The storage space for the Chia crypto currency, which is the favorite of the last period, has already passed the 1 exabyte threshold.
In about a month, the storage space allocated to the Chia network increased from 120 PB to 1143 PB, ie 1.14 exabytes. Note that 1.14 exabytes equals 1,140,000 terabytes, or 63,333 20 TB hard drives.
What is Chia?
Traditional cryptocurrencies use what is called “proof of work” to validate blockchain transactions, with rewards diminishing as more coins are mined. In reality, this has led cryptocurrency miners to switch from CPUs to GPUs (and even custom ASICs) to do crypto mining as quickly and efficiently as possible.
However, as it is difficult for consumers to design and manufacture custom ASICs, the demand for more available GPUs has skyrocketed, pushing prices hundreds of dollars above recommended.
Chia uses “proof of time and space” instead of traditional cryptocurrencies to achieve similar goals, and it does so with storage space. According to Chia, Chia blockchain users “seed” unused space on their hard drives or SSDs by installing software that stores a collection of cryptographic numbers on disk as “plots”.
Using Chia software, users scan blocks and see the hash closest to the crypto-graphic challenge, and then transfer the result to a separate server known as “timelord”.
Those who have more free space in Chia have a higher chance of winning. Therefore, ASIC accelerators and GPUs are not needed for Chia farming, while someone with additional storage space to accommodate more parcels can earn more.
Currently, approximately 350 GB of storage space and 4 GB of RAM are required for each parcel. Therefore, when you want to store 100 parcels, a system with 35 TB of space and 400 GB of RAM is needed.
Thousands of Chia miners are now collecting systems with dozens of HDDs that can store tens of terabytes of data. Such drives consume about 6.5W while running and about 5.6W when idle. Hundreds of Watts of energy are consumed while so many HDDs are running. We have previously shared with you that an Intel motherboard with 32 SATA ports has been developed for Chia farming. For example, a system with 32 Western Digital HC550 18TB HDDs attached to such a motherboard with 32 SATA ports can consume approximately 180W in idle mode. It is also necessary to take into account the power consumption of the memory and compute modules.
Although the hardware used for Chia farming does not need to be specially designed for this purpose, we can say that a new hardware market has emerged for systems that offer high hard disk support in about a few months.
If Chia continues to grow this way, the storage space used by the network will soon become massive.