The blog of the IT services provider Backblaze published information that now the company’s clients will be able to rent remote servers for mining the Chia cryptocurrency.
Chia is the first crypto to mine which requires disk space. Developers offer miners to rent B2 servers at a price of $5 for 1 TB per month.
According to the Backblaze team, the function has already been tested by a limited number of crypto-miners, and the result of the experiment was positive – the servers are fully compatible with Chia algorithms.
Previously, cloud mining of this cryptocurrency was considered by many crypto bloggers and experts, but soon some service providers even had to change the user agreement, adding there a ban on the use of capacities for mining. This is due to the rapid wear of the hardware under such a heavy load, as Chia mining is reducing the lifespan of a 512GB SSD from five years to two months.
Backblaze became the first company to officially announce the hardware lease for Chia mining. The team’s message notes that the service is experimental, and the maximum storage available to miners is limited to 100 Tb. Instructions for uploading Chia plots to the B2 platform are published in the b2fs4chia repository on GitHub.
However, the profitability of this method of mining a new cryptocurrency remains questionable. According to Chia Calculator, the monthly benefit from using 1TB storage at the current value of the coin is $5.28. However, as the network space grows, efficiency will decrease. The same tool shows that in six months a user will be able to mine about $6.78 while paying $30 for cloud storage, ForkLog reports.