Options for "mining" with, or leasing out, spare drive capacity are becoming increasingly popular with the market. This probably has a lot to do with the fact almost every option being substantially cheaper than current market options like Amazon Web Services. (See Burst, Storj)
Filecoin is the most recent ICO in this space and raised a staggering $245 Million with, as of yet, no released product. Demand was reportedly so heavy that their website crashed during the first hour of the ICO, locking prospective customers out temporarily.
Like some other recent ICOs, this seems a bit like market mania. I personally don't think there is that great of a demand for competition in this space. EOS is attempting to supplant a much larger and more impactful market, and though it set some records at the time, I don't believe it's ICO was as explosive (though it is longer and ongoing as well).
How Filecoin works, per Filecoin.io:
I would recommend great caution for anyone looking to invest in Filecoin early. If you want to take a shot on the coin, it might be worthwhile to sign up to be an early miner (link below.)
Having said that, there is one interesting feature Filecoin brings I haven't noticed elsewhere - an active bid/ask market for drive space, which should optimize network usage and pricing for participants / "miners".
There's no way to determine the potential profitability of "mining" Filecoin by sharing drive space on the network, since Filecoin is pre-launch. If past hard-drive mining coins are an example, the profitability will be relatively low but potentially volatile and better than doing nothing with your excess drive space, presuming your PC is already running anyway.
Sources: Filecoin.io, Wall Street Journal, Google, Zerohedge, ibtimes.co.uk, a Reddit user
Copyright: Jurassic Park
I tried investing but Im not an accredited, I guess I have to wait till it hits the exchanges
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Ah, I had not looked into the requirements for participating in the ICO.
Did they require KYC or full accredited-financial status?
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They have some heavyweight investors on board, from the Winkee brothers to some Bitcoin icons, so this one is definitely for the "big boys", I like to see the trading price when it hits the market
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$245 mil it's crazy... for an idea that might or might not finish into a product. Take a look at Maidcoin, after 3 years still in development.
I have a server sitting into a datacenter with some space space. Tried SIA with no luck and now playing with Storj. Potential amount of money you can make is very small. But, who knows, might be wrong.
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You're right. You are competing against people with extra data they have no use for with all of these storage coins. That means you are going to see thin margins, but on the plus side, it means they provide a very cost-effective product for consumers.
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Let's hope this one has legs post-ICO. Top notch info! UV/RS :)
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Thanks bud =) Good to see you in my comments section for once! It's gotten quieter in here the last few weeks, since the price has trended downward...
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Yeah, I'm back to 4 posts a day now (old skool) and prowling the network for a change! Nice to be out and about again :)
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I'm trying to maintain 4 posts a day too, plus catch up on all comments and the feed...it's tough!
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I find it easier once you get into the rhythm of it. I'd say the sweet spot is 3/4 posts a day ;)
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wow this coin is promising i will check it outt.
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Good to see you, Tinashe ;)
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Good to see you too how are you
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Oh, you know, very busy. Trying to create some content and traverse these crazy markets. I see you've been busy too. How goes the car fund-raising?
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I got $70 looking i am still raising ,thinking of venturing into crypto trading to raise funds.Once it goes through i will post it here
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Good luck!
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Great post. I am restemm.
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This is super good
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Very nice post for me thanks
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