Filecoin Storage Grows 40% After Meeting Requirements Of Chinese Miners
The volume of storage resources on the network of the Filecoin blockchain project grew by 40% after the protest of Chinese miners in mid-October and the update of the mechanism for distributing rewards, The Block draws attention.
Currently, 850 pebibytes (PiB) are available for storage in Filecoin, while on October 19, shortly after the project went to the main network, the value was 600 PiB.
Miners were not satisfied with the delay in the distribution of rewards in the FIL, but the tokens are required to qualify for the provision of resources to the network. They also didn’t want to buy FIL in a market where the price of the token was extremely volatile in the early days of trading. As a result, they refused to connect the equipment to the network, thus, in effect, stopping its growth..
Subsequently, the developer of the Protocol Labs project decided to allow miners to receive 25% of block rewards immediately after mining without having to wait for them to be unlocked. In addition, several cryptocurrency exchanges have launched financial products that allow miners to take FIL on bail and users to earn interest..
To accommodate 32 GB storage, the miner must provide 0.2 FIL collateral. Thus, an average daily gain of 11 PiB corresponds to a deposit of 70,000 FIL given by miners every 24 hours..
Having started trading above $ 100, the FIL quickly dropped to the $ 30 level, where it remains at the time of publication.
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