Frequently Asked Questions
What is Filecoin?
Filecoin is a decentralized cloud data storage market that utilizes blockchain technology to ensure efficiency, security, and affordability. All transactions on the Filecoin network use the Filecoin token (FIL), which are mined through the purchase of data storage and block rewards for miners.
For more information about Filecoin, visit their official website: https://filecoin.io/
How much does a Filecoin Mining Machine cost?
Due to varying collateral requirements of the Filecoin network based on storage capacity, and the variable price of the Filecoin token itself, the exact price of a Mining Machine can't be pinpointed without knowing the quantity, storage, and even the date at purchase.
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Contact one of our client representatives today to discuss pricing and purchasing options!
How many Filecoin does a Mining Machine mine?
The number of Filecoin minted in the Filecoin network depends on the quantity of storage being provided and the value of block rewards for miners. That means the greater storage capacity of our collective Filecoin servers, the greater the amount of Filecoin minted and greater the chance of block rewards!
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While extremely variable, the typical Filecoin Mining Machine will accrue between 2-5 FIL per month for the client.
How does a Filecoin Mining Machine work?
The Filecoin Mining Machine is essentially a computer server with a large storage capacity.
Other digital currencies like Bitcoin require expensive computer processing hardware and enormous amounts of electricity to solve extremely complex math problems in order to mine tokens.
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Filecoin, on the other hand, requires only a fraction of the resources to mine tokens. Filecoin can be obtained through the purchase of data storage on your machine, or through block rewards given consistently based on the amount of storage being provided.
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The Filecoin network systematically verifies if data is being stored properly through the blockchain ledger and cryptographic proofs. Once verified, the storage provider (aka you and your Mining Machine) receive Filecoin for properly storing data and adding to the storage capacity of the whole network.
Do I have to do maintenance on my Filecoin Mining Machine?
No! That's one of the great benefits of Digital Mining. We handle any updates, repairs, and general maintenance required for your Filecoin Mining Machine. You don't even have to pay for the electricity to run it, since our servers are located in data center in California.
Do I have to find individuals or businesses to purchase storage on my machine?
No! Another great benefit of Digital Mining, we handle any potential clients on the storage purchasing side of the network. And due to our large pooled storage capacity and exceptional consistency as a storage provider, we are able to attract more buyers and secure better rates for all of our clients.
Still have questions? Contact us and we’ll be happy to help.