Woah, post 13/n says: Total network capacity is currently around 600 PiB, for 4200PiB installed, or $240M worth of hardware.
That’s a lot of hardware!
Part of it is to do with the way proof of storage works. Burstcoin, chia,net, filecoin, all have this problem where space can be replaced by time (eg 1 TB of space can look like 10 TB of space if you have a powerful enough computer). So they all do proof of space-time rather than just proof of space. This is why verifiable delay functions (VDF) are such a hot topic right now, they feed into the time aspect of proof of space-time. It’s usually called a grinding attack (more info at the chia vdf competition).
I’m not personally so interested in VDF itself, usually it’s based on a repeated squarings algorithm, but the reason for VDF existing in the first place is quite fascinating and has a lot of implications for how energy efficient networks will function.