Filecoin Is Facing a Miner Crisis<\/strong><\/h2>\nAnalysis by Twitter user Nico Deva suggests that Filecoin is in the midst of a miner crisis that is only known in China, where the project has gained much popularity.<\/p>\n
Deva explained that per his calculations, to actually earn FIL, storage miners that store files for the network actually have to buy FIL to ramp their nodes up to full capacity:<\/p>\n
“Here in China people are disgusted, \u6076\u5fc3, this is the word repeated. A napkin calculation shows you early on that your mining system that requires $20k hardware also forces you to *buy* more coins. In a country where ponzinomics is an art, the 2017 poster boy just blew it.”<\/p><\/blockquote>\n
He explains that miners are at a point where they will have to “keep ramping capacity and splurge with your 1 FIL\/day from your $20k hardware, or just sell everything at the current dumb fully diluted market cap.”<\/p>\n
Related Reading: Tyler Winklevoss: A \u201cTsunami\u201d of Capital Is Coming For Bitcoin<\/a><\/h6>\nFIL To Drop as Well, Analysts Say<\/strong><\/h2>\nAnalysts also say that it’s unlikely that FIL’s price level holds up at current levels.<\/p>\n
![](\"https:\/\/www.tradingview.com\/x\/MM6MKM6J\/\")
<\/p>\n
Source: FILUSD from TradingView.com<\/a><\/pre>\nBrian \u201cLedger Status\u201d Krogsgard recently noted that Filecoin is likely to drop over time as there are two billion coins that will meet the market over time due to vesting periods and mining. If FIL was to hold current levels amid all that inflation, the market capitalization of this project would exceed that of Ethereum and other top projects in the space combined.<\/p>\n
“There are 2 billion <\/span>$fil<\/a><\/span> that will meet circulation over time. Every single investor LOVES these prices. Filecoin is playing hot potato before a very long and painful march down. Beware.”\u00a0<\/span><\/p><\/blockquote>\n\nThere are 2 billion $fil<\/a> that will meet circulation over time.<\/p>\nEvery single investor LOVES these prices. Filecoin is playing hot potato before a very long and painful march down. Beware.<\/p>\n
— Ledger \ud83c\uddfa\ud83c\uddf8 Prometheus of the Plebs (@ledgerstatus) October 15, 2020<\/a><\/p><\/blockquote>\n
“Here in China people are disgusted, \u6076\u5fc3, this is the word repeated. A napkin calculation shows you early on that your mining system that requires $20k hardware also forces you to *buy* more coins. In a country where ponzinomics is an art, the 2017 poster boy just blew it.”<\/p><\/blockquote>\n
He explains that miners are at a point where they will have to “keep ramping capacity and splurge with your 1 FIL\/day from your $20k hardware, or just sell everything at the current dumb fully diluted market cap.”<\/p>\n
Related Reading: Tyler Winklevoss: A \u201cTsunami\u201d of Capital Is Coming For Bitcoin<\/a><\/h6>\nFIL To Drop as Well, Analysts Say<\/strong><\/h2>\nAnalysts also say that it’s unlikely that FIL’s price level holds up at current levels.<\/p>\n
<\/p>\n
Source: FILUSD from TradingView.com<\/a><\/pre>\nBrian \u201cLedger Status\u201d Krogsgard recently noted that Filecoin is likely to drop over time as there are two billion coins that will meet the market over time due to vesting periods and mining. If FIL was to hold current levels amid all that inflation, the market capitalization of this project would exceed that of Ethereum and other top projects in the space combined.<\/p>\n
“There are 2 billion <\/span>$fil<\/a><\/span> that will meet circulation over time. Every single investor LOVES these prices. Filecoin is playing hot potato before a very long and painful march down. Beware.”\u00a0<\/span><\/p><\/blockquote>\n\nThere are 2 billion $fil<\/a> that will meet circulation over time.<\/p>\nEvery single investor LOVES these prices. Filecoin is playing hot potato before a very long and painful march down. Beware.<\/p>\n
— Ledger \ud83c\uddfa\ud83c\uddf8 Prometheus of the Plebs (@ledgerstatus) October 15, 2020<\/a><\/p><\/blockquote>\n
Analysts also say that it’s unlikely that FIL’s price level holds up at current levels.<\/p>\n
<\/p>\n
Source: FILUSD from TradingView.com<\/a><\/pre>\nBrian \u201cLedger Status\u201d Krogsgard recently noted that Filecoin is likely to drop over time as there are two billion coins that will meet the market over time due to vesting periods and mining. If FIL was to hold current levels amid all that inflation, the market capitalization of this project would exceed that of Ethereum and other top projects in the space combined.<\/p>\n
“There are 2 billion <\/span>$fil<\/a><\/span> that will meet circulation over time. Every single investor LOVES these prices. Filecoin is playing hot potato before a very long and painful march down. Beware.”\u00a0<\/span><\/p><\/blockquote>\n
\nThere are 2 billion $fil<\/a> that will meet circulation over time.<\/p>\n
Every single investor LOVES these prices. Filecoin is playing hot potato before a very long and painful march down. Beware.<\/p>\n
— Ledger \ud83c\uddfa\ud83c\uddf8 Prometheus of the Plebs (@ledgerstatus) October 15, 2020<\/a><\/p><\/blockquote>\n