What to expect when mining with Cloud Rush

The Filecoin mainnet launched

Filecoin is now ONE year old!

The Filecoin mainnet launched on October 15, 2020, and it has been an amazing year.

Let’s look at some Filecoin numbers achieved over the past year –

  • 12 Exbibytes (13,835,058 terabytes) of total network storage power
  • 3,362 Filecoin storage providers
  • 230+ organizations building on the network
  • 465+ new projects entering the ecosystem
  • 7,500+ project contributors on Github
  • 10,000+ developers participating in hackathons

The Filecoin ecosystem is growing and Filecoin’s community members have worked hard to make these numbers happen. Congratulations, Filecoin on a fantastic year!

Has Filecoin achieved its goals?

2020 Goal –

Filecoin’s infrastructure and economic model create an easily accessible market that dramatically lowers the costs for data storage providers to access and find customers. As result, data storage can become a competitive marketplace rather than an oligopoly. Data storage prices will decline, drawing in new customers.

2021 Results –

In the past year, 30PB+ of valuable data has been added to the Filecoin network. With more than 60PiB of new capacity coming online daily, there is a vast amount of space available to store useful data. The cost of storing data on Filecoin is nearly free given the amount of capacity that is available today.

2020 Goal –

Storage miners are kept honest with a series of economic factors. A miner’s storage power is what determines the likelihood of winning block rewards, which results in different mining operations. Storage miners who are storing data on behalf of a client have to put up collateral to participate in that economic activity. If the miner behaves dishonestly and does not store the client’s data, they lose part of their collateral. This creates an economic disincentive from abandoning previously agreed-upon storage deals struck by clients and storage miners. Finally, payments sent from clients to storage miners are only claimed once the term of a storage deal has successfully finished.

2021 Results –

More than 3,300 Filecoin systems are up and running and between 5 to 10 new systems are being added daily, indicating that miners are willing to work with the network requirements.

2020 Goal –

Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. Data no longer has to live in large, centralized data centers that represent single points of failure. Clients can store as many copies of data as they’re willing to pay for with different miners to ensure that their data is not at risk of being compromised.

2021 Results –

In April, Internet Archive, a non-profit library of millions of free books, movies, software, music, websites, and more, announced a collaboration with Protocol Labs, the originators of Filecoin. In July, the Filecoin Foundation began onboarding IA’s 2016 web archive dataset (about 200TiB in size) to Filecoin’s decentralized network. The project should be completed before the end of the year, with more IA datasets lined up to be stored on Filecoin.

Filecoin is just getting started

When Filecoin was launched, they announced that they would create 2,000,000,000 FIL (filecoins). As of October 19, 114,360,000 tokens are in circulation, meaning that only 5% of Filecoin’s tokens are in circulation. There is still a lot of storage left to mine.

There is plenty of time to get into Filecoin.

What is the best way to get into Filecoin – buying mining equipment or purchasing tokens?

While the initial investment for a mining machine may seem high, mining new Filecoin is usually much less expensive than it is to purchase it at the market price.

For example, a 16T (terabyte) machine plan from Cloud Rush has an initial out-of-pocket cost1 of only $3,319. The estimated mining cost-per-token is around $21.502 or less. On October 18, 2021, Filecoin was available for purchase for $62.64. You can see where this is going.

When is the best time to start mining for Filecoin?
TODAY! Contact Cloud Rush, 626-779-2286 or ConsultCR@CloudRush.io for a FREE digital currency consultation.

1 Out of pocket costs are defined as machine buy-in price and the first year’s hosting fee. The remainder of the term’s hosting fees will be due yearly upon the anniversary date of the contract.

2 Cost-per-token price is based on October 18, 2021, Filecoin market price of $62.64.

Disclaimer: This blog is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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