Bitcoin’s Energy Problem: Why Cloud Rush Chooses Filecoin?
Joining the Future of Data Storage: Why Mine Filecoin with Cloud Rush.
As the Internet and big data-era continues marching into the future, there is a pressing need for more data storage space and efficiency.
Global data volume has expanded exponentially in recent years, creating a market for tech giants like Alphabet (Google), Microsoft, and Amazon to provide cloud storage at expensive prices.
Experts estimate that by 2027, the cloud storage market will attain a value of $220 billion. This is where Filecoin, a decentralized data storage service leveraging blockchain technology, comes in as a disruptor.
What is Filecoin? Filecoin is a cryptocurrency launched in October 2020 that powers a decentralized data storage protocol built on the Interplanetary File System (IPFS). The IPFS is a peer-to-peer network that enables the secure and efficient storage and encryption of files using blockchain technology.
In short, Filecoin’s main purpose is to connect customers with individual data service providers around the globe. Like most cryptocurrencies, Filecoin aims to disrupt its respective industry — data storage — through decentralization, enabling businesses and individuals to store their data more securely at lower costs.
Similar to other blockchain systems like Bitcoin and Ethereum, the Filecoin blockchain protocol requires a native token or cryptocurrency to reward those who maintain the system, called “miners.” In Filecoin, these are the individuals who sell storage space.
But whereas Bitcoin, for instance, relies on a proof-of-work model that requires enormous computing power and costly electricity to maintain the blockchain and mine BTC, Filecoin’s consensus mechanism — proof of storage — requires substantially lower energy costs.
Filecoin miners are like merchants selling their inventory — only in this case their inventory is digital storage space. Just like selling physical storage space, miners must first prove that they have the space to rent (part of the proof-of-storage, or as the Filecoin team calls it: “proof of spacetime” protocol). This is done by pledging some collateral Filecoin to “seal” the space. Then, miners must prove that they have received the data and replicated it to its unique storage space on the IPFS.
When miners make this exchange, they receive Filecoin (FIL) as a reward from the blockchain in addition to the market sale price.
Aside from offering a cheaper alternative to centralized storage providers and requiring lower energy-usage compared to other crypto industry leaders, Filecoin has also experienced massive growth over the last year.
Since its official mainnet launch in 2020, Filecoin retail investors have received a 107% return on their investment. Already, major tech giants such as Huawei, Microsoft, and Alibaba are taking notice, after they joined the IPFS Union to fund a $1.3 billion Filecoin mining facility in Fuzhou, China.
How to Mine Filecoin with Cloud Rush?
As the Filecoin mining market is still relatively new and unsaturated, there is a lot of potential for miners to make substantial profits. Considering the projected growth of the data storage industry and the recent proliferation of the crypto ecosystem, Filecoin stands out as a lucrative investment.
To mine Filecoin, one needs computing hardware with specific CPU, RAM, GPU, and disk requirements. Cloud Rush, a California-based Filecoin mining facilitator, can help those interested in mining Filecoin get up and running with all of the necessary hardware.
As a hosting company, Cloud Rush technicians maintain the hardware 24/7 at one of the largest data centers in the United States, and also offers one-on-one Filecoin mining consultations at competitive prices.
Cloud Rush even offers a free unique app that allows miners to check the status of their mining equipment and activity at any time.
Cloud Rush sees Filecoin as the future of Internet data storage by empowering individuals and expanding connectivity over the Internet, and aims to be a part of the future by allowing anyone to join Filecoin’s mission to decentralize the cloud.
Contact Cloud Rush USA for more information.
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