In most blockchain protocols, "miners" are the participants on the network that do the work necessary to advance the blockchain and maintain its validity. For providing these services, miners are compensated in the native cryptocurrency. The term "miner" emerged in the initial Proof-of-Work era, comparing the work done by hardware miners using computational power to secure blockchains with that of gold miners who expended vast physical resources for a chance at a large payout.
Mining in Filecoin works quite differently; however, instead of contributing computational power, miners contribute storage capacity to deal with clients looking to store data.
Types of miners
The Filecoin network will have multiple types of miners:
Storage miners, responsible for storing files and data on the web.
Retrieval miners, responsible for providing short pipes to retrieve files.
Repair miners to be implemented.
Storage miners are the heart of the network. They earn Filecoin by storing data for clients and computing cryptographic proofs to verify storage across time. The probability of making the block reward and transaction fees are proportional to the miner's amount of storage to the Filecoin network and not hashing power.
Retrieval miners are the veins of the network. They earn Filecoin by winning bids and mining fees for a particular file, determined by the market value of said file's size. A retrieval miner's bandwidth and bid/initial response time for deals (i.e., latency and proximity to clients) will determine its ability to close retrieval deals on the network. The maximum bandwidth of a retrieval miner will set the total quantity of sales it can make.
Deals are the core function of the Filecoin network and represent an agreement made between a client and a miner for a storage 'contract.'
Once a client has decided on a miner to store with based on its available capacity, duration, and desired price, they lock up sufficient funds in an associated wallet to cover the deal's total cost. The agreement is then published once the miner has accepted the storage agreement.
After the deal is published, the client prepares the data for storage and transfers it to the miner. Upon receiving all the data, the miner packs it into a sector, seals it, and begins submitting proof to the chain. Once the first confirmation has been hit, the client can be specific the data is being stored properly and the deal has officially begun.
Throughout the lifetime of the deal, the miner submits ongoing proofs to the chain. Clients pay incrementally using the funds they previously locked up. If evidence is missing or delayed, the miner is penalized. More information on this can be found in the slashing section.
Power and rewards
Each Filecoin miner has an associated power value in the network proportional to the amount of space contributed and determines the chances to win the right to mine a block in every epoch. By mining blocks, miners obtain block rewards and collect fees for the messages included in that block.
Additionally, miners submit storage proofs regularly to the chain. This enables them to obtain storage fees from the clients that have made deals with them.
Additional details about this can be found in the mining rewards section.
The hardware requirements for Filecoin mining are tied to the computational resources needed to seal a sector and generate regular Proof of Spacetime for every sealed sector (WindowPoSt).
These are computationally expensive operations that depend on the sector sizes used by the Filecoin network (opens new window)on which the miner is running -nerpa, testnet, mainnet, etc.-. For reference, the requirements listed below correspond to 32GiB sectors, as used by mainnet and some testnets (calibration, nerpa).
Different Filecoin Miner implementations may distribute sealing tasks differently, for example, using additional workers apart from the Miner. The following are general requirements assuming all the mining operations are performed by the same machine. Resources needed by each function are detailed later below. For a concrete example of hardware type and usage, see the mining architectures.
Contract Details of OXBTC Mining: Bitcoin（BTC） Bitmain Antminer T17+
BTC-T17+ flood season contract is based on the Bitmain's newest Antminer T17+, running by joint mining form, after users buy the contract, not only can obtain the miner's permanent mining income but also has the corresponding miner extraction, trading rights
Name： Bitcoin（BTC） Bitmain Antminer T17+
Miner： Antminer T17
Maintenance fee： Depends on the actual situation
Platform commision：Before payback 0%, after payback 30% of net income.
Products Delivery date：2021-08-08(T+10)
Profits Delivery Date： The actual settlement time of the mining pool
Contract term： Perpetual
Expected Daily Profits = 0.00000933 Bitcoin（BTC） ($0.37)/Day
Electricity Price \*24H\*the Quantity of Hashrate
Expected Daily Profits\*Commission Rate
(Expected Daily Profits-Daily Electricity Fees+Maintenance Fees) \*the Quantity of Hashrate
1\. In the actual operation of the miner, the hashrate may be insufficient due to electricity failure or machine failure, and the risk shall be shared by all users who subscribe to the product.
2\. Electricity costs may fluctuate due to changes in national policies and electricity costs; OXBTC reserves the right to adjust electricity fees.
3\. OXBTC has no obligation to compensate for early termination of contracts caused by force majeure such as legal policy, war, earthquake, fire, power failure, etc.
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