Storj Coin - Hard Drive Mining - Alt-Coins That Let You Mine With Free Drive Space #2

in #storj7 years ago

Storj 0.png

Storj allows you to rent out unused hard drive space, not unlike Burst coin, which we previously looked at here.

Storj has slightly higher requirements for running than Burst does, and is a little more complicated to setup, as described by helpful community member "Meije" in this post:

Storj 4.png

Ugh, port forwarding.

It's not easy to estimate your Storj mining profitability, due to the fact that payouts are variable based on how often data is accessed on your shared drive-space. User /storjfarmer described the situation on Reddit:

Storj 5.png

I can't speculate on what his payout estimate is based on. It seems high.

Unfortunately, despite the additional setup complications and hardware requirements, Storj is less profitable to "mine", at least at first. This is because you don't get credit for how much space you have leased to the network, but how much space the network is actually using. In other words, you start at at 0% utilization. The longer you have your space leased, and the more you keep your node running, the more space you will actually get credit for having used.

However, Storj has the "advantage" of being highly volatile lately, particularly to the upside:

Storj 1.png

Even if the "mining" isn't that profitable now, holding onto this coin (that I might not otherwise suggest acquiring via purchase) could be a good long-term gamble. Or, you can always dump it on an exchange at a price that seems "too high" and see if you get lucky on an upward whipsaw:

Storj 3.png

It doesn't always take much to move the price.

Sources: Coinmarketcap, Google, Wikipedia, Storj.io, Bitcointalk.org, /r/Storj, Bittrex

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it seems to me it's consolidating now before moving up further

We'll find out!

I admire how you're utilizing the other coins. A lot of people seem to have tunnel vision as if yu can only invest on exchanges. Guys like Craig and Trevaun though are good examples of people that explore lots of other coins to make a move.

There are a bunch of very promising ones that are relatively new...Neo, OMG, ADX, BNT...I have a few more posts to get to about these.

My computer is on most the time anyways so Storj is an easy way to make a few extra bucks for doing nothing. It takes a while to build up storage on your rig but once it does it's mostly smooth sailing from then on.

Interesting. How much do you have built up now, and what kind of profitability are you seeing?

I'm mostly just curious, I don't plan to compete with you. Thanks for the info!

I am currently sitting at ~100GB stored so far (I have 500GB allocated on my main HD, and another 500GB allocated on an external HD) but I only just recently started doing storjshare earlier this month (started out gaining storage quite slow but picked up in speed over time). I am not sure the payments yet as I have not yet received a payout from this (should near the end of Aug or early Sept), but as I said before, in my situation I work from home and do computer work so my computer is on almost 24/7 anyways so any extra money I can make off it while its on is a bonus (I also have a somewhat rare situation where my electricity costs are included in my rent so its no additional cost to me anyways). I tried to do a few other coins like Burst and some others but many of them were to complex or to much work to be worth it. On the other hand Storjshare only took 30 seconds to download, another 30 seconds to install, and another 30 seconds to setup so overall it was quite easy to get running when compared to many others.

Anyways hope this helps!

Great info, thanks. I did hear Storj was very easy to install, much easier than mapping drives for Burst.

I wonder what is most profitable, Burst, Sia, or Storj

If you mean mining, initially it's Burst, but some people report good results with Storj once they have connections.

Sia I am unsure of. Need to look into their supposed leasing option more.

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