March 28, 2024

Filecoin miners go on strike

Filecoin miners go on strike

Some of the largest Filecoin miners stopped mining the coin on Saturday, complaining of financial difficulties.

The Filecoin project certainly caused a lot of buzz before launch and was often criticized.

Now several FIL miners are claiming thatthe economic model of the project is inconsistent and that they cannot make a profit. Under the terms of the agreement, miners must leave a large number of FIL tokens as “initial collateral” before commencing mining operations. You can get FIL either by mining or by buying it on the exchange. 

The reward for the mined block is paid within six months, and purchases on the exchange – Quite a risky move as many believe FIL is currently overvalued.

The FIL token price fluctuated wildly on opening day, skyrocketing to $ 100 and then dropping to nearly $ 40. At the same time, many investors believe that it is still greatly overestimated.

Tron Foundation CEO Justin Sun accused the Filecoin project of dumping FIL and selling a huge amount of tokens from the project's reserves.

Filecoin miners go on strike

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