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1TB refers to the size. It is listed as 1 Terabyte, but in reality it is less than a terabyte. It is approximately 939-963GB (Gigabytes) because the US does their labeling in base 10 units. Example: 1 Megabyte is actually 1024 Bytes, but in the US we measure it as 1000 Bytes.. (Base 10 instead of Base 2 (binary)).
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