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Storj v3 Network Update – Everything A HDD Miner / Farmer Needs to Know About

Storj, a decentralized file storage network is getting ready to launch Tardigrade – a new and more reliable version of the Storj network aimed to be use by enterprises. The devs have been working hard for the past two years and now they seem to be very close to stepping the game up. Once the transition is complete, the network is expecting to receive petabytes of information from companies in a matter of a few months.

By the way, if you are planning on using Tardigrade, you can join the wait list and get 1TB free for 30 days at production launch.

As Storj CEO Ben Golub said in one of his official talks, there are numerous companies interested in migrating their data to Storj. He said we are talking about petabytes of information (1 Petabyte = 1000 Terabytes) ready to be translated to the network as soon as it exits the beta stage.

All of the above means that the network needs as many nodes at it could get. With the Pioneer 1 update for the v3 network rolling out, Storj needs mining enthusiasts to join the network.

Storj Storage Node Requirements

The requirements are pretty straightforward, though quite high:

  • 1 Processor core
  • 500GB or more available disc space
  • 2TB or more available bandwidth a month
  • 5Mbps+ upstream bandwidth
  • 25Mbps+ download bandwidth
  • 99.3% Uptime (maximum of 5 hours downtime a month)

To ensure the uptime, you might need to get an UPS (uninterruptible power supply) as well as good cooling and constant monitoring with a way to alert you as soon as there is an issue with any of the components.

On the bright side, you don’t have to be exactly a tech savvy to set your own node up. There is an official guide and I will be making my own one too. There are a lot of steps to follow but none of them require you to have any sort of advanced tech knowledge.

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Storage Node Profitability

Now, is this even worth your time?

I know what you’re thinking. One glance at the price charts is enough to get the impression that Storj Coin has seen better days. I’m not even talking about the Cryptocurrency market boom in late 2018 where the coin was priced tens of times higher than it is now. After the boom, Storj prices dropped in the worldwide crypto bloodbath and now it’s about half of what it used to be before the boom.

A lot of cryptocurrencies died in that bloodbath however Storj not only survived, it also stabilized and remained stable for the past year. Consistency is a pretty rare quality in the cryptocurrency world and it usually signals that the coin is being backed up by a real product that has real demand.

Now, if Ben Golub is right and thousands of customers will rush into the network as soon as the transition is complete, we might see an increase in the Storjcoin price.

Moreover, if you are familiar with Storj HDD farming/mining, you know that you earn based on how much HDD space is being used, not on how much you have allocated for the network. This means that the busiest the network is, the more you can potentially earn.

I ran different speed tests..

A Quick Recap on Tardigrade

In case you haven’t been following Storj closely for the past few months, here’s a quick recap:

Tardigrade is the enterprise, production-ready version of the Storj network, complete with guaranteed SLAs.

Since Tardigrade is designed for enterprise usage, it needs to comply with high quality standards. Here are some of its key qualities:

  • Scalability – Tardigrade will scale and support enough data to suit the needs of tens of thousands of individuals and corporations.
  • Performance – Today, Amazon S3 is pretty much the golden standard of cloud storage and Tardigrade should, in theory, match or even outperform it once it reaches production stage. With upload and download speeds similar to that of Amazon S3, Tardigrade might become a better alternative to the S3 and begin attracting even more customers. Here are some performance numbers to give you an idea on what to expect.
  • Safety and Retrievability – Tardigrade already proved to have 100% file safety (no files were lost during the test period), as well as a 99.93% retrievability (in other words, there is a 99.93% chance that you will begin downloading your file on the first attempt). It’s also worth mentioning that thanks to the decentralized nature of the network, all files are safely distributed all around the globe and enjoy a client-side AES-256-GCM encryption.
  • User-Friendliness – Intuitive design and built-in Amazon S3 compatibility.
  • Pricing – Tardigrade is known for its low storage rates which can be achieved thanks to decentralization. The rates can go as low as half compared to those of centralized storage alternatives.

Roadmap

The Storj team is now facing the most challenging steps of their roadmap. The Pioneer 1 Beta for the v3 network has finally arrived and now their task is to release the Pioneer 2, and then the production by the end of this quarter. We are talking about migrating the network from a test environment to a full-scale production in a matter of a few months.

To give you an idea, for now the service features 75% the speed of AWS (Amazon Web Services) when it comes to uploads and downloads. The idea is to bring it at par with AWS in Pioneer 2 and make it 20% faster than AWS in the final release.

Other qualities are being worked on too. Retrievability, satellite availability and proven capacity should all see an improvement in Pioneer 2 and the final release.

So far, the Storj team has been hitting their milestones consistently. They need all the support they can get so if you want to host your own node, now might be the best time to do so.

Note: If you haven’t already, you should convert your old SJCX tokens to the new ethereum-based STORJ tokens ASAP. Storj will end their token conversion program January 1, 2020.

Hosting Your Own Node

  • To host your node you have to request your auth token here.
  • Once you get your token, you have to generate an identity by following the Official Guide for a Windows GUI installation or This Guide for a CLI installation (Linux and macOS).
  • Once you have that done, you will have to set up Port Forwarding, which is also explained in the official guide.
  • After completing all of those three steps, you can now download your Storj software on your node and proceed to install it by following This Guide.
  • Once everything is set up, check This Guide on how to operate the freshly installed software.
 Pro Tip: I have learned that it’s better to install the node software on one HDD at a time. Once that HDD is full, you can add a second one and so on. 

Before to continue further, please share this 🙂 thanks!

“How i host my nodes”

About two years ago when i posted my first “how to mine storj” article i have build a regular PC with 8 HDDs of 3TB each, still not sure if what i did was the best option but it actually worked pretty good, ROI was targeted and also got something in return to pay for my efforts haha :). As for the next article / tutorial i will try to find the best components to start hosting storage nodes on Storj network.

Meanwhile here is the list with the components i used back in the days:

Storj Hosting Node Hardware

If requested i can make walk through step by step article on how i built everything, but for now you can enjoy this photos taken while i was working on it.

Started the rig recently with one HDD only, i will connect more HDDs once the first one is full.. this was started few days a go only.. everything looking good.

Feel free to recommend hardware if you have any ideas for the best machine to host Storj Storage Nodes 🙂

What about a HP Proliant MicroServer ? Quad core, can run 4 Storage Nodes.. having 10TB HDDs installed one by one when these get full..

In Conclusion

I have been following Storj for the past couple years and the project seems to be doing pretty well so far. Just like any other project, it has its ups and its downs, however it seems to be moving forward despite everything.

If you are interested in hosting a node, now might be the best time. I will keep you updated with the latest and most important information regarding Storj mining so make sure to follow me in any of the social media to not miss the next big update.

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

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