Topic: Proof of Capacity Mining: The Eco-Friendly Mining Algorithm (Read 249 times)

I ran away from Burstcoin when it was hacked. I don't see the development team being competent enough to compete with big blockchains like ETH or BTC.
Another turn-off is the fact that there is so much hostility and fighting among the burstcoin team. Last i remember they had a team america fighting some other team or something.

The whole proof of capacity thing is probably flawed because all they want to do is reduce the cost of electricity but in reality a proof of stake system would probably be better suited for their goal.

Burst was the first coin I mined when I got into crypto as I had an extra HD laying around that was 4 TB, I made like a couple hundred bucks in a few months by holding until the altcoin craze, sold at a little below the ATH.  I stopped with Burstcoin cause the community started to seem shady, some guys that were heavily involved in promoting it, at least.

HOWEVER, I recently saw that Burstcoin is using some new mining mechanism, or a new plotter or something, (don't quote me, this is just off the top of my head), something has been recently revamped, may be worth looking into.  And also, I may have made a snap judgement with thinking the promoters were shady, the coin's devs from what I read the other night seem to actually be dedicated, but again my research was minimal. 

In my mind, if anything is worth some satoshi, and it's not causing you to be in the red, and you can hold, it can be worth it, but that's a risk. And also gotta think about the time you invest.  It's kinda more a hobby type of thing for me.  I also have seen really cheap 4-8 TB drives lately, so maybe b/c of the drop and the rise in difficulty is why the prices of HDD went down?  I dunno, but honestly I think it's good to mess around with, not sure if it'll be profitable.

I almost forgot the point of my post - yes, that I recently read some new developments within burstcoin that was changing things up a bit ....

You guys are terribly late, burst was insanely profitable ~8-6 months ago (like ROI in 20 days profitable) but quickly dropped off once more people caught on, right now its totally meh. On the bright side - the mining itself doesn't really burn the HDD's, they are written full just once and after that its read-only, you can sell off the drives as almost new even after years of mining.

As for the HDD prices going up because of this - they already did, you just didn't notice because you weren't paying attention. All the 5tb+ drives took a 50% price hike when it was popular, hasn't dropped off since then.

It's not very profitable at all unless you have like 100TB which is just a waste

How long hdd survive minning poc?

There are quite a few POC coins up and running already. SSDs are much easier to make than GPUs, don't expect a crazy increase of price. Also.. most of the consumer ones under 1TB will be too small to use for POC and be worth the effort.

Exactly!

The meaning is not how much the price will be on discs or video cards, but what kind of person will the sensible thinker switch to soap?

So, PoW got us incredibly high graphic card prices, and if this PoC will catch on, we can expect incredibly high disk prices...

A couple issues have deterred me from moving my farm in this direction.

1) The coins (I believe Storj also may be POC) do not seem to have a particular unique use case, and are hinging value on the "green" POC argument--we will see if this leads to appreciating valuation or wide-spread adoption. I suppose it might.

2) Because of 1, ROI is long and no one is in the mood for that with the GPU market lately to timing is not good right now for POC adoption
[There is a counter argument that it is, if you think it is the way of the future and snatch up hundreds of terrabytes of hard drives before price goes up]

3) I don't think it will help decentralize b/c wealthy people people will simply buy massive loads of hard drives, just like there are giant private GPU mining farms--anything can become overconcentrated like this

4) GPU mining may become more energy efficient, and I have yet to see electricity consumption comparisons with other high-energy things considered "good"--just in terms of data centers, all I heard 2 years ago on CNBC was "Cloud this" and "cloud that"--how do they think all these servers and their cooling systems are powered? And data centers arguably spend their electricity on many things more frivolous than the fundamental ideals of crypto, like storing billions upon billions of selfies. And the electricity consumed in December by everyone's christmas lights etc. And what about the distributed AI and machine learning using everyone's devices--we think it is more noble but it could just be corporate marketeers refining advertising algorithms on your cuda cores or CPU.

It may be that in comparison to other "accepted" energy-hungry institutions mining uses orders of magnitude more electricity. But maybe not. Ultimately though I don't know anyone who doesn't want to improve the energy issue--the question is just whether HDD mining is the way.

I think this has nothing to do with bitcoin and its some garbage solution that just requires insane amounts of hard drives.

Proof of capacity is a relatively new mining protocol currently in use by only one cryptocurrency (Burstcoin).

It has often been touted as the mining algorithm that can help solve the energy crisis that we face with PoW mining. It can also allow for greater decentralisation that PoS mining.

Proof of Capacity mining makes use of hard drives to precompute solutions that are stored until the consensus round.

https://www.coinbureau.com/education/proof-of-capacity-explained/

Do you guys think that it can actually scale? Any views on the possibility of further coins using the algorithms?