Filecoin Mining - Short introduction to Decentralized Cloud Storage

Filecoin Mining - Short introduction to Decentralized Cloud Storage

Filecoin, a digital asset issuer that raised a whopping $257 million in 2017 in a Initial coin offering, has announced an “incentivized testnet” designed to boost participation prior to the launch of its mainnet. Filecoin said a collaborative competition will run over a three week period for miners from all around the world to compete and earn rewards totaling up to 4 million Filecoin tokens (FIL).

The Filecoin testnet launched in May and completed feature development work on the Lotus Filecoin client, described as an upgraded “Proof-of-Replication” consensus. The top 100 miners globally, as well as the top 50 miners from each continent, may expect to earn Filecoin rewards based on how much storage they dedicate to the network combined with how much storage the network achieves during the test period.

FIL miners may earn additional rewards in two ways: the total size of the reward pool increases alongside total network storage capacity and the total pool of rewards is split between eligible mining operations pro-rata, based on how much storage they add as a percentage of total network storage.

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