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Is CHIA farming going to send hard drive prices soaring?

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NiHaoMike:

--- Quote from: Black Phoenix on May 01, 2021, 03:42:36 pm ---I would love to see the same apparatus and demonstrations in blockchain but of diseases/vaccination research. Currently we didn't even have a global pandemic going on with mutations that don't even have a effective vaccine... /s

--- End quote ---
That's Curecoin and Foldingcoin. Initially designed with diseases like cancer and Alzheimer's disease in mind, it had expanded to also do research into understanding COVID-19.

tszaboo:
OK, so I used this calculator to calculate with 32 TB of storage.
https://chiacalculator.com

So you spend 700 dollars on HDD and SSD, and you expect 70 dollars a month. That's 120% APR. But most "farmers" are giving up because, they apparently receive nothing, and big players are taking the cake. For a useless network, that does nothing. Ethereum mining ditto. And these APR is really really bad compared to other options, that dont require you to pollute the earth.

Or, there is Filecoin, where you provide space for deep storage. No idea about the ROI. But it is actually providing a real world use case, decentralized alternative to cloud storage, like AWS.
But, you know, money.

NiHaoMike:

--- Quote from: tszaboo on May 02, 2021, 09:51:13 pm ---So you spend 700 dollars on HDD and SSD, and you expect 70 dollars a month. That's 120% APR. But most "farmers" are giving up because, they apparently receive nothing, and big players are taking the cake.

--- End quote ---
So basically a way for cloud storage providers to make profit from formerly unused storage. The overall effect on cloud storage remains to be seen, it will probably cause the really cheap options to disappear (makes no sense to rent out storage for less than the profit you can make using it for yourself), but it will also encourage providers to operate with more spare capacity since it would at the least be "subsidized".

Even now, the profit rate for CHIA compares poorly to Swagbucks. My Swagbucks miner based on the motherboard from a broken Nexus 7 makes $10-15/month at current difficulty (which strangely has more or less leveled off instead of constantly increasing as it did in the past), I'm sure it's not that difficult to find a new device for less than $100 that will mine Swagbucks well. But Swagbucks does not scale by design, they actually forked it to use a completely different hash algorithm after Scrypt ASICs started being able to run at the N factors that Swagbucks used. Then there's the pools and exchange services limiting how much can be mined per IP and what IP ranges are accepted.

tszaboo:
3rd gen POS tokens are not mined, they are rewarded to token holders. Or if you do liquidity providing, the APR is much better on widely used DeFi exchanges. There is practically zero reason to keep Bitcoin or even Etherium network running, since new coins can do the same with something like 1/1000000 the resources and costs.

aargee:
I think it's time for a huge Coronal Mass Ejection.

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