Chia surpasses 1 exabyte of hard drive space
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Chia surpasses 1 exabyte of hard drive space
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Re: Chia surpasses 1 exabyte of hard drive space
#2What is going on with Chia? Over the last week I've been getting news stories about Chia miners buying up hard drives and driving up prices. But I haven't really seen prices going up. And I looked into Chia and it seems like it is just running a testnet right now. And my coworker has not been getting the same news stories about hard drive prices.
Re: Chia surpasses 1 exabyte of hard drive space
#3What is going on with Chia? Over the last week I've been getting news stories about Chia miners buying up hard drives and driving up prices. But I haven't really seen prices going up. And I looked into Chia and it seems like it is just running a testnet right now. And my coworker has not been getting the same news stories about hard drive prices.
> But I haven't really seen prices going up. [...] And my coworker has not been getting the same news stories about hard drive prices.
because 1EB is a minuscule amount of the hard drive capacity, compared to the total amount produced per year. According to seagate's blogpost[1], they ship at least 500 EB per year. If you add in capacity from WD/toshiba, it's probably closer to 1000EB if not more. That would make chia's consumption 0.1% of produced hard drive capacity.
[1] https://blog.seagate.com/enterprises/seagate-has-shipped-thr...
Re: Chia surpasses 1 exabyte of hard drive space
#4What is going on with Chia? Over the last week I've been getting news stories about Chia miners buying up hard drives and driving up prices. But I haven't really seen prices going up. And I looked into Chia and it seems like it is just running a testnet right now. And my coworker has not been getting the same news stories about hard drive prices.
Chia is on mainnet but transactions will not go live until May 3rd. Currently farmers are earning XCH without a means of sending it to one another or other wallets, and there is no price or market for XCH at this time.
Re: Chia surpasses 1 exabyte of hard drive space
#5Google, Facebook, and all the other datahoarders are going to be pissed that there is now a new and distributed player eating away their share from the global HDD and SSD market.
Re: Chia surpasses 1 exabyte of hard drive space
#6What is going on with Chia? Over the last week I've been getting news stories about Chia miners buying up hard drives and driving up prices. But I haven't really seen prices going up. And I looked into Chia and it seems like it is just running a testnet right now. And my coworker has not been getting the same news stories about hard drive prices.
> But I haven't really seen prices going up. [...] And my coworker has not been getting the same news stories about hard drive prices. because 1EB is a minuscule amount of the hard drive capacity, compared to the total amount produced per year. According to seagate's blogpost[1], they ship at least 500 EB per year. If you add in capacity from WD/toshiba, it's probably closer to 1000EB if not more. That would make chi…
1. Exponential growth.
2. Started with around 120 PByte. Seven weeks later and it'll be already a decimal order of magnitude bigger.
0.1 percent isn't minuscule.
Re: Chia surpasses 1 exabyte of hard drive space
#7How much of it is currently utilized?
Re: Chia surpasses 1 exabyte of hard drive space
#8What is going on with Chia? Over the last week I've been getting news stories about Chia miners buying up hard drives and driving up prices. But I haven't really seen prices going up. And I looked into Chia and it seems like it is just running a testnet right now. And my coworker has not been getting the same news stories about hard drive prices.
Feels like a marketing campaign
Re: Chia surpasses 1 exabyte of hard drive space
#9chia claims that its proof of work alternative is "eco-friendly"[1]. This is also reflected in their advertising material, eg. instead of having a whitepaper they have a "greenpaper", and rather than mining they have "farming. While it's true that proof space is less energy intensive to "farm", wouldn't economics dictate that the resource consumption is equal to proof of work's resource consumption? All you're doing is shifting opex (electricity consumption) to capex (hardware costs). We can see this in bitcoin mining hardware. They've gotten exponentially more efficient over the years, but electricity consumption hasn't gone down. Having lower opex only incentivizes miners to pour more money into hardware, which results in resources poured into manufacturing rather than providing electricity.
Re: Chia surpasses 1 exabyte of hard drive space
#10Looking forward to not being able to afford storage anymore.