. So the big mining groups can scale up way faster than individual miners (farmers), and if you want to have a reasonable chance of solving a block and getting paid, like say once per two weeks, you'd need at least 36TB of storage filled with plots. At an ambitious ramp in plots, a single PC might be able to add 24 plots per day, so it will take 15 days just to create the plots.

15 days ago, the netspace for Chia was only around 400 PiB. So in 15 days the netspace has increased five-fold. I don't think it's going to be up to 30 EiB in the next 15 days, but at the current rate of scaling, it could easily be at 10–15 EiB. Which means 36 TiB of plots will then take more like 60–90 days on average to solve a block.

It's like the early days of many cryptocoins, where there's a ton of hype and a rush to grab as much of the hashing / farming / staking / whatever power as possible in the shortest time possible. And we still can't really say whether Chia will stick around long-term.
 
whats with all the Chia coin shilling.
It wouldn't surprise me if they had piles of review-sample drives grinding away at mining them.

...and Chia has a long way to go to prove itself a viable cryptocoin.
I would think a "viable" coin would be one that sees widespread use as an actual currency, not just a useless collectible to trade in for real money to speculative investors before the market for it inevitably collapses. Like other cryptocurrencies, this is just another scam designed to make the creators and early adopters money by essentially stealing from those who will eventually be left holding onto what is essentially a worthless product.
 
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