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How to Mine Storj & How Profitable Is It?

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last updated October 19, 2017

Storj is one of the altcoins that are backed up by a real and functioning product. It’s not news that traditional cloud storage services such as Dropbox and Amazon are getting obsolete. Centralized storage lacks in both safety and privacy. That’s why startups like Storj and Minebox are gaining popularity so quickly.

Storj is a decentralized storage system that allows you to keep your files encrypted and safe. No hacker attack can affect your files since they are kept in a decentralized p2p network. I invite you to check this article if you’d want to find out more on how and why Storj works.

Unlike its competency, Storj is meant to be used by common folks like you and me. The whole idea behind the coin is to allow common people to rent and profit from their unused HDD space and internet bandwidth. However, it is also possible to make dedicated HDD Storj mining rigs.

Is This the Right Time to Start Mining Storj?

If you have been following Storj for a while, you probably know that some people complain that it takes weeks to rent more than 100 GB of HDD space. This is of course due to the lack of demand, which is caused by the lack of popularity of the service.

Storj team knows that and they are taking steps to fix this issue. In fact, one of the greatest breakthroughs is that not long ago they have signed a partnership with FileZilla. Filezilla is a popular FTP client that saw light back in 2001.

Thank to the partnership, people who use Filezilla will soon be presented with the option to upload and secure their files through Storj. This will advertise Storj to more than 15 million people per month.

Personally, I expect this to be a game changer for how Storj HDD renting works. The partnership was signed eight months ago and since then both companies have been working on the software integration. Many people, me including, expect to see the results soon.

 

Storj coin is getting more attention lately, too. In the past six days, there was a price increase from 28 cents per coin to 93 cents per coin.

I believe that Storj is steadily moving forward, which is why I invite you to set up your Storj HDD mining rig. I already have mine up and running.

How to Mine Storj Coin

Setting up a Storj mining rig is easy. In fact, this is one of the reasons why people usually prefer Storj over its competency. Let’s see how it is done:

I installed on my 1st mining rig (really my first haha) two 3TB HDDs, first one is Western Digital Blue 3TB (WD30EZRZ) internal SATA HDD and the second one is Seagate Expansion Desktop Drive 3TB external USB 3.0 HDD.

More HDDs on sale

Since my CPU is dual core, i can set two nodes only, two HDDs.

1 Western Digital Blue 3TB Internal HDD installation

A)

  • First shut down your rig
  • Connect HDD with SATA connectors
  • Power on the rig

B)

In many cases the HDD will not be visible if you access “This PC” / “My Computer”, you will have to create the partition volume

  • In search bar type “disk partitions” and click it
  • Once the Disk Management window is open you will receive a popup with disk initialization, select GPT (GUID Partition Table) and click OK
  • After disk initialization HDD space is unallocated, right click on it and select “New Simple Volume“, click next , give a name your HDD, wait for the quick format and finish.
2 Seagate Expansion Desktop Drive 3TB installation

For external HDDs the installation is much simple, no need to shut down the rig 🙂

  • First of all you will have to plug usb and power cabble to HDD
  • Connect USB cable with Motherboard’s USB port and turn the HDD ON
  • Wait couple of seconds for Windows to discover it
  • That’s it
3 Connect the HDDs with Storj and start renting the space

  • Click “Add Drive” button
  • Enter Ethereum payment address
  • Select HDD partition and create a new folder inside like “Storj3TB“, select the folder
  • Choose how much space you want to rent and click “Next
  • On “Connection Settings” i usually choose “Random” and click “Next
  • That’s it, repeat this steps with each new HDD/Space you add
4 Additional & Mandatory Settings

UPDATE: January 13, 2018

The most important settings that needs to be done to get the best connection for your Storj nodes.

[RQUESTED BY USERS] After some research I found the best fix for your tunneling/black ports nodes connections problem. DUIADNS is a dynamic dns provider that allows you to make dynamic DNS updates for home network devices directly from your router, works great with Apple Airport routers too.

Here is what you should do

  • Go to https://www.duiadns.net/ and create an account
  • Login, then go to My Account
  • Click “Create Hostname” from left menu
  • Enter your desired prefix like “storj1” and select any domain from drop down
  • Go to https://www.duiadns.net/download and download the client based on your OS or Router (for this tutorial i am using the windows service mode)
  • If you haven’t forwarded your ports yet, it is highly recommended to do that, for example if you have two Nodes/HDDs forward 4000 and 4001 ports
  • Start the client, enter your hostname (in my case is storj1.duia.ro), then insert your account password and click update button
  • Now you will have to update Storj Share nodes to make the connection, go to Node settings click edit, select to open the file with notepad and edit the following
  • rpcAddress: “rpcAddress”: “storj1.duia.ro” ,
  • rpcPort: “rpcPort”: 4001,
  • doNotTraverseNat: “doNotTraverseNat”: true
  • Restart Storj Share and you it’s done, this should be done for every one you have but with different port.
Storj Mining Profitability Calculator

Let me start this by telling you that there is no precise way to calculate your income with Storj. While this might sound harsh, let’s not forget that it is not possible to calculate the exact mining profitability of any cryptocoin to begin with. Sites like Cryptocompare do offer calculators that let you estimate your income, however expectations rarely match reality.

Having that out of the way, let’s take a look at the numbers you can expect from renting your HDD space to Storj.

The basic income formula is $ 0.015 USD per GB you rent with an additional $ 0.05 USD per GB downloaded. This means that by renting 100 GB, you will get $ 1.50 USD per month, being the case the data owner does not access the data.

This means that in order to get a monthly income of at least $ 90 USD you’d have to rent 6 TB of HDD space.

There is also electricity costs involved. According to calculations, an idle PC consumes about 75 W, considering its HDD is spinning. If you use your PC two hours a day, you’d have to make Storj pay for the remaining 22 hours. In this scenario, the costs would average at $5.94 per month with an electricity fee of 0.12 $/KWh.

This means that it is not profitable to rent less than 400 GB of HDD space, being the case you are using your PC for an average of two hours a day and letting it run with Storj for the remaining 22 hours/day. Now, if for some reason your PC is already running for 24 hours a day, then allocating some of its HDD space to Storj would result in pure income.

Storj Mining Profitability

While the mentioned formula seems pretty straightforward and easy, it is important to remember that you get paid for every GB you rent and not for the amount of GBs you made available for renting. This means that you might assign 6 TB to Storj, but you will get paid only for the amount people actually use, which might be only about 100 GB the first month. Again, I do expect this to change soon after Storj gets fully integrated into Filezilla. We will see.

Note: I have noticed that external HDDs get more contracts than internal ones. I haven’t found an explanation to that yet. However, the difference is real and steady, so I’m taking that into account for any future additions to the rig.

Nodes

There is away to increase your profits with Storj by using a PC with a multi-core processor. Every processor counts as a node, so a dual-core processor will provide you with two nodes.

This was not possible until not long ago, when developers added an option to control the assigned resources and thus run multiple nodes on one PC, according to the amount of cores it got.

My Profits Report Table

I am reviewing Storj mostly because I mine it myself. Recently, I have ordered two 3 TB HDD to add them to my mining rig. In this section, I will be posting a weekly/monthly income report, where we will be able to track how profitable or unprofitable Storj is.

Received Space Shared Date
START DATE 19 August 2017
0 STORJ HDD A: 2,78GB – HDD B: 2,26GB 28 August 2017
0 STORJ HDD A: 632.82GB – HDD B: 113.54GB IMG 13 September 2017
3.08620393 STORJ HDD A: 633.65GB – HDD B: 115.04GB IMG 19 September 2017
UPDATED STORJ Share Gui to v7.0.2 LINK IMG 21 September 2017
16.70426564 STORJ HDD A: 653.83GB – HDD B: 150.59GB IMG 19 October 2017
12.32076072 STORJ HDD A: 754.19GB – HDD B: 166.71GB IMG 19 November 2017
Total: 32.11123029 STORJ Since 19 August 2017

In Conclusion

Storj is a project that is being developed by a team of professionals. Their aim is to give common people access to decentralized file storage. I like the steps they are doing so far to achieve this goal. If the partnership with Filezilla works as intended, then the demand issue will probably be solved overnight.

If you are interested in Storj mining, then I recommend you to bookmark this page and get back here to from time to time so you can keep an eye on the latest updates.

  • Nate Tunningley

    I already have an eth mining rig set up, can I do this too on it?

    • yep

      • Nate Tunningley

        heres whats probably a stupid question… how do I tell if I’m making money?

        • follow my instructions, payments are processed every 1st of the month, or faster

          • Nate Tunningley

            I did, I’m just talking about a way to monitor in live time.

    • Meije

      Yes you can!, please see my replies above on how to setup Storj Share properly. cheers,

  • It’s a kind of Siacoin, but Siacoin is much better.

    • Storj is also good 🙂

    • Meije

      explain why, Storj has the largest network with the most users.

    • Jason Dela Cruz

      Yeah. very similar kind of project like SIA. thou this one you need to offer Disk space. however, would like to read Storj details before further judgement. at least we have more options to mine..

  • Meije

    – Step 1: Synchronize your clock

    see https://docs.storj.io/v1.1/docs/storj-share-gui#section-311-ntp-synchronization-for-windows

    – Step 2: configure port forwarding

    see https://docs.storj.io/v1.1/docs/storj-share-gui#section-332-advanced-configuration

    then add a firewall rule for the forwarded port(s):

    https://docs.storj.io/v1.1/docs/storj-share-gui#section-51-windows-firewall

    – Step 3: Stop Storj Share, delete the log, start storjshare and upload the new log to #storjshare on rocketchat and to this automatic log checker: ssdynamite.com

    To monitor the nodes: https://docs.storj.io/v1.1/docs/nodes-monitoring
    To check the logs: https://docs.storj.io/v1.1/docs/log-checking-tools

  • Meije

    Also please note that that payment is for the renters!, not for the farmers. farmers get 1/6th of that (6x mirrors). Your main source of income will be uploading data. Also you are only paid for used space, not free space.

    Please consider joining our community at https://storj.io/community.html for more info.

    cheers,

  • Jacques Bands

    What about data reliability … I don’t see you mentioning backups of the data that yourstore or failover redundancy etc for the two drives you have setup.

    • Meije

      There are between 6-20x mirrors and erasure encodig is implemented.

  • Wow Janíx

    Storj will be implemented into the new “Megaupload” the Bitcache, big future for a working product!

    • Rodrigo Rodrigues

      are you sure ?

  • Michael James Lucana Oralde

    is this better than mining burstcoin? I am currently mining burstcoin with 16tb external hdd.

    • What are you getting by mining burstcoin? I find it cheaper to buy Burst these days. 3 months ago it would have been justified but the difficulty parameter is shooting upwards.

      • Michael James Lucana Oralde

        im getting 50 to 60 burst per day. Im starting to regret buying these external hdds 🙁

  • Andrei

    Hello Ciprian,
    i have one question, how will you get payed? Will STORJ coins(token) be transferred to your wallet ? And if yes, what is the exchange rate upon which you will be rewarded ?
    Thank you,
    Andrei

  • Michał P.

    How i can get NodeID to monitoring my hdds on https://storjstat.com/ ????

  • LightningJimmy

    Any updates for the profit reports table?

    • No payment yet! i will update the table with the storage

      • Luis Gantes

        please

  • Your revenue will be $42 with 6TB HDD. $0.0070/GB/month * 6000GB

  • Constantin

    Hello 2 or 3 questions: take them one by one.
    1. in the storj client we can enter any ETH wallet address?
    2 .What happens if the client resets .. you can see the current .. blocking the system .. e.t.c
    3. It is normal to have 400 offers and no shares!
    4. how important these two settings are: configure port forwarding & firewall rule for the forwarded port (s)
    thank you !

  • RonD

    do you know how often storj sends payout to wallet ?
    i started renting today and im waiting to see how it is first payout

    • once a month 🙂

      • RonD

        sorry for disturbing you too much , but do u know what date of the month they make payouts , sorry for asking that noob question , and last question do you have an clue or an idea how much storj coins will get with arround 90TB

        • no problem 🙂 usually within the first two weeks of thw month.

  • Mateusz Polok

    Hi Ciprian, first of all you are doing a great job here !!! question, for payment we provide a eth wallet address, where you found information how much storj they send you ?! I assume that they send eth to your wallet right…. thanks !

    • hi, yes ethereum address but it should support erc20 tokens. Wallets like mist, myetherwallet

      • Mateusz Polok

        Thanks for your reply, so it will nor work if i have a local wallet not an online wallet ?

      • Elias Barbosa

        Good evening. Ciprian the Blockchain wallet gives support to receive?

        • Hi, yes.. mist wallet is good 🙂

          • Elias Barbosa

            But then, can I turn the Storj’s into that Mist wallet into Ether or BTC? Did not quite understand.

          • Nope, you will have to send it to exchange.

          • Elias Barbosa

            Ciprian, online wallet equal to Blockchain.info does not exist for Storj?

          • Elias Barbosa

            Ciprian, as I did not realize that Blockchain.info, did not accept ERC20 contract (it would be interesting to put that remark in the guide as well), I picked up and put my wallet of Blockchain.info in the “Storj Share”, however as it is already running to 5 days, I do not want it to start all over again, you think that I change the wallet as in the image below, to the Mist wallet, will it work? What I recommend. Thank you. https://uploads.disquscdn.com/images/b6efe90ccd6c736e5648e5668fad543a48850eef2b065937c1193fae0296b8cd.png

          • Yes, you can change the wallet there 😉

  • mbeh4sh

    I have an Synology NAS with 8TB of space. Is it worth mining with this ? How can I estimate profits ?

    • Hi, 8TB -> 8000GB x $0.015 = $120/month when full 🙂

  • Elias Barbosa

    Ciprian, first of all I want to thank you for everything, regarding your site, in relation to your willingness to be helping those who want to have RIGs to mine the Crypto-currencies, you are a guy who deserves all merit, thank you very much, it helped me a lot, I put my 6 RX 580 of 4GB + 4 HDs to make the mining of ETH + DCR + STORJ, everything in a RIG only, many thanks.

    Make me a doubt. You told me when I asked you, in the “RX 580 Guide”, that the calculation to know how many Storj we would earn per month would be “$ 0.015 USD per GB”, could it increase based on the value of the coin, you know?

    Another thing, regarding the part you said: “… you rent with an additional $ 0.05 USD per GB downloaded.” In case for me to receive Storj, there in StorjShare in: “Shared” where has the percentage used, have to be busy for him to do that $ 0.015 USD per GB calculation? It is?

    Thank you.

    • Hi, for example if you have 3TB HDD full, that means you get paid $45 for that monthly.. no matter what price Storj has you will still get paid $45 worth in Storj, if Storj price is $5 then you get 9 Storj 🙂 Thank you!

  • Elias Barbosa

    Hi Ciprian, good afternoon.

    Doubt me, assuming I put 8 10TB HDDs into the RIG, right? Let’s assume, as a basis on which you said that we will gain 0.015 per GB, in case they are $ 1.5 per 100GB right?

    Is this 0.015 value always the same? Could you please explain more to me?

    Regarding the earnings, for me to earn the $ 150 every month, in my example citing only 1 HD 10TB, this HD would take as long to fill to receive the $ 150, how can have some basis?

    Another thing, if in case I end the electricity for a few hours in my RIG, will I fail to earn any amount at the end of the month?

    The ideal is not to drop, or does that so much?

    Thank you.

    • Doubt me, assuming I put 8 10TB HDDs into the RIG, right? Let’s
      assume, as a basis on which you said that we will gain 0.015 per GB, in
      case they are $ 1.5 per 100GB right?
      – Correct

      Is this 0.015 value always the same? Could you please explain more to me?
      – Yes, no matter what price Storj has, you will always be paid $0.015 per GB

      Regarding
      the earnings, for me to earn the $ 150 every month, in my example
      citing only 1 HD 10TB, this HD would take as long to fill to receive the
      $ 150, how can have some basis?
      – It may take a good time to fill up the HDD but once done you are running on profits 🙂

      Another thing, if in case I end
      the electricity for a few hours in my RIG, will I fail to earn any
      amount at the end of the month?
      – Not really sure how that works, but if course you are also been paid regarding your hdd reputation and stability. If the rig is offline few hours/days you will not lose everything..

      The ideal is not to drop, or does that so much?
      – Yes, the ideal is to have it running with no restarts

      • Elias Barbosa

        Ciprian, I’m grateful for your return, thank you very much. He clarified more doubts about the Storj mining.

  • Markus Von Plunkett

    Hey, in step three you mention advising monitoring of nodes…Why should I monitor the nodes? Are these my nodes, as in my processor nodes? What does monitoring them tell me?

  • Elias Barbosa

    Ciprian, good morning, already saw this error:

    https://uploads.disquscdn.com/images/4177223ace0da2c31a87d335730931598b279312e212bfa34e054f5c7a607dbf.png

    If so, how can I fix it?

    Thank you.

    • That’s not really an error, make sur you have the ports open, check your router!

      • Elias Barbosa

        Ciprian, thanks, that’s it, I opened the doors and it worked. Thank you.

  • Aaron Reid

    Is there any advantage of setting up raid 6 across multiple drives for large storage pools and better local protection?

  • Aaron Reid

    Also, does a hyper thread core, count as a separate core? so if i get a cpu with 8 cores but 16 hyper threads can that support 16 drives?

    • Not sure if that will work.. didn’t tested it, try asking them on forum.

  • Steve

    do earnings depend also on bandwith? higher bandwith more earnings and vice versa? and can you also rent SSD?

    • Nope, this is just about the rented space, not internet speed 🙂 but you need a stable internet connection tho 😛

  • Daniel Ds

    Can you run 2 or multiple hard disk in raid and use it as 1 node?

    • Umm.. never tested but if there is ONE connection and the HDDs are linked then this will be considered like 1 HDD = 1 Node.

  • Krtkovic Tom

    Hello!

    So.. you use in mining rig double core CPU – ok, thats normal.
    Does that mean in any cases if i set in mining rig quad core CPU – i can set 4 single HDD’s for Storj?
    And my second question is – how is it with NAS / External HDD’s? guess thats not affected by how much cores my rig have. So i can sign up to MB – storj how much external HDD’s / NAS i can afford in case of USB slots.?

    • Hi, 1 NODE = ONE HDD/Connection, yes if you get a 4 cores cpu you can run 4 nodes/HDDs, same for external hdds those will still need 1 thread to make the node id.

      • Krtkovic Tom

        Thank you. Got it.
        Anyway contacted you by the HireMe about setups.

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