Bitcoins have held a place in the consciousness of computer enthusiasts for the last few years. The chatter has died down a little, but the world of cryptocurrency is still full of an enthusiastic and fervent base. The recent price fluctuations may have taken some of the shine off of Bitcoin, but the fact remains that the currency is still doing alright.
A big problem with conventional hard drives is that they’re so darn slow. To make matters worse, they’re also expensive, and even when you get them for free, you still wind up paying a price that’s higher than it should be. The result? You’ve got a bunch of drives that you never use, and you’ve got to pay to store the data on them.
The world of cryptocurrency is ever-changing. With the growing popularity of Bitcoin and other cryptocurrencies, their value is soaring, and hard drives are now the better choice than GPUs for mining. However, the mainstream and mainstream media focus on the more lucrative GPUs, ignoring the growing popularity of hard drives.. Read more about hard drive mining profitability and let us know what you think.The first bitcoin was mined in 2009 and since then, crypto currency mining has been a fascinating concept for anyone working in the blockchain field. We see people getting interested in the world of cryptocurrencies every day, and mining has proven to be a lucrative business with the right equipment.
But when it comes to mining cryptocurrencies, there has always been a barrier for the average person. You’ve never been able to make a decent living without a significant investment in GPUs and other modern computers. Even if you are able to invest in equipment, energy costs and environmental concerns remain a major threat in the long run.
To solve this sustainability problem and allow for a wider distribution of mining in the market, a new type of mining for cryptocurrencies has emerged, called HDD mining. Very few blockchain projects use this mining method. They are becoming more and more popular because this type of extraction is much simpler and produces no harmful emissions. In this article, we dive into the topic of disk mining, understand the current landscape and answer all the crucial questions about it.
What is disk mining?
HDD mining is a new method of mining cryptocurrencies that uses hard drives. This is a completely new concept, as it does not require GPUs or data centers. Mining hard drives takes a different approach to adding new blocks and writing data to the blockchain. The installation and configuration of the software is unique thanks to its speed and simple interface. When mining cryptocurrencies, only a fraction of the heat generated during operation is dissipated to the hard drive, giving the devices a longer lifespan than energy-intensive mining networks.
How does HDD Mining work?
Mining cryptocurrencies with hard drives and SSDs usually involves three main steps:
- Generate data blocks for construction and storage on the hard disk. The allocation of space is also done in parallel. This also determines the extraction speed. If the user allocates more memory and stores it on disk, the retrieval speed increases.
- The second step is to determine the recipient of the reward. This guarantees that the miner gets the reward he earned when his block is verified. Message: If the user participates in the pool, the final reward is distributed. Therefore, individual extraction is more profitable.
- The final step after installation and backup is to run the mining software. Once the program is started, the system sets a time limit and your hard drive remains inactive until the next block is created.
When mining hard drives, the system components do not wear out after repeated use, thanks to their energy efficiency. However, if you want to speed up the process and create more blocks, SSDs are recommended. Message: SSDs only help with drawing and have a shorter lifespan than hard drives.
Proof of storage VS proof of capacity – which is better?
HDD mining uses PoC and PoS algorithms that work in a unique way. In PoC algorithms, the user can free up his or her memory space for the system to perform a specific task and generate new data blocks. On the other hand, the storage proof mechanism uses this free space to create decentralized cloud storage, and users can even rent disk space.
To effectively manage storage with PoC, users need to have more hashes on their disks, which increases their chances of being rewarded. With PoS, users can use various service features of cloud storage to generate rewards for mining cryptocurrencies. Both have specific functions related to disk operation, so the choice ultimately comes down to preference and the ability to handle multiple disks.
Key figures in hard disk processing
Cryptocurrencies like bitcoin have been criticized mainly for their energy-intensive mining networks, so the need for a clean alternative is growing by the day. To exploit this gap in the market and the mood of many investors, projects like Chia, Sia and Storj are emerging. A well-known PoC project is Burst, which is also a pioneer in disk-based extraction.
The biggest fish in the disk mining business is the Chia network. Founded by Bram Cohen, the creator of the BitTorrent protocol, Chia claims to be the next Bitcoin by leveraging excess exabyte storage space. On the technical front, Chia seems to have added a new feature called Verifiable Delay to evaluate the quality of each block. The chia crop has grown significantly in recent months, but we’ve also seen reports of consumer-grade hard drives wearing out within 40 days.
One of the main participants in this field was Burstcoin, but due to internal conflicts between the developers and other members of the community, the project did not meet expectations. They are currently introducing a new blockchain platform called Signum, and the front-end framework is also being redesigned. As a Community project, its growth will depend on the combination of various forces and the development of innovative technologies. Their main goals are to achieve truly sustainable mining and to empower small-scale miners to achieve true decentralization.
Why are hard drive prices skyrocketing?
One of the main causes of the hard drive shortage is the Chia network. While not a global problem, the chia harvest has prompted miners to buy large quantities of hard drives, pushing prices to new heights. Reports from Tomshardware and other Asian publications confirm that hard drive prices are out of control in some parts of China.
Hard drive manufacturer Seagate also recently announced that its financial results reflected excessive demand for mining cryptocurrency. During this wave, some dishonest resellers made millions in one day by reselling properties at a higher price.
This is directly reflected in the growth of the Chia network. They added over 6,800 petabytes in three or four months. With a growth of over 84% in one week, it is the main driver of HDD prices in China and other Asian countries.
A history of the growth of the Chia network
The same goes for Hong Kong. According to the report, the prices of hard drives and SSDs have increased by more than 100%. Normally these are 4TB and 8TB HHD drives that cost $26, but now they are over $70.
Is this a sustainable solution to promote the mining of cryptocurrencies?
It’s too early to talk about his durability, as he has some weaknesses as well. Some reports indicate that hard drives burn out after 40 to 50 days because they cannot dissipate heat properly. Hard drives are the new gold, and they will help ordinary users enter the cryptocurrency mining space. That said, we still need to see significant improvements in the hardware as it needs more stamina for long runtimes.
Currently, pooling seems to be a viable option because users can sell their land at a reasonable price and make a profit. There’s a catch. You have to maintain your network every week, which means you need 1TB/day, and many regular miners don’t have that kind of bandwidth yet. So we cannot conclude that it will be better than bitcoin mining or that it will revolutionize the whole mining sector. This is an excellent green alternative that should be improved and will be around for many years to come.
The biggest problem with the cryptocurrency market is not only the volatility of the market, but also the ever-increasing carbon footprint on a global scale. Although leading companies promote the use of renewable resources, there is still demand for greener alternatives to bitcoin mining. This is where projects like Chia and Burst come into their own. HDD mining can be a solid second option for many small miners, and it can help bring true decentralization to the network. Although we’re still in the early stages of hard drive mining, this is a great alternative to power-hungry devices and participation from around the world is on the horizon.
Kartikeya Gutta, born and raised in India, is a cryptocurrency journalist and freelance writer for the website itsBlockchain. It covers various aspects of the industry through in-depth analysis and research. His passion for blockchain and the crypto-ecosystem is largely because he believes it can truly change the world and help millions of people.
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The hard drive is dead. Long live the hard drive. The latest batch of servers and desktops are based on hard drives, not graphics cards. These new storage devices are far more reliable than the CPUs and GPUs that usually power them, allowing them to store more information than ever before. Sure, as they get older they’ll start to slow down, but they’ll last for much longer than traditional SSDs or HDDs.. Read more about burstcoin mining and let us know what you think.
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