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Can Hard Disk Mining Help You Get Rich Quick?

“ Some biggest bitcoin miners have spent hundreds of millions of RMB in hard disk mining devices,” said a Beijing-base blockchain developer Dapao Xie.

Seagate, the world’s largest hard drive maker, has seen  its hard drives’ prices rise by 30%, while prices of western digital hard drives also increase by 15%, according to a wechat official account , called qqtanzhang.

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To put it simply,  hard disk(HDD) mining as an alternative to mining based on computing power, allowing people to rent their idle storage space to other miners and get paid in return.

The mining of most coins requires specialized, expensive, energy-intensive machines to engage in proof of work. But the hard drive mining has the upper hand in terms of threshold and energy consumption. With hard disks and broadband, ordinary people can mine cryptocurrencies at home.

The public’s enthusiasm for hard drive mining is growing in China, too. Some companies involved with data center business start to pay attention to the alternative mining mode by providing ‘IDC room hosting’ service.

In less than a year, a hard disk mining-focused social medial community created by Xie has more than 100,000 members. These enthusiasts always think they’ve missed bitcoin and Ether mining to get rich quick.Therefore they can’t miss hard drive mining anymore.

Well,the HDD mining mode can really help them get a sudden influx of wealth?

Behind the irrational hype, we have to know protocol, IPFS. InterPlanetary File System (IPFS) is a protocol and network designed to create a content-addressable, peer-to-peer method of storing and sharing hypermedia in a distributed file system. IPFS seeks to replace the current HTTP protocol of the Internet, so as to build a freer and more secure internet system.

The new protocol is expected to address many problems faced by the centralized internet world. With IPFS , the internet as a whole can be regarded as a large hard drive which can be maintained and utilized by all users and the rights will not be controlled by only few people.

But the development of both hard drive mining and IPFS protocol still faces regulatory hurdles.And this mining model still shows no sign of ‘getting rich overnight’.

“Hard disk mining has a problem of its own: disks are cheap and the mining process lacks incentives,”  says Genaro Network founder Liu Yuzeng.

In addition, IPFS still finds it hard to be widely adopted due to its technical restrictions

Technology has boundaries. Peer-to-peer method of data storage seems to expand storage capacity, but a large number of parallel computing requires a high communication cost.

“Hard disk mining has not really become popular.” Xie says.

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