Filecoin Miners Turning Machines Off Shortly After Mainnet Launch

Filecoin Miners Turning Machines Off Shortly After Mainnet Launch

By Abhimanyu Krishnan | News | 19 Oct 2020


Miners on decentralized storage protocol Filecoin are switching their systems off as a result of high staking requirements, as reported by Chinese media outlet 8btc on October 17.

  • Five of the network’s biggest miners have unplugged their rigs off their system, saying that the number of FIL tokens required to begin mining is too large
  • Filecoin requires miners to stake a high initial Pledge Collateral to begin operations; Mining behemoth, Zhihu Cloud, is running only 276 out of 8000 of its mining machines
  • The miners themselves have said this is not a protest, but the result of an unfeasible economic model
  • Filecoin has responded to the situation by release 25% of the token rewards in advance
  • The project launched its mainnet on October 15, three years after its $200 million ICO in 2017 

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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