Frequently Asked Questions
What is Filecoin?
The Filecoin network allows anyone to become a data storage provider. Filecoin’s IPFS content addressing and encrypted storage enables data to be stored securely and accessed quickly, creating a powerful and reliable service.
What is FIL? What was its All-Time-High price?
The smallest and most common denomination of FIL is the attoFIL (10^-18 FIL).
The all-time-high price of FIL was $237.73 on March 31st, 2021.
Which is better – buying mining equipment or purchasing cryptocurrency?
Once you have mined new coins, you can decide if your coin(s) are at a price where you want to sell them. You may also want to hold onto your tokens until the market price is where you would like it to be.
Which IDC does Cloud Rush use?
For your security, Cyxtera’s LAX3 data center has 24/7 video surveillance/90-day video storage, two-factor authentication required to access, a biometric scanner and badge readers, as well as additional security features.
Cyxtera provides 100% uptime SLA. You can check their IDC’s status through their website.
Cloud Rush is not liable for any loss due to force majeure.
While you will not be able to physically see your mining equipment, we do offer video confirmation of your purchase. You can also contact us to schedule a personal tour of our IDC.
Where can I check the information on the mining equipment I have purchased?
What is IPFS? How is it connected to Filecoin?
To learn more, visit https://ipfs.io/.
Filecoin and IPFS are two complementary data systems, both created by Protocol Labs.
IPFS enables peers to store, request, and transfer data, while Filecoin is designed to create a network of ever-increasing data storage.
Filecoin is structured so that data-storage clients pay Filecoin to store data. Filecoin miners earn payments and rewards (tokens) by continuously creating data storage capacity and cryptographically proving it.
In short: IPFS is a decentralized data storage system that uses content to improve search results, while Filecoin is a blockchain protocol designed to create decentralized data storage.
How does mining work in the Filecoin network?
Filecoin uses two types of miners; storage miners earn Filecoin by creating and storing data for clients; retrieval miners earn Filecoin by winning bids and mining fees for a particular file.
Miners also have a chance to get block rewards based on the amount of storage space being contributed to the network.
For more information on the benefits of Filecoin mining, please contact Cloud Rush today.
Is it better to host my equipment at an Internet Data Center (IDC) or run my equipment in my home?
IDCs also have professional technical staff available 24/7 to take care of any equipment issues that may occur.
Cloud Rush requires all our mining machines to be hosted at our Internet Data Center (IDC).
While hosting your equipment is an option, most homes do not have all the resources that an IDC offers. Having a stable hosting environment is important because Filecoin has a slashing mechanism that will penalize miners who fail to provide reliable uptime.
You’ll also need to know Linux or Macintosh OS (Windows is not currently supported) and Lotus applications to operate your own Filecoin mining machine.
For more details, please visit https://docs.filecoin.io/get-started/lotus/installation/#running-in-the-cloud.
What are Cloud Rush's hosting service fees?
In addition to the hosting fee, Cloud Rush takes 20% of your daily mining pool to help cover expenses.
The hosting cycle for Cloud Rush mining machines is 5 years.
Cloud Rush does not renew hosting plans once they’ve expired. After plan expiration, we encourage you to purchase a new one which will include new equipment.
Mining equipment is good for about 5 years. After which, upon request, you can take possession of your mining equipment if you are on the 512TB plan or the 1PB plan.
For all other plans, only the storage drives are yours to keep, however, Cloud Rush will not provide a warranty on used equipment.
How can I sell the filecoin tokens I've mined?
FILECOIN AND IPFS
To the uninitiated, “blockchain” may be nothing more than an abstract techy buzzword that has something to do with cryptocurrency and/or NFTs.
Considering the projected growth of the data storage industry and the recent proliferation of the crypto ecosystem, Filecoin stands out as a lucrative investment.
Filecoin Mining can be done on any computer with an internet connection, but it’s most profitable when done on a high-end graphics card or as part of a cloud mining service.
HOSTING, EQUIPMENT, AND IDC
The first true application of blockchain technology was originally introduced back in 2008 by Satoshi Nakamoto, the pseudonymous creator(s) of Bitcoin. Its use allowed for the exchange of digital funds without the need for a central bank.
Store data on Filecoin and host mining equipment with Cyxtera, a prominent data colocation center.
Protocol Labs is mostly known for developing the InterPlanetary File System (IPFS), a free-to-use decentralized and distributed peer-to-peer file sharing system for storing and accessing files, websites, applications, and other data.