INFORMATION CENTER

Get all the info you need on Filecoin and Cloud Rush’s mining services in one convenient spot.

Frequently Asked Questions

What is Filecoin?
Filecoin is a blockchain protocol based on IPFS technology, with the goal of creating decentralized data storage. It is a peer-to-peer network designed to increase data storage opportunities. Created in October 2020, there will only ever be a total of 2 billion tokens released over its life.

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?
FIL is the coin symbol for Filecoin. FIL is a digital currency, available as an incentive token to encourage users to participate in the Filecoin network.

The smallest and most common denomination of FIL is the attoFIL (10^-18 FIL).

You can check the trend of the FIL price on multiple Filecoin explorers such as Filscout or Filfox.

The all-time-high price of FIL was $237.73 on March 31st, 2021.

Which is better – buying mining equipment or purchasing cryptocurrency?
While the initial investment for a mining machine may seem high, the cost of mining new cryptocurrency is usually much less expensive than it is to purchase them at their market price.

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?
Cloud Rush is partnered with Cyxtera, the 2nd largest data center in America. Our mining equipment is hosted at Cyxtera’s Irvine Data Center Campus (LAX3).

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?
The free Cloud Rush app will give you all the information you need regarding your mining equipment. It also includes a wallet to store the Filecoin tokens you have mined.
What is IPFS? How is it connected to Filecoin?
IPFS stands for Inter-Planetary File System. It is a data storage and file accessing protocol based on blockchain technology developed by Juan Banet. IPFS is a peer-to-peer network for storing and accessing files, websites, applications, and data in a distributed file system. It aims to create a faster, safer, and censorship-free Internet.

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?
Mining in the Filecoin network relies more on contributed storage capacity rather than computing power, which is different from traditional cryptocurrency mining.

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 are designed to provide an optimal environment for mining equipment operation and provide strict environmental controls, stable power sources and Internet connections, as well as backup power and equipment in the event of an emergency.

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?
Our hosting fee is based on the plan you have selected. Hosting fees include the costs for maintenance, operation, site, electricity, and regular repair.

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?
If you’d like to sell your Filecoin tokens for fiat, you can easily send your tokens to any cryptocurrency exchange that supports FIL from within the Cloud Rush app. There are over 100 exchanges that list Filecoin including Coinbase, Binance, Kraken, and more.

TOP ARTICLES

FILECOIN AND IPFS

HOSTING, EQUIPMENT, AND IDC

Ready to dive into Web 3.0?