Filecoin Mining

How to mine Filecoin (FIL)?

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

Pledge

According to the current block height, the current sector pledge amount is about 1T computing power stored, which requires about 5.44759 FIL pledges, in addition to extra 0.1423 FIL as the gas fee. The longest valid period of a single sector is 540 days, and the shortest is 210 days. When the valid period of the sector expires, the pledged FIL will be returned to the miner's account.

Rewards

In terms of block rewards, 25% will be immediately released to miners, and the remaining 75% will be temporarily locked but will be released linearly within 180 days, and 75% of the second and third day and subsequent earnings will also be released linearly within 180 days.