Filecoin platform mining works differently from the classic mining that characterizes Bitcoin and other cryptocurrencies.
Instead of contributing computational power, miners contribute storage capacity to meet the needs of users/customers
who want to store data.
In other words, in the Filecoin ecosystem, miners work as “databases”.
How does it work?
1.
User pays miner to store their files
2.
Miner commits publicly
via Filecoin's blockchain to storing the file
3.
The network constantly verifies that
miners are storing files correctly
4.
User pays miner to retrieve their file back again
EXAMPLE
DAY 1
reward of day 1
500*0.0178=8.9 Fil
25% could be withdrawn directly
8.9*25%= 2.225 Fil
linear release of 75% of earing on day 1
8.9*75%/180=0.0371 Fil
the actual total earing that miners can withdraw on day 1
2.225+0.0371= 2.2621 Fil
DAY 2
reward of day 2
500*0.0178=8.9 Fil
25% could be withdrawn directly
8.9*25%= 2.225 Fil
linear release of 75% of earing on day 2
8.9*75%/180+0.0371(linear release of 75% of earing on day 1)=0.0742 Fil
the actual total earnings that miners can withdraw on day 2
2.225+0.0371+0.0371= 2.2992 Fil
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