Can I mine cryptocurrencies with hard drives?
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Yes, it is possible to mine cryptocurrencies using a hard disk. Well, the new idea of Bram Coher (who is the creator of BitTorrent) is called Chia. You may be wondering how exactly Chia works. Simply, instead of the traditional 'proof of work' model, this cryptocurrency works on the principle of proof of time and space using the free space on the hard drive 'proof of space'. For this method to function properly as a consensus method, it must be associated with a proof of time. PoT ensures that block times are consistent with each other over time and increases overall block safety. The whole idea behind this project is that the computer, instead of making a huge effort to solve difficult math puzzles, this cryptocurrency can be mined by "farming" and users allocate sections of their cryptocurrency drives. Thanks to this, "farming" remains decentralized because everyone who has a smartphone, laptop or even a server can connect to the network after installing the software. In contrast to the "proof of stake" method, here, when you decide to finish "farm", you can change the purpose of the hard drive and use it further to save even photos. Chia has not yet been commercialized to the market, but is currently in pre-production and is attracting a lot of attention. Will the community embrace the idea and the project won't fail? I do not know this, but I have already heard about alternative methods of mining cryptocurrencies, such as mining with TV sets or unused electronic devices, but none of them met with great interest and simply disappeared.
Yes, it is possible to mine cryptocurrencies using a hard disk. Well, the new idea of Bram Coher (who is the creator of BitTorrent) is called Chia. You may be wondering how exactly Chia works. Simply, instead of the traditional 'proof of work' model, this cryptocurrency works on the principle of proof of time and space using the free space on the hard drive 'proof of space'. For this method to function properly as a consensus method, it must be associated with a proof of time. PoT ensures that block times are consistent with each other over time and increases overall block safety. The whole idea behind this project is that the computer, instead of making a huge effort to solve difficult math puzzles, this cryptocurrency can be mined by "farming" and users allocate sections of their cryptocurrency drives. Thanks to this, "farming" remains decentralized because everyone who has a smartphone, laptop or even a server can connect to the network after installing the software. In contrast to the "proof of stake" method, here, when you decide to finish "farm", you can change the purpose of the hard drive and use it further to save even photos. Chia has not yet been commercialized to the market, but is currently in pre-production and is attracting a lot of attention. Will the community embrace the idea and the project won't fail? I do not know this, but I have already heard about alternative methods of mining cryptocurrencies, such as mining with TV sets or unused electronic devices, but none of them met with great interest and simply disappeared.
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