Chia Mining and HD Shortages
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@stuartjordan said in Chia Mining and HD Shortages:
There are many people now farming plots to create Chia coins, mostly buying enterprise ssd's for temporary storage then buying over 10tb spinning disks to transfer to. I think we are going to end up going down the route with what happend when people started GPU mining. I can see drives becoming very expensive. Thoughts?
I think this will be short lived. I know a couple people that bought a ton of drives do chia mining.
The thing is the pool isn't open yet till end of month. All these people think the $1-2k they put into drive will make them a $1k-2k return each month. However in my opinion there are multiple issues here.
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Once the mining pool opens, the price will drop like a brick. 90% decrease in value of coin will happen very quickly
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One of my buddies who just bought NVME drives for this purpose, has only been using them for a week and is at 72% life left.
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Basically chia mining isn't sustainable IMO and the coin isn't established like ETH so this won't be like GPU shortages at all. It will be very short lived.
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@irj said in Chia Mining and HD Shortages:
@stuartjordan said in Chia Mining and HD Shortages:
There are many people now farming plots to create Chia coins, mostly buying enterprise ssd's for temporary storage then buying over 10tb spinning disks to transfer to. I think we are going to end up going down the route with what happend when people started GPU mining. I can see drives becoming very expensive. Thoughts?
I think this will be short lived. I know a couple people that bought a ton of drives do chia mining.
The thing is the pool isn't open yet till end of month. All these people think the $1-2k they put into drive will make them a $1k-2k return each month. However in my opinion there are multiple issues here.
-
Once the mining pool opens, the price will drop like a brick. 90% decrease in value of coin will happen very quickly
-
One of my buddies who just bought NVME drives for this purpose, has only been using them for a week and is at 72% life left.
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Basically chia mining isn't sustainable IMO and the coin isn't established like ETH so this won't be like GPU shortages at all. It will be very short lived.
I think you're spot on for the short term. In the long term it will probably be cyclical like the GPU shortages, there has been a cycle of shortages ever since crypto currency became a thing.
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@irj said in Chia Mining and HD Shortages:
- One of my buddies who just bought NVME drives for this purpose, has only been using them for a week and is at 72% life left.
Consumer or enterprise drive? It could simply be bad unit. Although I do hope mining wears the drives that fast. Hardware manufacturer should put a clause in warranty, that mining voids it. What happened with GPU market is just insane, ordinary people get screwed over. Crypto needs heavy regulation or just outright ban.
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@marcinozga said in Chia Mining and HD Shortages:
@irj said in Chia Mining and HD Shortages:
- One of my buddies who just bought NVME drives for this purpose, has only been using them for a week and is at 72% life left.
Consumer or enterprise drive? It could simply be bad unit. Although I do hope mining wears the drives that fast. Hardware manufacturer should put a clause in warranty, that mining voids it. What happened with GPU market is just insane, ordinary people get screwed over. Crypto needs heavy regulation or just outright ban.
man, someone doesn't like Crypto.
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@dashrender said in Chia Mining and HD Shortages:
@marcinozga said in Chia Mining and HD Shortages:
@irj said in Chia Mining and HD Shortages:
- One of my buddies who just bought NVME drives for this purpose, has only been using them for a week and is at 72% life left.
Consumer or enterprise drive? It could simply be bad unit. Although I do hope mining wears the drives that fast. Hardware manufacturer should put a clause in warranty, that mining voids it. What happened with GPU market is just insane, ordinary people get screwed over. Crypto needs heavy regulation or just outright ban.
man, someone doesn't like Crypto.
And what's to like? Mining wastes crazy amounts of energy for some useless calculations. In the end you have what exactly? Some string of characters. But cyber junkies need their fix too I guess.
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@marcinozga said in Chia Mining and HD Shortages:
@dashrender said in Chia Mining and HD Shortages:
@marcinozga said in Chia Mining and HD Shortages:
@irj said in Chia Mining and HD Shortages:
- One of my buddies who just bought NVME drives for this purpose, has only been using them for a week and is at 72% life left.
Consumer or enterprise drive? It could simply be bad unit. Although I do hope mining wears the drives that fast. Hardware manufacturer should put a clause in warranty, that mining voids it. What happened with GPU market is just insane, ordinary people get screwed over. Crypto needs heavy regulation or just outright ban.
man, someone doesn't like Crypto.
And what's to like? Mining wastes crazy amounts of energy for some useless calculations. In the end you have what exactly? Some string of characters. But cyber junkies need their fix too I guess.
That blanket statement you made could be said about computers/servers in general. They are not meaningless calculations if they have a purpose. Are you going to go around and decide which data is a waste of energy and what isn't?
Are Hobby business or home labs a waste of energy, now too? Is your business data a waste of energy?
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@marcinozga said in Chia Mining and HD Shortages:
@dashrender said in Chia Mining and HD Shortages:
@marcinozga said in Chia Mining and HD Shortages:
@irj said in Chia Mining and HD Shortages:
- One of my buddies who just bought NVME drives for this purpose, has only been using them for a week and is at 72% life left.
Consumer or enterprise drive? It could simply be bad unit. Although I do hope mining wears the drives that fast. Hardware manufacturer should put a clause in warranty, that mining voids it. What happened with GPU market is just insane, ordinary people get screwed over. Crypto needs heavy regulation or just outright ban.
man, someone doesn't like Crypto.
And what's to like? Mining wastes crazy amounts of energy for some useless calculations. In the end you have what exactly? Some string of characters. But cyber junkies need their fix too I guess.
We'll definitely have to disagree here. Am I happy about the shear amount of power being used to mine BTC? no, I'm not... but currency that's not controlled by the rich and powerful or the government, one that can't be devalued just by them turning the printing presses on? HELL YEAH I'm all for that.
What makes your paper money worth more than this digital currency? belief, that it all. Faith that someone will accept that paper has having value. Well, Cryptos have that faith right now too, granted, you can't use it on the street corner to buy a dime bag - well, who knows.. maybe you can... I know it's not as convenient as physical cash, but the inability of the government and rich to just steal your wealth through it makes me love it all the more.
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@dashrender said in Chia Mining and HD Shortages:
@marcinozga said in Chia Mining and HD Shortages:
@dashrender said in Chia Mining and HD Shortages:
@marcinozga said in Chia Mining and HD Shortages:
@irj said in Chia Mining and HD Shortages:
- One of my buddies who just bought NVME drives for this purpose, has only been using them for a week and is at 72% life left.
Consumer or enterprise drive? It could simply be bad unit. Although I do hope mining wears the drives that fast. Hardware manufacturer should put a clause in warranty, that mining voids it. What happened with GPU market is just insane, ordinary people get screwed over. Crypto needs heavy regulation or just outright ban.
man, someone doesn't like Crypto.
And what's to like? Mining wastes crazy amounts of energy for some useless calculations. In the end you have what exactly? Some string of characters. But cyber junkies need their fix too I guess.
We'll definitely have to disagree here. Am I happy about the shear amount of power being used to mine BTC? no, I'm not... but currency that's not controlled by the rich and powerful or the government, one that can't be devalued just by them turning the printing presses on? HELL YEAH I'm all for that.
Currency that can be devalued with a few tweets is better?
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@marcinozga said in Chia Mining and HD Shortages:
@dashrender said in Chia Mining and HD Shortages:
@marcinozga said in Chia Mining and HD Shortages:
@dashrender said in Chia Mining and HD Shortages:
@marcinozga said in Chia Mining and HD Shortages:
@irj said in Chia Mining and HD Shortages:
- One of my buddies who just bought NVME drives for this purpose, has only been using them for a week and is at 72% life left.
Consumer or enterprise drive? It could simply be bad unit. Although I do hope mining wears the drives that fast. Hardware manufacturer should put a clause in warranty, that mining voids it. What happened with GPU market is just insane, ordinary people get screwed over. Crypto needs heavy regulation or just outright ban.
man, someone doesn't like Crypto.
And what's to like? Mining wastes crazy amounts of energy for some useless calculations. In the end you have what exactly? Some string of characters. But cyber junkies need their fix too I guess.
We'll definitely have to disagree here. Am I happy about the shear amount of power being used to mine BTC? no, I'm not... but currency that's not controlled by the rich and powerful or the government, one that can't be devalued just by them turning the printing presses on? HELL YEAH I'm all for that.
Currency that can be devalued with a few tweets is better?
The USD isn't really that much better... granted it doesn't swing as wildly... I think that will settle as a crypto makes it into mainstream use.
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@irj said in Chia Mining and HD Shortages:
@marcinozga said in Chia Mining and HD Shortages:
@dashrender said in Chia Mining and HD Shortages:
@marcinozga said in Chia Mining and HD Shortages:
@irj said in Chia Mining and HD Shortages:
- One of my buddies who just bought NVME drives for this purpose, has only been using them for a week and is at 72% life left.
Consumer or enterprise drive? It could simply be bad unit. Although I do hope mining wears the drives that fast. Hardware manufacturer should put a clause in warranty, that mining voids it. What happened with GPU market is just insane, ordinary people get screwed over. Crypto needs heavy regulation or just outright ban.
man, someone doesn't like Crypto.
And what's to like? Mining wastes crazy amounts of energy for some useless calculations. In the end you have what exactly? Some string of characters. But cyber junkies need their fix too I guess.
That blanket statement you made could be said about computers/servers in general. There are not meaningless calculations if they have a purpose. Are you going to go around and decide which data is a waste of energy and what isn't?
Are Hobby business or home labs a waste of energy, now too? Is your business data a waste of energy?
Hobby business or labs don't use as much power as entire countries. Last time I checked mining used equivalent of country of Argentina.
Edit: I just checked again, it's more than that, more that Sweden and Malaysia. -
@marcinozga said in Chia Mining and HD Shortages:
@dashrender said in Chia Mining and HD Shortages:
@marcinozga said in Chia Mining and HD Shortages:
@dashrender said in Chia Mining and HD Shortages:
@marcinozga said in Chia Mining and HD Shortages:
@irj said in Chia Mining and HD Shortages:
- One of my buddies who just bought NVME drives for this purpose, has only been using them for a week and is at 72% life left.
Consumer or enterprise drive? It could simply be bad unit. Although I do hope mining wears the drives that fast. Hardware manufacturer should put a clause in warranty, that mining voids it. What happened with GPU market is just insane, ordinary people get screwed over. Crypto needs heavy regulation or just outright ban.
man, someone doesn't like Crypto.
And what's to like? Mining wastes crazy amounts of energy for some useless calculations. In the end you have what exactly? Some string of characters. But cyber junkies need their fix too I guess.
We'll definitely have to disagree here. Am I happy about the shear amount of power being used to mine BTC? no, I'm not... but currency that's not controlled by the rich and powerful or the government, one that can't be devalued just by them turning the printing presses on? HELL YEAH I'm all for that.
Currency that can be devalued with a few tweets is better?
I love that there are idiots that listen to tweets whether it's buy or sell. When everyones buying I'm selling and vice versa. If you would have bought yesterday you'd be up big time today.
