Hard drive mining

[AskTJ]

Have seen a new method of mining with your hard drive or "farming", with your spare storage. I am looking into renting out my space for Storj. 

 

I am planning to buy a 4TB hard drive off of CEX for $70 ~, and using an old laptop to power the drive and get the coin mining.

What would I be earning each month with the 4TB drive?

 

TJ

[8uhbbhu8]

6 minutes ago, AskTJ said:

Have seen a new method of mining with your hard drive or "farming", with your spare storage. I am looking into renting out my space for Storj. 

 

I am planning to buy a 4TB hard drive off of CEX for $70 ~, and using an old laptop to power the drive and get the coin mining.

What would I be earning each month with the 4TB drive?

 

TJ

Don't bother. The ROI is so tiny that you won't make your investment back for a very very long time (years usually) unless you go used Hardware and get it for very cheap.

 

If you want to see a bit of an overkill solution that could be considered to some a best case scenario, look up Linus' HDD mining video.

[NMS]

I'm sure you'll make a dollar or two in a year.

[Mooshi]

You'd earn more money by blind luck of finding a couple of quarters on the sidewalk.

[Spotty]

9 minutes ago, AskTJ said:

I am looking into renting out my space for Storj. 

 

9 minutes ago, AskTJ said:

the drive and get the coin mining.

Aren't those things two different things?

Quote

Earn money by sharing your hard drive space Just download the Storj desktop application, and choose how much storage to share.
_{https://storj.io/share.html}

It doesn't look as if it's actually mining, it looks like it's just renting out your available storage space for them to remotely connect to and use as cloud storage.

I can't actually find any information that tells you the rates that they pay people for renting out their space, though it states that instead of earning money you earn "STORJ". They do list the pricing for how much it costs to rent cloud storage from STORJ, which is $0.015 per GB per month - or $15 per TB per month, which is more expensive than what Google Drive charges per TB. On top of the storage cost they also charge you for bandwidth usage.

Quote

What is Storj Share and how do I share my unused hard drive space?

Storj Share is an open-source application that allows users to rent out their excess hard drive space in exchange for STORJ, a cryptocurrency similar to Ethereum. Those running Storj Share will act as decentralized cloud storage nodes for the network.
 

How much storage do I need to share to be able to use Storj for free or to make a profit?

Since Storj is a decentralized network, farmers will compete to win the business of users, and users will only agree to prices they find competitive. Storj will make it a simple process for users to find farmers at competitive rates.
 

When will I get paid? How are payments calculated?

Storj Share payments are made once a month. So if you start farming right now, you will not receive a payment until early next month. We can't run the payment script until the month ends, then it needs to be reviewed by the community, and then rewards are finally paid out. We will make make this process faster and more transparent in the interface in the future.
 

How can I use the STORJ token?

You can use the STORJ token to buy storage on the Storj network, to power apps and ecosystems built on the Storj platform, and to gain access to other services offered by the Storj platform, such as DNS and TLS automation and bridge server contracts.

As the number of apps and ecosystems built on the Storj network grows, so too will the number of uses for the STORJ token!

 

Did Storj accept payment in fiat during the token sale?

No, we only accepted ETH or BTC.

How many STORJ were sold?

During the token sale, just over 73 million STORJ were sold.

https://storj.io/faq.html

Storj sells your storage space to people for USD*/BTC/ETH/STORJ, and then gives the people doing all the work hosting the data "STORJ" tokens in return. So Storj gets all the money from the customer and in return gives you STORJ tokens.
(*Prices on home page for the service are listed in USD so I assume that means they take payment in USD as well?)

The STORJ can really only be used to buy storage space on the STORJ network. So the only thing of value you can get from STORJ is renting storage space, which makes it worthless to people renting out their available space because if they have spare storage space they're renting out then they have little need to rent out additional storage space.

Your only chance of making any money is to sell your STORJ tokens to people who are looking to use Storj cloud services, which won't be very many people considering it is far more expensive than more popular options like GoogleDrive.

But, since Storj sells that access to users directly (I assume it does since it lists pricing for it on their homepage in USD and also mentions in their FAQ that they have token sales), then it means you have to compete with Storj to find people to sell your tokens to.
Who do you think most people are going to buy from? The owners of the system whose home page they land on when they google search Storj with a [hopefully] secure payment process, or some random guy on the Storj community forum trying to trade their Storj tokens for bitcoin?
Even if you undercut the prices that Storj is charging enough for it to be worthwhile for someone to buy from you instead, you'll still have to compete with all the other people who are trying to sell their Storj. Since it is essentially worthless to anyone who can earn it, everyone who has it will only be interested in selling it.

I mean, good luck to you, but considering the pricing listed on the home page are much higher than what google drive charges, I doubt there would be much demand for the STORJ tokens.

Maybe someone who has used the system as either a consumer or leasing out their space can shine more light on the process.

[porina]

Edit: below refers to burstcoin, not storj.

 

I'm on a 0/100 pool (basically everything is shared with everyone) and I'm getting near enough $1/TB/month at current rates. I think that's ball park break even for the electricity in my setup. The software is really fussy and I'd recommend doing this only as a learning exercise. If you want to get coins to hold, it's a lot less pain just to buy them. Also don't forget there is a risk components may fail at any time which could nuke your profit.

[AugOwnz]

You'd get about 90 burst a month with a 4tb drive, so 2,24 usd with the current exchange rate and without putting power costs as a factor.