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I’ve seen some user tests of HDDs up to 6TB, but the 6TB drive did not work all that well and requires a special technique to start the PS4. This means that every time the PS4 was started, the power button had to be held down for 5-6 seconds, but less than 7 seconds which would cause it to boot up in safe mode. That is a deal breaker to me, I want a game console to start up with me firmly planted on my couch, beer in hand, with a press of the controller’s power button.
From what I’ve read in various forums, a 4TB hard drive is the largest that will work without requiring any special steps on the part of the user. This would probably be what I would choose, if I didn’t mind spending the money. In real life, I upgraded mine to a 1TB HDD within 15 minutes of unboxing, because that doubled the size of the HDD for only $60 out of pocket. If I had the extra money just laying around, I would have gone with a 2TB or even 4TB drive though.