1. A method for minimizing storage power consumption, wherein the method comprises: generating, for an application, multiple physical storage volumes of different power specifications associated with a virtual storage volume: creating a mapping from the virtual storage volume to a first physical storage volume of the multiple physical storage volumes; determining input/output (I/O) access behavior of the application using statistical analysis; and dynamically migrating the mapping between the virtual storage volume and the first physical storage volume to between the virtual storage volume and a second physical storage volume of the multiple physical storage volumes and switching off one or more of the multiple physical storage volumes for a period of time based on the determined I/O access behavior of the application to minimize storage power consumption while meeting a required performance.