Digital Currency 101 – Why Mine for Filecoin?

It is estimated that people around the world createsomewhere in the neighborhood of 1.145 trillion MBs (megabytes) of data PER DAY. As the world relies more and more on digital data to work, study, socialize and shop, andwith the emergence of 5G and the internet of things (IoT), data storage needs are expected to increase exponentially.

Currently, Amazon Web Services (AWS) has 32% of the world’s cloud storage market, while Microsoft Azure has 19%. This means that 51% of the world’s data storage is held on the servers of two companies. Having so much of the world’s data on centralized servers is likely to lead to ever-increasing prices, more server outages, and data hacks that are becoming all too common today. 

Filecoin enables an unlimited number of cloud providers and developersto provide very reliable data storage.Filecoin’s peer-to-peer network is much more efficient and secure than centralized servers under corporate control. Filecoin’s network also achieves staggering economies of scale by allowing anyone to participate as a storage provider and compete for cloud storage business.

How is Filecoin Different?

Filecoin is a decentralized storage network that stores data reliably and securely using cryptographic proofs.

Enables any available data storage to be used

Filecoin puts empty disk space to use. Miners are incentivized to join Filecoin because they get paid for their participation, unlike other distributed networks with no economic incentive. Filecoin also makes it easy to join because miners self-manage their storage, earning Filecoin tokens without needing human supervision.

Stored data is verified 

Filecoin has built-in processes to check the history of files and verify that they have been stored correctly over time. Filecoin requires storage providersto prove they are maintaining their files every 24-hours. Clients can efficiently scan this history to confirm that their files have been stored correctly, even if the client was offline at the time.Filecoin’s Proof-of-Spacetime (PoSt) gives storage customers peace of mind about their stored data.  

Content addressing rather than URL’s

Files are referred to by the data they contain, not by fragile identifiers such as URLs. Files remain available no matter where they are hosted or who they are hosted by. When a file becomes popular, it can be quickly distributed by swarms of computers instead of relying on a central computer/server, which can become overloaded by network traffic.

Why should I mine Filecoin with Cloud Rush?

Cloud Rush has Filecoin mining platforms that work for people just getting into digital currency as well as those who are experienced miners. 

Cloud Rush’s mining plans – low out-of-pocket costs; excellent profits!

A 16T (terabyte) machine plan from Cloud Rushdigital currency has an initial out-of-pocket cost1 of only $3,319. The estimated mining cost-per-token is $202 or less. On September 28, 2021, Filecoin was available for purchase for $55.71. You can see where this is going. 

Is now a good time to begin mining for Filecoin?

Absolutely!The cost of mining new Filecoin tokens is significantly less than today’s Filecoin market price.  For more information on Filecoin mining, please contact Cloud Rush TODAY, 626-779-2286 or for a FREE digital currency consultation.

1 Out of pocket costs are defined as machine buy-in price and the first year’s maintenance fee. The remainder of the term’s maintenance fees can be paid from the yearly profits generated by the mining equipment.

2 Cost-per-token price is based on Filecoin market price of $55.71.

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.