Seagate has no plans of being left behind in the storage and cryptocurrency industries as the two begin to meet halfway.
The storage hardware giant Seagate Technology Holdings is reportedly taking action to adapt to the ever-growing relevance of storage-based cryptocurrency.
TechRadar suggests that this movement could have been prompted by Chia planting its rather significant effects on mass storage hard drives, and exacerbating current problems with supply.
It was mentioned in a TechRadar Pro Q&A that the leading mass data storage solutions company has been carefully observing the phenomenon, supposedly to aid its intentions of releasing a brand new collection of purpose-built drives.
Jason M. Feist, Seagate Managing Technologist, when asked about the matter, claimed it was possible that the company could produce cryptocurrency-specific storage products. However, though he did add that the brand has been “exploring this opportunity and imagines others may be as well”, he stated that he had no further solid information to disclose as of the present stage
How does storage-based cryptocurrency work?
While standard types of cryptocurrency, like Bitcoin, use up a whole lot of energy and essentially put different miners in competition with another, Chia’s “green” network runs on a proof of space system.
This unique means of operation allows farmers (as opposed to the “miner” terminology that other cryptocurrency investors fall into) to save storage space specifically for holding plots of cryptographic numbers.
Chia’s website describes the process this way:
“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,”.
Not easy being green
It should be noted, however, that whilst proof of space can completely rule out computer-based mining, mass interest in Chia’s pioneering endeavors has consequently resulted in drive shortages throughout various regions. Furthermore, this green alternative to cryptocurrencies such as Bitcoin ironically has the potential to skyrocket the consumption of consumer drives at a rather concerning speed.
In response, American multinational technology company Nvidia has gone down the route of launching its own line of GPUs designated specifically for mining, with the purpose of simultaneously securing drive supply and bettering mining performance; this implies that storage players in the industry could follow suit in similar manners.
Feist went on to say that Seagate is neither promoting nor against cryptocurrency per se, but because the company does understand its necessities, it is eager to offer its crypto mining and farming customers the guidance they have been asking for, in order to live up to the brand’s world-class reputation.
As the population of cryptocurrency miners and farmers increases, it is only natural for companies affected by the compelling industry to adapt accordingly. Those particularly interested in trying out cryptocurrency farming for themselves, or perhaps have already been at it for quite some time and are in need of a new drive to hold their plots might want to treat themselves to a Seagate Game Drive 2TB External Hard Drive or a WD 5TB Elements Portable External Hard Drive.