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Filecoin released the most stringent mining model, 80% of mining machine manufacturers may be eliminated.



In addition to DeFi and Polkadot, this year's hot spots also include Filecoin mining, which many investors love and hate. Recently, the official release of the 32-page "Filecoin Economic Model White Paper" preliminarily determined the mining economic model of the mainnet, which mentioned three key points, one is the penalty mechanism; the other is the amount of mining release; the other is the pre-stake Proportion.

This article will analyze two issues based on these three points:

Why will 80% of the mining machine manufacturers on the market face elimination?

How will the eliminated mining machine manufacturers prevaricate investors?

The economic model is extremely strict for miners: extremely low mining release volume, ultra-high pre-stake, and extremely strict penalties for technical errors. The combination of these factors is a fatal blow to a large number of mining machine manufacturers at the end of the industry. 80% of them will face the concentrated thunderstorm after the mainnet launch.

The Filecoin network has produced 336,100 FILs in the past 24 hours: According to IPFS100 reports, Filfox browser data shows that the current block height of the Filecoin network is 1,095,474, the effective computing power of the entire network is 10.481EiB, and the total pledged amount is about 108.86 million FILs. The number of active-ethexc miners is 3171, and the reward per block is 24.0482FIL. In the past 24 hours, 336144 FILs have been produced. The average mining income in 24 hours is 0.0308FIL/TiB. The current circulation of FIL is 168417861. Currently, 27,889,592 FILs are destroyed. The current latest price of FIL is $91.41.

The current top three effective computing power are: f0127595 (MetaverseInfrast) temporarily ranks first with 132.70PiB, f0688165 (MetaverseInfrastructure) ranks second with 130.50PiB, and f0142720 (RRM-Athena) ranks third with 119.29PiB.

Note: According to the official release rules of Filecoin, Filecoin will usher in the second production reduction on October 15, 2021. [2021/9/9 23:12:20]

Different from the deflationary casting model of Bitcoin and Ethereum (the amount of additional issuance continues to decrease), Filecoin adopts a "block reward benchmark casting", which will only reward miners with 30% of the mined coins at the beginning. 70% of the network will be released after the effective computing power of the network reaches a certain scale.

FIL fell below the $150 mark with an intraday drop of 4.55%: According to data from Huobi Global, FIL fell short-term and fell below the $150 mark. It is now at $149.97, with an intraday drop of 4.55%. The market fluctuates greatly, please do a good job in risk control . [2021/5/7 21:32:49]

Not only that, the official also set up a lock-up period for the mined FIL. The lock-up period is 20 days, and then it will be released linearly every day for 180 days. It also means that it will be a blow to investors who want to pay back their capital in a short period of time (two months), and it will also plant a major hidden danger for miners who promise investors a return and return cycle.

If the post-staking rules are only strict requirements on the output of miners, then the punishment for miners’ mistakes and misdeeds can be described as “horrific”. Maintaining the security and stability of the storage network is particularly important for a distributed storage network. If a miner node does not perform its due diligence due to evil or negligence, it will also be severely punished.

Filecoin's current effective computing power of the entire network is 1.21EiB: According to, Filfox browser data shows that the current block height of the Filecoin network is 291962, the effective computing power of the entire network is 1.21EiB, and the total pledged amount is about 20,661,664 FIL , the number of active-ethexc miners is 759, the reward per block is 14.7924FIL, the output in the past 24 hours is 205763FIL, and the average mining income in 24 hours is 0.1638FIL/TiB.

At present, the top three effective computing power are: F02770 (Space-Time Cloud & Smart) temporarily ranks first with 69.18PiB, F01248 (Zhihe Yunzh) ranks second with 64.01PiB, and F01782 (hellofil) ranks with 29.53PiB third. [2020/12/4 23:05:55]

For example, when a node publishes two or more blocks within a block generation cycle and meets the penalty conditions defined by the expected consensus, all mortgages of the node suspected of attacking the network will be confiscated, and all existing computing power will be deducted. That is, all the pre-staking and post-staking FIL accumulated by the miners before will be cleared, and the accumulated effective computing power will also be cleared.

News | Filecoin released the first backup implementation of Lotus, which has realized the core functions of the protocol such as mining and storage: Filecoin released the first backup Filecoin implementation of Lotus, including the opening of the Lotus code base and the launch of the Lotus development network. As the Go language implementation of the Filecoin protocol specification, the Lotus code base implements several core Filecoin protocol functions, including mining, storage, and retrieval. It is worth noting that miners can mine on the Lotus development network for storage, and support mining with different storage configurations. The integration of rust-fil-proofs can support timely submission of space-time proofs. Storage mining is implemented as a separate module, which will allow advanced miners The mining process is optimized for specific hardware configurations. Filecoin officially stated that this implementation will not change the testnet and mainnet launch plans, but will make the Filecoin mainnet more secure and flexible, enhance opportunities to interact with different developer communities and explore different implementation architectures, and plan to launch in March 2020 The implementation of more than two interoperable protocols will be launched when the mainnet is launched. [2019/10/17]

There are also some technical problems that will also be severely punished. Each node needs to submit a certificate in each certificate cycle, otherwise, it will be fined. Late submission of the space-time certificate must be accompanied by a late payment penalty; failure to submit the space-time certificate will confiscate all pledges, and the computing power will be cleared; and, when the data stored by a node is wrong, the node needs to actively report the loss. According to the number of lost sectors, the corresponding pledge and the corresponding computing power of this node will be confiscated.

Every penalty is like staring at the pledged coins in the hands of miners (including pre-stake and post-stake), which puts miners who are not skilled enough at great risk.

In the latest official economic model, there are new regulations for the pre-stake of miners mining FIL. The pledge amount of each fan blade (32G) is about 20 days of output of the fan blade, and the upper limit is 1 FIL, that is, every time you increase 1T The effective computing power requires 32 FIL pre-stakes (initial stage). There is no way to release this pre-staking, that is to say, as long as your computing power is growing, you must continue to "charge" FIL into the mining machine. Otherwise, your effective computing power will not grow.

This is the understanding that if you buy a mining machine, you must have fuel to allow the mining machine to continuously output FIL, and a large part of this FIL is deducted from the output. In the early stage, the output of all manufacturers must be lower than the input. In the beginning, it was a process of continuously expanding losses and input and output, which made it impossible for some small mining machine manufacturers to even use the later coin production to cover the previous pre-stake, let alone obtain positive returns for investors.

The extremely low amount of mining release, the ultra-high pre-stake, and the extremely strict penalty for technical errors, the sum of these points will be fatal to the current massive long-tail small mining machine manufacturers. What they will face will be the mainnet Concentrated thunderstorms behind the line.

From the perspective of this Filecoin "space race", there are more than 360 active-ethexc miner nodes. For the entire market, there is bound to be a process of integration and centralization, and a large number of long-tailed small mining machine manufacturers will gradually be squeezed to survive In the end, there are only a few top mining factories left, so 80% of the mining machine manufacturers on the market are facing being eliminated.

How can mining machine manufacturers who cannot dig out FIL face investors who are "eager to get rich"?

There are three possible ways:

1: Make up for investors through the FIL6 futures and FIL12 futures that they bought in the market earlier. After all, investors don’t care where FIL comes from.

2: Eliminate your own bubble through the sharp increase in the price of FIL in the market. Although you can only produce a small amount of FIL, as long as you can make investors pay back, investors have no reason to attribute it to mining machine manufacturers.

3: Through the delayed release of mined FIL, because the complexity of the Filecoin mining release rules also gives mining machine manufacturers an opportunity to take advantage of it. Mining machine manufacturers may limit withdrawals (for example, the mined FIL is only displayed in the account, but it is actually false) to slow down investors first.

However, no matter which of these three methods is used, it is not the normal investment income model of Filecoin mining machines. FIL mining machine investors should keep their eyes open so as not to be deceived.


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