Since the birth of Bitcoin in 2008, BTC mining has become the mainstream choice for everyone to invest in the digital economy. The principle of BTC mining is to obtain mining rewards by comparing computing power. Although the same is a blockchain project, FIL mining is different.
What’s FIL mining principle? To summarize, firstly, storage market users contribute their idle hard drives to become storage miners and get cloud mining Filecoin rewards. The miner sends a storage order, and the system matches the order for the node and the user, and then enters the second part after the matching is successful.
Since the birth of Bitcoin in 2008, BTC mining has become the mainstream choice for everyone to invest in the digital economy. The principle of BTC mining is to obtain mining rewards by comparing computing power. Although the same is a blockchain project, cloud mining filecoin is different.
**FIL mining principle**
1\. Storage Market
Users contribute their idle hard drives to become storage miners and get cloud mining Filecoin rewards. The whole process is as follows:
(1) First, the user sends a storage order, and the system matches the order for the node and the user, and then enters the second part after the match is successful;
(2) Then the user sends the file to the miner. After receiving the file, the miner puts it in the database, encrypts it and puts it on the chain after passing verification;
(3) At the end of the storage period, the miner continuously proves the workload to the system by copying the proof. The amount paid by the client is paid in installments. As the block is produced, the miner is paid linearly. Proof of replication is a unique authentication mechanism created by cloud mining Filecoin, which can ensure that the storage of each piece of data is independent, and can prevent hackers’ attacks, generation attacks, and external attacks at the same time.
2\. Search the market
(1) After the user requests the file and pays the cloud mining Filecoin, the miner node competes for the order, and the winning miner node obtains the distribution right of the file. To put it bluntly, the miner node provides the user with bandwidth and helps the user obtain the specified file.
(2) From the perspective of FIL mining mechanism, this mining mode is very different from Bitcoin mining. Bitcoin is a stock market, and every coin mined is one less. Filecoin network mining has the same In addition to stock mining like Bitcoin, there is an incremental market. With the development of the ecology, the more data stored on the network, the price of the data market will gradually become more formal, and the income of miners will gradually increase.
(3) FIL mining does not need to pursue the increase of computing power too much. cloud mining Filecoin competition is storage and bandwidth resources, so there will be no large power consumption, which saves energy and saves the cost of miners.
(4) Unlike storage miners, retrieval miners do not need to provide mortgage tokens, do not need to submit storage data, and do not need to provide storage proofs.
3\. FIL mining - Punishment mechanism
(1) Sector failure fee. When a sector has an error or failure for whatever reason, if the miner actively submits an error report to the network and returns to normal within 24 hours, the penalty can be avoided. If there is no recovery after more than 24 hours, the sector will be fined for 2.14 days of block rewards every day thereafter. For example, a node lost 1T of computing power on the same day, and miners took the initiative to report to the network and actively repaired it after discovery. If it returns to normal within 24 hours, the penalty will be exempted. If it does not return to normal for more than 24 hours, then every day thereafter will be punished with 2.14 times the theoretical currency produced on the day of FIL mining.
(2) The sector failure detection fee is when a sector is missed or failed for any reason, if the miner does not actively submit an error to the network, the network will find the error. If this situation returns to normal within 24 hours, punishment can also be avoided. However, if there is no recovery for more than 24 hours, the cloud mining Filecoin block reward for the sector will be confiscated for 5 days every day thereafter.
(3) Sector termination fee, no matter what the reason, if a sector loses computing power continuously for more than 14 days, it will be considered by the network as a breach of contract or the sector has been deleted. In "cloud mining Filecoin Network Economic Model", it is said that the block rewards of this sector will be confiscated for 90 days. However, in the "cloud mining Filecoin Function: Sharp Reduction" released on November 17th, it has been changed to confiscate all the rewards of this sector. And initial pledge. That is to say, if the confirmation of a sector has been terminated, not only the pre-staking coins of the sector will be punished, but all the rewards previously obtained by the sector will be confiscated.