{"id":30477,"date":"2020-10-22T07:00:04","date_gmt":"2020-10-22T04:00:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=30477"},"modified":"2025-08-27T22:30:57","modified_gmt":"2025-08-27T19:30:57","slug":"unprofitable-mining-and-dump-accusations-how-the-filecoin-community-greeted-the-launch","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/unprofitable-mining-and-dump-accusations-how-the-filecoin-community-greeted-the-launch\/","title":{"rendered":"Unprofitable mining and dump accusations: how the Filecoin community greeted the launch"},"content":{"rendered":"

On October 15, took place<\/a> the long-awaited launch of the Filecoin mainnet, one of the industry\u2019s most promising projects. In 2017 it attracted over $250 million from accredited investors and funds.<\/p>\n

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However, already a day after the network launch, information about a Filecoin miners’ strike emerged, and some \u2014 notably Justin Sun \u2014 accused the Protocol Labs development team of dumping the price of the FIL token. The greatest concern was raised by Chinese analysts’ conclusions about the possible movement of coins from the testnet to trading platforms.<\/p>\n

ForkLog examined what happened after the launch and how justified the claims were.<\/p>\n

What is wrong with Filecoin mining?<\/h2>\n

Filecoin is a famous, but until recently enigmatic, long-running project in the crypto industry. It is a project of the California-based Protocol Labs, announced as early as 2014. Protocol Labs itself is known as the creator of the IPFS internet protocol, which operates on a decentralised registry and is meant to replace the HTTP protocol. Filecoin, meanwhile, was conceived as a kind of ecosystem around IPFS for decentralised data storage.<\/p>\n

https:\/\/u1f987.com\/chto-takoe-filecoin\/<\/p>\n

The Filecoin token sale was the first conducted in the United States under a SAFT framework. It was developed by Protocol Labs Juan Benet and Jesse Kleinberg in collaboration with lawyer Marco Santori. For a long time it seemed to strike the right balance in its dealings with the U.S. Securities and Exchange Commission (SEC), but in 2020 its flaws were laid bare in the Telegram Open Network case.<\/p>\n

The Filecoin mainnet launch, which had been postponed several times, did not go smoothly despite the lengthy preparations.<\/p>\n

Already the next day, the Chinese portal 8btc reported<\/a> a \u201cstrike\u201d by Filecoin miners. According to the report, they unplugged almost all equipment to protest the incentive scheme: block rewards are paid over six months, but to start mining one must stake FIL tokens.<\/p>\n

The CEO of Protocol Labs Juan Benet called<\/a> the news of the strike nonsense. He said miners earn a ton of money, even though the entry threshold is high.<\/p>\n

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Filecoin described reports of a miners’ strike as nonsense<\/a><\/p>\n<\/blockquote>\n