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On the evening of October 17, a report spread in the circle of friends: the five leading miners of the precedent group collectively shut down to demonstrate. For example, Zhiheyun has dropped from more than 8,000 mining machines to 276, and the equivalent of four other mining machines such as 1475 has been zero. The mining machine equivalent of Space Cloud has also dropped from more than 11,000 last night to 1870 now. Many companies choose not to increase their computing power.
On the other hand, Lai Chuhang, the initiator of the IPFS Chinese community and the chairman of Space Cloud Technology, wrote in a circle of friends: “The mainnet is online and all the miners are stopped there. It is really not a so-called’demonstration’, it is helpless! Do mortgage mining! Stupid X PL (head of protocol laboratory), Stupid X economic model!”
Filecoin’s economic model is not good for miners. This is already a certainty before the mainnet goes live. After the mainnet goes live, the problem has reached the point of life and death? We interviewed several head miners, let’s listen to what they say.
Why do miners “strike”? Whose cheese did the Filecoin agreement touch?
Before showing the miners’ ideas, let’s first understand why Filecoin’s economic model conflicts with the miners’ interests.
Filecoin mining needs to mortgage Filecoin’s token FIL. This mortgage mechanism is divided into two parts: block reward mortgage and pre-mortgage.
Block reward mortgage means that the block rewards obtained by miners will be unlocked by linear release within 180 days, so miners can only get the full reward after digging the block 180 days, and the disposable FIL obtained in the early stage of block production is very small.
Pre-mortgage means that miners need to provide FIL for mortgage before encapsulating sectors to ensure that miners can complete the promised life cycle of the sector and will not harm network security due to short-term benefits. The purpose is to keep the miners online for a long time, and the shutdown of the miners will greatly harm the experience of storage users.
Here comes the problem.
However, today miners actually have a lot of mining machines, but not enough FIL! This makes miners who have been preparing for years have machines in their hands but cannot mine. Of course, miners can go to the secondary market to buy FIL to mine, but there is a question of whether it is worthwhile. Currently, the price of FIL in Huobi is $45.
Earlier, Xianhe System CEO and founder Zhang Rihe mentioned in the live broadcast of “8 Questions” that the Filecoin economic model is still possible from the original intention, but there are problems. “No matter how the economic model is changed, the general principle is that miners must earn more tokens than they spend on the average value of the entire network for this economic model to work well. If the cake is not cut properly, the project may become yellow. This is very serious. The problem.”
Regarding the current situation, Zhang Rihe also reluctantly laughed at himself: “The prediction is in progress.”
On October 15th, the effective computing power of the entire network was 566.9PIB. Today, this data is 589.6PIB. Therefore, from the data, the growth of computing power in the past two days is indeed quite slow.
The miners have nowhere to go? Let’s listen to what the head miners and Filecoin officials say
On this issue, Babbitt interviewed a number of Filecoin head miners. They say so. Starworld CEO Zhan Xiaoming believes that the problems encountered by the miners are obvious. The current economic model cannot make the miners run their full computing power, and the miners have no money to buy coins, so the network power growth is slow. Currently, Interstellar Continent will use some released tokens for mortgage mining every day to increase computing power. “According to Filecoin’s economic white paper, this is the result. I am not surprised at all.”
“In the previous space races, the number of FILs that needed to be purchased was not large. Those who did not run well must also want to participate in mining, so they would buy when the currency price was lower.” Assuming that the price of FIL is less than US$20, many miners will buy FIL and then pledge to mine.
Zhan Xiaoming believes that the current way for miners is to wait for the official revision of the economic model. “In the future, miners and project parties will have a game process until the two parties reach an equilibrium point. If the official does not modify the economic model, then the miners will continue to slowly increase computing power until the mortgage equilibrium point is reached. This time will be slightly longer. It takes 3 months, then miners need to communicate well with customers, and there is no profit for 3 months.”
Zhan Xiaoming also mentioned that there will be a FIP004 next week, which will release 25% in advance, which is relatively friendly to miners. After implementation, it should reach about 80% of the full speed. “Now most people choose not to grow, but sell directly, feeling that no one dares to pull the offer now.”
Lai Chuhang, chairman of Space Cloud, said: “If this situation continues, miners will have to buy coins at high prices in the secondary market. Obviously it’s not worth it. In the current situation, community consensus may split, and the project may be worrying.”
When the founder of 1475 Andy answered whether he really went on strike, he replied no. It was an economic model, so there was no way to buy coins to increase computing power. The implication is that they have no intention to increase computing power now.
Xianhe system Zhang Rihe replied: “The customers of Xianhe technical support have different (computing power) growth strategies, some do not increase, some increase, and there is no shutdown strike. We just execute the customer’s instructions.”
In response to the widespread “opposition” of the miners, a member of the protocol laboratory finally released a message in the evening. He said that they heard the voice of the miners, and he suggested that the miners pay attention to the proposal of FPI-004, which is a specific proposal that can solve some concerns.
“Only if we cooperate, the network can get better. Whether to take special improvements is up to the community. Generally speaking, if people with ideas for improvements can help build them, the ecosystem will get better.”