Dropbox Discontinues Its Unlimited Storage Plan And Attributes It To Bitcoin Cloud Miners

The storage provider discovered that some users were using its Advanced plan for cryptocurrency mining and other highly resource-intensive tasks, so it switched to metered storage.

Source: www.engadget.com

Dropbox has discontinued its unlimited storage option after learning that some of its users were utilizing the platform for resource-intensive activities like cryptocurrency mining. According to a blog post published on August 24, Dropbox's limitless Advanced option has been replaced with a metered storage plan, with new customers receiving 15 terabytes of storage, which is reportedly enough space to hold 100 million documents. The company continued by saying that although it was aware that it's all the space people need would lead to unequal usage levels, it had recently noticed a rise in the number of users utilizing tens of thousands of magnitude more room than its actual commercial clients.

In contrast to using Advanced subscriptions to run a company or organization, a rising number of users were buying them for activities like cryptocurrency and chia mining. Other resource-intensive apps, Dropbox claims that, include some people selling their storage or grouping their capacity for private purposes. Dropbox highlighted the rise in unplanned usage growth as a result of other companies making comparable policy changes. In recent months, Google and Microsoft have also discontinued their unlimited storage services. The business acknowledged how disappointing the decision is but stated that it would be impossible to police a list of prohibited use cases.

The Halving Of Bitcoin And The Prospect Of BTC Mining

In previous years, hackers utilized cryptojacking software to access a victim's cloud storage or internet-connected device. The malicious malware builds a software program that mines cryptocurrencies using the equipment or cloud service's resources. Google stated in 2021 that some attackers aiming to compromise users of its storage platform might do it in 22 seconds and install mining malware.

When asked about the macro and how this might affect the price of Bitcoin and its miners, Rosen responded, “The market is beginning to understand that we're undoubtedly going to fail to get closer to the 2% inflation goal any time soon, and it seems that the market as a whole is starting to make assumptions in that inflation will remain around the 2.5% to 3% range longer-term. At the same time, we continue to view the U.S. dollar as a flight-to-safety property, which has an effect on stocks, generates macro headwinds, and reduces the value of assets denominated in dollars.” 

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.