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