Storj Review – Is HDD Altcoin Mining the Fresh Black? 1st Mining Equipment

You are very likely familiar with GPU and CPU mining. There are also ASICS that are specialized te one single algorithm. The cryptocurrency world requires a loterijlot of hash power to be up and running, and the system prizes those users who rent their hardware to support it.

However, not long time ago, a fresh cryptocurrency emerged that permitted common people like you and mij to rent HDD space, rather than CPU/GPU power.

Meet Storj – a decentralized cloud storage system that permits users to store their private encrypted gegevens anonymously and safe on other’s computers and have real time access to it from anywhere, anytime.

Storj vs. Minebox

Te one of my previous articles I already reviewed a similar alternative called Minebox. Minebox is a decentralized cloud storage network that is kept ter Mineboxes – lumps of hardware that contain hard drives and a controller to run them autonomously.

Storj is different since it does not require you to purchase any extra lumps of hardware. All you have to do is to assign part of your already existing and functioning PC HDDs to be part of Storj network.

Decentralized Storage spil the Safest Alternative to Centralized Cloud Storage

You most likely agree that modern centralized cloud storage systems are not secure. There are two main reasons why companies like Dropbox and OneDrive cannot be considered 100% safe bets.

  • Reason (a) is that the informatie you upload there is not private. No matter how sensitive and private your gegevens is, once you upload it, the company owners get total access to it. They can then copy it, distribute it or even use it against you (happened more than once).
  • Reason (b) is that no company is 100% fail-proof. Te 2016 alone, at least eight big cloud storage services ceased activity. About ten million users worldwide had to look for another storage company. Not only they had to find a way to quickly migrate their gegevens (which could go from 1 to hundreds of gigabytes of information), but also the big question is – who wields their gegevens now? Wasgoed it erased from the servers once the cloud storage service shut down, or…?

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Why Is Storj so Interesting?

Storj uses blockchain to keep your gegevens safe, encrypted and decentralized. Bitcoin and other cryptocurrencies proved to be 100% safe and anonymous, which gives mij reasons to trust Storj too.

This also means that the owners of the company do not have access to your gegevens whatsoever. I will review how to create a Storj account te a minute and you will notice that the password (or better said, the decryption key) you create is only visible to you. If you lose it, nobody will be able to restore it for you, because you are the only one who has access to it. So make sure you write it down on a lump of paper and keep it somewhere safe.

Storj supports mobile devices spil well spil PC. This means that you will have instant access to your gegevens from any point of the world.

Zero setup fees and no ondergrens space usage are yet another thing that makes Storj an interesting alternative. You can love the service no matter how much gegevens you want to store.

Storj also provides their own tokens (Storjcoin X), which permit more transparency and stability to the system, spil well spil enabling a terugkoppeling loop. Storj services can be purchased with ETH/BTC and credit card payments.

Now, about monetization of your HDD space, Storj permits you profit from your free HDD space and Internet traffic. You get paid both for renting someone your free space and for every Gb of information that is being downloaded from your HDD(s).

Pricing

Storj features accessible prices, which is superb news for those who want to upload gegevens and might be a little disappointing for those who want to profit from the rent. Or is that so?

Storage:

This is the passive component of the price. Good news is – you don’t have to pay for the storage space ter advance. You only pay for the space you actually use.

Bandwidth:

This is the active component of the price and it depends on how often and how much you access your own gegevens.

$Ten credit, valid for the next three months!

Plus, one year of free service — up to 25GB of storage and bandwidth every month

Profit – Storj Share

From what wij see te the pricing description, wij can conclude that you very likely won’t earn a loterijlot from renting 100 GB of HDD space. However, you will be able to rent 100GB and use the tokens you earn to purchase storage space from others. This way you can love decentralized cloud storage for free.

However, if you want to go serious and rent way more space, you can always assemble your own HDD equipment with 4-8 or even 20 terabytes of space. Spil with most other cryptocurrencies, Storj requires you to have a solid equipment te order to see real profit.

Good news is – Hard Drives have usually way more lifespan than GPU’s. Plus, unlikely other cryptocurrencies, your income does not depend on the mining difficulties of Storj tokens. Gigabytes are gigabytes and they’re not going anywhere anytime soon

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Setup for Mining

If you think Storj is worth a attempt, then here’s how to set it up:

  • Create a wallet te https://wallet.counterwallet.io . Make sure you write down your unique seed on a lump of paper and store it somewhere safe, since you won’t be able to recover it te case you lose it
  • Download the Storj application from here: https://github.com/Storj/storjshare-gui/releases . Make sure you choose the keurig option. Say, if you are using a Windows 64 bit PC then pick the fourth one: “storjshare-gui.win64.exe
  • Once installed, a screen will speelpop up

a. Paste your walled address (the one wij created ter Step 1) into the ‘Payout Address’ field

b. Then, go to the hard drive you want to use for this, create a fresh empty folder and select it ter the Storj opstopping browser

c. Eventually choose, the amount of GB you want to rent. Click on ‘Commence’ and love the profit

It will take some time for Storj to assign contracts to you. The contract peettante will pack up overheen time, spil well spil the amount of storage space you rent. Mining Storjcoin X requires a little bit of luck and time, just spil mining any other crypto coin. However, the more you mine, the more contracts you will eventually get, so give it some time.

Ter Conclusion

Storj is a fresh project, so don’t expect it to be ideally tested and balanced. However, the idea is fairly interesting – the team did a fine job putting all of this together and the Storj community is growing by the day. If you have some spare HDD space you’d like to monetize, then Storj is certainly worth a attempt.

Thank you for reading. Spil always, your comments, suggestions and questions are welcome.

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