News Chia Currency Has Already Used 1 Exabyte of Storage

[Admin]

This new crypto currency relies on storage space, rather than processing power.

Chia Currency Has Already Used 1 Exabyte of Storage : Read more

 

[frodoitsmyname]

Lol 400 GB of RAM needed...euhm no you don't.

You only need RAM when creating the plots, not to farm them.
so 4GB per plot, means a 32GB machine can make around 8 plots a time

 

[thisisaname]

Meanwhile, the probability of winning a block is the percentage of the total space that a farmer has compared to the entire network, which essentially means that someone with more available space has more chances to win.

Sounds a bit like a lottery, will it need to be licensed in some places?

 

[caseym54]

What a waste of resources.

 

[spongiemaster]

Is anything useful done with the storage space, or is it all just wasted space that can't be used for anything else? If that's how it works, who thought that was a good idea?

 

[InvalidError]

Is anything useful done with the storage space, or is it all just wasted space that can't be used for anything else? If that's how it works, who thought that was a good idea?

Since the idea is from BitTorrent Cohen, I would hope there is a distributed storage layer on top of the initial proof-of-space-time that transactions will be based on.

 

[hotaru.hino]

Meanwhile, the probability of winning a block is the percentage of the total space that a farmer has compared to the entire network, which essentially means that someone with more available space has more chances to win

Do I have a better chance of winning the Powerball jackpot?

 

[Bastard2k]

Im gona invent a crypto currency based on hectares of active forest fire.

 

[exploding_psu]

I know a mate who jumped into farming Chia. I heard that (heavy emphasis on heard, so it's hearsay) that if you have less than 100 TB you basically have no chance of winning. They haven't made an official pooling for it so you're basically going solo versus all the big players, and there's already this Chinese pool that controls about 1/3 of the entire storage power, so that's that.

Also, he said that this is still in its infancy. Expect the numbers to go up like mad in the next few months.

 

[InvalidError]

I heard that (heavy emphasis on heard, so it's hearsay) that if you have less than 100 TB you basically have no chance of winning.

That would be true for practically all cryptos, your chances of a payout are closely related to your hashing/storage power vs the rest of the network.

 

[exploding_psu]

That would be true for practically all cryptos, your chances of a payout are closely related to your hashing/storage power vs the rest of the network.

Well in Ethereum pools even if you have the suckiest GPU around, as long as it's still somewhat above the minimum threshold for mining, you can still get something in return. Not much, but at least there's payout even though it's like 0.0000001 ETH.

Here, it's more like "if you don't splurge for hundreds of TB, you're getting exactly 0", a massive barrier to entry.

Don't ask me though, I'm just a regular Vega 56 user waiting for the GPU prices to come down so I could upgrade to something with more RGB bling

 

[InvalidError]

Don't ask me though, I'm just a regular Vega 56 user waiting for the GPU prices to come down so I could upgrade to something with more RGB bling

Wrap your Vega56 with RGB tape for $20 and save $500

 

[exploding_psu]

Wrap your Vega56 with RGB tape for $20 and save $500

I've painted it white, so let's just say it's the first steps.

Fun fact, used Vega 56 costs around 900 AUD here, I can basically sell my GPU for about 3 times the money I spent on it years ago and just use the 970 I have lying around. But, sentimental value is a powerful thing.

 

[escksu]

Is anything useful done with the storage space, or is it all just wasted space that can't be used for anything else? If that's how it works, who thought that was a good idea?

Define what is useful.

 

[xorinox]

Thanks for posting a picture of my farmer! But sorry guys, this paragraph is mostly wrong. You said:
"At present each plot requires around 350GB of storage space and 4GB of RAM, so when one wants to store 100 plots, they need a system with 35TB of space and 400GB of RAM. While buying four 10TB HDDs is not cheap, 400GB of RAM (and host CPUs to support them) cost a lot. "

For storage, the smallest working plot (K32) requires about 101.36 GiB per plot. To produce one K32 plot you need at least 260GB of temp storage and 3500 MB of RAM. Using an AMD 5800x (or any other recent 8 core CPU) with 64 GB of RAM and little under 3 TB of temp storage you can produce up to or little over 35 K32 plots per day. The depicted self-made farmer stores 3276x K32 plot files that are about 324.27 TiB and works perfectly find with a Rockpi4 SBC, that has 6 cores and 4 GB of RAM. While plotting is resource hungry, farming is not at all, and that is the point. After a brief period of producing files, farming doesn't cause any system to leave the "idle" state.

 

[escksu]

Hmm..... I am thinking what if someone comes out with a "virtual drive" that does real time compression/decompression and you can compress that 1TB space into just 1GB.....Going to be interesting.

So, how it works is that computer will see a massive 100TB drive. but its actually just 1GB. The processor does real time compression/decompression and transparent to OS. Something which could be done with VM.

 

[InvalidError]

Hmm..... I am thinking what if someone comes out with a "virtual drive" that does real time compression/decompression and you can compress that 1TB space into just 1GB.....Going to be interesting.

Try compressing a file after it has been encrypted, you'll be lucky to get even a 1% size reduction.

 

[allknowingeye]

Considering the premine is equivalent to 21 years of all Chia Mining this seems like this is a rather foolish endeavor to waste any time or money on. One group in China already has more than 1/3 of all space. I doubt this ever shows any return for any small miner. That premine is completely unacceptable, based on that alone I don't think anyone should participate in this on principle.

 

[husker]

Im gona invent a crypto currency based on hectares of active forest fire.

Interesting. I was thinking of a crypto based on case fan speeds, but that works too.

 

[mmnovack]

Interesting. I was thinking of a crypto based on case fan speeds, but that works too.

Finally! A use for my 3000 rpm industrial noctua fans!

 

[chalabam]

If you lose the files, you lose the money. So you need even more extra space for backup

 

[Sippincider]

Interesting. I was thinking of a crypto based on case fan speeds, but that works too.

Case temps. My i9 Mac is ready to make some money! 🔥🔥

 

[TStevens]

I was considering trying this out but after reading up on it it really looks more like a big opportunity for the originators to cash in and the idea that this is going to be more ecologically based looks like marketing. Yes, it will not use quite as much power (supposedly) but it will consume huge masses of storage. And you need fast storage (ssd) as "temporary storage" to farm which because ssd's have a limited write shelf life even the enterprise ssds will need to be thrown away and replaced from time to time.

It looks like a greed scheme primarily to benefit the large investors and originators.

 

[TStevens]

Considering the premine is equivalent to 21 years of all Chia Mining this seems like this is a rather foolish endeavor to waste any time or money on. One group in China already has more than 1/3 of all space. I doubt this ever shows any return for any small miner. That premine is completely unacceptable, based on that alone I don't think anyone should participate in this on principle.

Yep, the premine sure makes it look like it is a cash grab for the originators and investors.

 

[Droidfreak]

I think from a farmer's perspective, there are 2 key factors to watch closely: the value of the coin after it stabilizes and their stance on pooling (in a blog post from 2020 their mentioned that technically it will be possible, but back then they believed more in individual farming. I think the aforementioned post missed the point that without pooling, it will have the same Bitcoin drawbacks they wanted to avoid: those who can afford huge, enterprice-grade arrays of disks going into petabytes will control most of the network and collect all the rewards).