A new Cryptocurrency has been developed that will be mined through using HDD & SSD? Does that mean HDD & SSD Mining is now possible? After graphic cards will we now see a price hike in the storage components?
HDD & SSD Mining
Chia is a new cryptocurrency that was designed to be mined in SSDs and HDDs, looking to cut on electricity costs from cryptocurrencies such as Bitcoin and Ethereum. The intention is for the cryptocurrency to have as broad an appeal as possible, by excluding the need for prohibitive investments in either ASICs or GPUs.
It also targets that part that is almost always empty on a mining system, the storage units. Due to this, it’s been reported that Chinese miners are already buying HDDs and SSDs in bulk. This could prevent technologists from ushering in the current trend of falling storage pricing – if demand becomes as crazy as it has become in the GPU space. We can soon see a shortage in the storage components as well.
Chia was designed by the creator of BitTorrent, Bram Cohen. This uses a specific type of system that’s described as Proofs of Space and Time. The blockchain is farmed via Proof of Space, which is done inside your HDD or SSD via computing through already-in-storage models, and then contacts Chia’s servers for Proof of Time – which essentially ensures that a required amount of time has passed between the block’s generation and its actual inclusion in the network.
There sure are many advantages of this such as most of the time these storage components were useless, and also that SSDs and HDDs take a lot less space in a mining system means more of them could be fit in a rack, they also draw way less power than GPUs. But once it becomes popular we won’t be able to buy HDDs or SSDs either.
What do you think of this new Chia? Do you think HDD & SSD Mining is a good idea? Share your thoughts in the comments below! And yeah, be ready for the incomming price hike and shortages.
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