from the make-a-turkey-of-crypto-by-storing-chia-pets-in-the-cloud? dept.
Just weeks ago, almost anyone with $6,000 could establish a crypto trading platform, which led to the flooding of the cryptocurrency industry in the country with scammers and financially unreliable organizations. Now, Turkey wants to regulate cryptocurrency trading with anti-money laundering and terrorism funding rules.
Early on Saturday the president of Turkey published a decree that expanded rules governing cryptocurrency transactions. From now on, 'crypto-asset service providers' will be regulated in accordance with anti-money laundering and terrorism funding laws, reports Reuters. The new rules have already been published in the Official Gazette, so they are effective immediately.
Proof of space can be thought of as a way to prove that you are keeping some storage unused on your hard-disk drive. Users of the Chia blockchain will "seed" unused space on their hard-disk drive by installing software which stores a collection of cryptographic numbers on the disk into "plots." These users are called "farmers." When the blockchain broadcasts a challenge for the next block, farmers can scan their plots to see if they have the hash that is closest to the challenge. A farmer's probability of winning a block is the percentage of the total space that a farmer has compared to the entire network.
The Chia network has already reached 1 exabyte (1 million terabytes) and may lead to increases in the prices of HDDs and SSDs:
Numbers released by Chia show that their Chia Coin cryptocurrency has hit over 1 Exabyte of storage capacity, a 5.7x increase since the beginning of April but there's also fear of a global HDD and SSD shortage. This goes off to show the insane popularity that Chia Coin has garnered prior to its official launch (trading) next week.
[...] The mining process of Chia Coin requires a large amount of free space and runs several reading & writing operations. In this case, endurance (TBW) is equally as important as speed, so consumer SSDs aren't the best choice for mining due to their lower endurance, and running these operations will significantly reduce the lifespan of an SSD. Hence, the target for these miners is primarily hard drives and data center SSDs.
A few days ago, we reported that storage manufacturers in Asia-Pacific markets are declining SSD warranties to users who had been mining on them. We also reported how certain manufacturers are going to offer dedicated Chia Coin Cryptocurrency mining SSDs to users & are currently being mass-produced.
Also at Notebookcheck.